HO CHI MINH CITY, 28 January 2015 —— Honda Vietnam Power Products Co., Ltd. (HVPP), Honda’s new power products imports and sales subsidiary in Vietnam,recently held an opening ceremony at its head office in Ho Chi Minh City.
Yuij Shiga, Director and Chief Operating Officer of Power Product Operations, Honda Motor Co., Ltd., and Noriaki Abe, President & CEO of Asian Honda Motor Co., Ltd. were joined by guests, business partners and associates for the event. Honda expects the new subsidiary to strengthen power products operation in the growing Vietnamese market.
HVPP was established in October 2014 as the subsidiary of Asian Honda Motor Co., Ltd. to oversee Honda’s power products operation in Vietnam including import, wholesales, and after sales services. Currently, the company’s sales network is comprised of around 150 agricultural machinery sales stores, large-sized retail stores and machinery/equipment manufacturers (OEM makers).
Shiga mentioned during the ceremony that, “Honda expects our power products’ sale worldwide this fiscal year to reach over 6 million units. Of this amount, 1 million units approximately will be from the Asia & Oceania region in which sales from Vietnam will be about 50,000 units. With the current economic growth, Vietnam is one of the most important countries which can be principal pillar in our Power Products business in this region.”
In 2014, industry-wide sales of power products (such as generators and engines) in Vietnam reached approximately 400,000 units* showing steady expansion along with the increasing mechanisation of agriculture in Vietnam.
Honda’s power products operation in Vietnam began in 1994 as collaboration with local distributor Hoa Binh Corporation. Over 20 years, Honda has been striving to provide Vietnamese customers with high quality yet affordable products that facilitate their work tasks, such as the light-weight 4-stroke general purpose engines that are applied for long-tailed boats, water pumps, and farm sprayers. HVPP is committed to continuously provide products and services that exceed customers’ expectation with speed, affordability, low CO2 emission while striving to be the company that Vietnamese society wants to exist.
*Honda internal research
About Honda Vietnam Power Products Co., Ltd.
Establishment: October 2014
Representative: Kotaro Hagiwara, General Director
Capital investment: US$ 4.1 million
Investment ratio: 100% Asian Honda Motor Co., Ltd.
Head office: Ho Chi Minh City
Business: Import, wholesales and aftersales service of power products
Employment : Approximately 30 associates (plan)
[Source : Honda]