VIETNAM: Multi-sector industrial holding company THACO has signed an agreement for South Korea’s Hyundai Rotem to support the local production of high speed and urban electric trains in Vietnam, and plans to invest in a rolling stock manufacturing facility, test track and a repair centre at its Mechanical Engineering & Supporting Industry Park in Ho Chi Minh City.
THACO said Vietnam is pursuing an aggressive strategy to develop the country’s rail network and supply industry. Under the agreement signed on December 4, Hyundai Rotem would transfer advanced railway technologies to THACO, enabling the Vietnamese company to domestically produce rolling stock under the THACO brand.
The companies also plan to partner to offer integrated packages including rolling stock, signalling and other E&M systems. This aims to help the Vietnamese company gradually develop expertise across the technology chain while optimising costs and meeting international standards.
The agreement comes after THACO’s leadership visited Hyundai Rotem’s manufacturing facilities in South Korea during June, and the signing of a memorandum of understanding at the Vietnam-Korea Economic Forum in August. In September the Hyundai Rotem leadership visited Vietnam, meeting with THACO and ministers to present plans to co-operate in high speed and urban rail development.
