HA’NOI, Vietnam – Navistar is gaining ground in Vietnam. The company and its distributor in the country announced the signing of a memorandum of understanding (MOU) paving the way for the export of up to $1.8 billion in International truck products into the Vietnamese market over the next ten years.
The signing of the memo took place at the Presidential Palace and was witnessed by Vietnam President Trần Đại Quang and President of the United States Donald Trump, who is currently on an Asian Tour.
The MOU represents the next phase of a two-year relationship between Navistar and Hoang Huy to penetrate the market in Vietnam.
Persio Lisboa, Navistar’s executive vice president and chief operating officer said he thinks the Vietnamese market is strong, and hopes the new agreement adds depth to the company’s exports to the country.
Navistar was introduced to Hoang Huy in 2015 via a Gold Key partner search conducted by the U.S. Department of Commerce. The Gold Key service provides U.S. firms seeking foreign business partners with introductions to pre-screened candidates.
Hoang Huy has since sold more than 7,000 International ProStar trucks to trucking and logistics companies, capturing fifty percent share of the heavy truck market in Vietnam.
Navistar also exported 21 new International DuraStar trucks to Vietnam earlier this fall. The medium-duty trucks, which were manufactured at the company’s Springfield, Ohio plant, were purchased by the Vietnam government. This sale marked the company’s first sale of new trucks into this market.