Hyundai to set up joint venture with Vietnam’s Thanh Cong The Saigon Times Daily Representatives of Hyundai Motor Group and Thanh Cong Group at the ceremony to sign a memorandum of understanding on the joint venture establishment – PHOTO: YONHAP NEWS HCMC – South Korea’s largest car manufacturer, Hyundai Motor Group, today, January 24, announced that it will establish a joint venture with Vietnam’s Thanh Cong Group to boost automobile sales in the country, according to news website Vietnamplus. The two sides signed a memorandum of understanding on the establishment of the joint venture, called Hyundai Thanh Cong Manufacturing Vietnam, at Hyundai’s headquarters in South Korea’s capital of Seoul on January 23. The joint venture targets selling 100,000 vehicles annually in Vietnam by 2020. Last year, Hyundai reported a two-fold increase in its automobile sales in the Vietnamese market to more than 55,900 units, making it the second-largest automobile supplier in the market with a market share of 19.4%, after Toyota Motor Corporation. Meanwhile, the group’s profit in the third quarter of last year dropped by 76% year-on-year to 288.9 billion Korean won (US$253.6 million), the lowest since 2010, triggered by China’s lower demand, according to Hyundai’s newly issued business report.