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Corporate May
10, 2002 |
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| Honda Vietnam Begins Exports of "Honda Wave α to the Philippines |
Hanoi, May 10, 2002 - Honda
Vietnam Co., Ltd. (HVN), a Honda joint venture company, announced today
that it will begin exporting its high quality, low-priced motorcycle, the
"Honda Wave  (Alpha)" to
the Philippines in June. The "Honda Wave "
will be exported as "component parts sets" to be assembled in the Philippines.
The projected export target for 2002 is 7,000 units.
This marks the company's first export of motorcycles from Vietnam. Eventually,
exports will be expanded to include other countries mainly in the ASEAN
region.
The "Honda Wave " is a
fashionable Cub-type motorcycle. Based on the use of less expensive, locally-sourced
parts and the use of Honda's global procurement network, the model is offered
at a very low price (Vietnam domestic price: 10.99millionVND/approx. US$732)
without compromising the motorcycle's high quality and reliability. Sales
of the motorcycle in Vietnam began in January, with more than 70,000 units
sold through the end of April.
Since starting mass production of motorcycles in December 1997, HVN has
focused on creating higher quality products and increasing local content
to further improve cost competitiveness.
Honda has exported the "Dream" model made in Thailand to Singapore and Australia,
and Thai-made motorcycle parts to Brazil, the Philippines and Indonesia.
In this way, Honda will be making more effective use of its resources in
Asia to establish a new global network for its motorcycle business.
Outline of Honda Vietnam
Co., Ltd.
| Established: |
March 1996 |
| Capital: |
US $31.2 million |
| Equity ratio: |
70% Honda Group (42% Honda Motor Co., Ltd., 28% Asian Honda Motor Co., Ltd.)
30%, Vietnamese partner, Vietnam Engine and Agricultural Machinery
Corporation (VEAM) |
| Location: |
Suburbs of Hanoi, Phuc Thang Commune, Me Linh District, Vinh Phuc Province,
S.R. Vietnam |
| Representative: |
Hiroshi Sekiguchi |
| Number of employees: |
about 2,000 employees (as of the end of April 2002) |
| Commencement of mass production: |
December 1997 |
| Production capacity: |
600,000 units/year |
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