General Motors Maintains Normal Operation in Vietnam
Vietnam Daewoo Motor Company (Vidamco) has announced that it will maintain normal operations, although its U.S.-based parent group General Motors has filed for bankruptcy.
Vidamco employees’ working hours and salaries, payment terms and contracts with suppliers will remain unchanged, while customers will be provided with warranties and service support as normal.
Prior to that, on June 1, 2009, General Motors GM, the biggest automobile manufacturer in the U.S., filed for bankruptcy. It will be nationalized temporarily with 60 per cent of stakes to be held by the US government.
A new GM will be set up which will concentrate on four main brands – Cadillac, Chevrolet, Buick and GMC.
GM confirmed that all of its overseas subsidiaries, including Vietnam Daewoo Motor Company (Vidamco), which was established in 1993, and Chevrolet-Europe as well as GM Korea will become part of the “New GM”.
“We will support the launch of the ‘New GM’ and our parent’s accelerated drive to reinvent itself as a stronger and more competitive company,” said Jung In Kim, Vidamco’s general director.
He added that Vidamco’s vehicle development activities, including GM’s global new mini and small car programs based at GM Daewoo, are continuing as planned.
Vidamco, headquartered in Tu Hiep Commune in Thanh Tri district in Hanoi, has the capacity of 10,000 cars a year. (Vietnam Economic Times)
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