Yuchai Subsidiary Establishes New Business Enterprise in Vietnam
China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or "the Company"), a leading automotive manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), announced today GYMCL's 71.8%-owned subsidiary, Guangxi Yuchai Machinery Monopoly Development Co., Ltd. ("YMMC") has registered in Vietnam a new wholly owned business enterprise, Vietnam Yuchai Machinery Services Co., Ltd. ("VYMS"), with a paid-up capital of USD500,000 funded through internal sources to expand operations there.
The goal of VYMS is to facilitate the greater market penetration of the Vietnamese market with China Yuchai's products and services. VYMS will be instrumental in providing wholesale and retail distribution, technical advisory and consulting, engine maintenance and repair services.
Mr. Weng Ming Hoh, President of China Yuchai, commented, "We view our neighboring nation as an excellent opportunity to expand our international footprint. Strategically located in Southeast Asia and blessed with a fast-growing young population, Vietnam expanded its GDP by 7.8% in 2018. We have established an engine business in Vietnam, and our engines can assist in the further development of the country's economy. We look forward to continuing to grow our market presence and customer base in Vietnam."
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