HCMC, December 28th, 2017, SAVICO Company held the signing ceremony of strategic cooperation contract with Vietcombank

The ceremony was attended by Mr. Nguyen Binh Minh – Chairman of Board of Director of SAVICO, Mr. Mai Viet Ha - General Director of SAVICO, Ms. Truong Thi Thuy Nga - Deputy General Director of Vietcombank, Mr. Dao Hao - Deputy General Director of Vietcombank, Mr. Huynh Song Hao – Head of Southern representative office of Vietcombank along with the presence of executive representatives of member units of SAVICO system and personnel of functional departments of Vietcombank

SAVICO and Vietcombank have had a good partnership for more than 20 years and the both Parties agreed to sign a strategic cooperation contract today to bring this relationship to a new high level, more comprehensive. As a result, Vietcombank shall continue to support SAVICO and its affiliates in stabilizing and strengthening their financial capacity to expand their distribution system and increase their competitive advantages in the right direction of development of SAVICO.

 Accordingly, the developmental orientation of SAVICO in the period of 2018-2020 is to create strong changes in revenue and profit growth, affirming professionalism in investment with the objective to 2020: The total revenue of the system shall reach over 22 trillion dongs, profit before tax shall be at least 250 billion dongs, profit after tax shall be at least 200 billion dongs, maintaining the position of the number one automobile distributor in Vietnam with the market share of the whole system which is over 10% of the total car market in Vietnam.

Also in this event, Vietcombank has signed the Principle Contract on short-term funding with the representatives of 02 member units of SAVICO, including Ben Thanh Auto Joint Stock Company and Star Sai Gon Joint Stock Company

As of December 2017, Vietcombank has funded for units of the Savico system (14/37 member units) with a total credit limit of 1,000 billion dongs and outstanding loans of 500 billion dongs. On that basis, SAVICO believes that the partnership between Vietcombank and SAVICO shall be a turning point for the long-term cooperation and development of both Parties.