China’s Lifan group first entered the Vietnamese market in 1997. After nearly 10 years of marketing and reputation building, the company’s vehicle with its high quality and low price has now become increasing popular among Vietnamese consumers.
Lifan is not the only Chinese product that has successfully tapped the Vietnamese market.
Several years ago, due to the infiltration of counterfeit goods and a number of other reasons, the image of Chinese products in Vietnam was blemished.
With their clear investment strategies in Vietnam, these leading Chinese enterprises have successfully brought their products to Vietnamese households, changing the image of Chinese goods, and contributing to broadening and deepening China-Vietnam trade ties.
Lai Yonghua, general director of Lifan Vietnam, a joint venture, said Lifan now engages in the combination mode of production, supply and purchase with various products, including cars, motorbikes, engines, petroleum-powered machines and electricity-run vehicles, not just the export mode with motorbikes and their engines as in the early period.
With Vietnam’s accession to the World Trade Organization, Lifan plans stronger investment in the country with additional 200 million U.S. dollars and building a 200-hectare Lifan industrial complex. It even eyes market expansion in the region when the China-ASEAN (Association of Southeast Asian Nations) free trade area is established.
The two neighbors are now actively working for a long-term cooperation in such fields as infrastructure, energy and transport, including the facilitation of the process of signing a memorandum of understanding about two economic corridors and one belt, and the implementation of large-scale projects, including those on roads and thermoelectric plants.
