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Under the long-term development strategy of THACO, at the same time while Vietnam agri is entering a new phase of development towards industrialization and mechanization in production and cultivation, THACO has decided to expand the manufacture of agricultural machine and chosen to cooperate with LS Mtron Corporation - the biggest manufacturer of agricultural machines in South Korea which has a leading position globally.

According to the signed content, LS Mtron will transfer its technology for THACO to construct the plant and start the manufacture of agricultural machines with the localization rate to 50%, branded THACO and distributed exclusively in Vietnam in October 2017. In Phase 2, the cooperation will venture to expand production for export to Southeast Asian countries. Mr Tran Ba Duong - THACO Chairman asserted: "This will be a new business development strategy in developing THACO into a conglomerate which takes mechanics and auto as its main business lines. It is also THACO's responsibility in the development of Vietnam agri, the dominant sector of the economy that needs changes towards industrialization, high technology application to continue to grow in the near future."

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Mr Ja Eun Koo - Vice Chairman of LS Group said: LS Mtron began operating in the field of agricultural machinery since 1977 and developed rapidly to become the global famous brand of agricultural machinery. Currently, LS tractors have the largest market shares in South Korea and have established the business systems in the US and manufacturing plants in China and Brazil. LS Mtron exports tractors to more than 40 countries worldwide and approximately 12,000 tractors / year to the North American markets - the biggest farming machine market in the world. "I was really impressed and touched to the formation - development as well as the prestige, production and business results of THACO. I believe that with the similarity of vision, business philosophy as well as the growth based on respects for partners of THACO and LS Mtron, our collaborative relationship will succeed. We will achieve success and become a leading company of agricultural machines in Southeast Asia, beginning from Vietnam"- said Mr Ja Eun Koo emphasized.

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Speaking at the signing ceremony, Secretary of the Quang Nam Provincial Party Committee Nguyen Ngoc Quang insisted: This is a very significant event for THACO, Quang Nam, and Vietnam's agricultural sector. It is not only a milestone marking a new development in THACO production and business, creating the prerequisites for the company to enter the agricultural sector which is still new and potential in the near future; this cooperation will contribute to the strategy of agri and rural development in the direction of industrialization and modernization, helping to improve the quality and value of Vietnamese agricultural products.

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On behalf of the Ministry of Agri and Rural Development at the ceremony, Deputy Minister Hoang Van Thang stressed: The signing of the cooperation in the production and distribution of agricultural machinery is the event which receives special attention and expectations from the Ministry. Vietnam is an agricultural country, in many areas: farming, animal husbandry, fisheries, etc. Vietnam agri has over 10 flagship products with export values totaling over 32 million US dollars, providing products to more than 90 million domestic consumers. Although there have been many attempts, the number of manual labors in our agri sector with low productivity is still large. The signing between LS Mtron and THACO opens new prospects, speeding up the industrialization of agri, enhancing the competitiveness of the agricultural sector and farmers' lives. Ministry of Agri and Rural Development is committed to accompany the two parties in the process of investment cooperation in Vietnam.