Ford To Assemble Autos In Vietnam

Ford Motor Co. joined the rush into Vietnam’s tiny automobile market Thursday by signing a $102 million agreement to assemble cars and trucks there.

The deal, if approved by Vietnamese authorities, would make Ford the first U.S. car maker to invest in the country since the Vietnam War ended 20 years ago. German and Japanese carmakers also are betting that Vietnam’s undeveloped economy can sustain the interest.

The agreement between Ford and Vietnam’s Song Cong Diesel Co. creates a joint venture to assemble Ford vehicles from imported kits at a plant to be built 35 miles east of Hanoi.

The two companies hope to win approval from the State Committee for Cooperation and Investment to begin work on the facility in April, said the Vietnamese partner’s director Bui Van Liet.