Vietnam awards GM Daewoo unit with labor medal

SEOUL, Dec. 11 (Yonhap) -- The Vietnamese government awarded Friday a state medal
to GM Daewoo Auto & Technology Co., honoring its business achievements and
contributions in the Southeast Asian country, the company said.
Vietnam Daewoo Motor Co., the wholly-owned auto assembly plant of GM Daewoo, was
decorated with the Labor Medal by Vietnamese Vice State President Nguyen Thi Roan
at a ceremony to mark the 16th anniversary of the GM Daewoo unit.
"This award will give us momentum to continue our quest to become a leading
automaker in Vietnam," said GM Daewoo Chief Executive Officer Mike Arcamone in
the statement.
Arcamone said GM Daewoo plans to develop a long-term investment plan to make the
Vietnamese unit a manufacturing base for markets in the Asia-Pacific region.
Vietnam Daewoo Motor was set up in 1996 by the former Daewoo Motors and became a
unit of GM Daewoo in 2002, when General Motors Co. acquired a controlling stake
in Daewoo Motors.
The Vietnamese unit of GM Daewoo has an annual production capacity of 20,000
vehicles.
For all of this year, Vietnam Daewoo Motor expects sales to grow 25 percent from
a year ago to 14,000 units, according to the statement.
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