The Republic of Korea's automobile manufacturer, Hyundai Motor, will transfer its automobile engine production technology to a Vietnamese partner, according to the Vietnam Motor Industry Corporation (Vinamotor).

The agreement to this effect was signed on March 13 by the two partners following a ceremony to inaugurate an automobile factory in Viet Yen district, northern Bac Giang province.

Built at a cost of VND240 billion (roughly US$15 million), the Dong Vang 1 Automobile Factory has an annual capacity of 3,000 Hyundai County-brand buses of 25-29 seats and 5,000 Hyundai Mighty-brand trucks of 2.5-3.5 tonnes.