Yuchai explores the ASEAN market

On December 28, 2010, the reporter saw in the shipment area of ​​Yuchai Group that a tall crane loaded a diesel engine into a huge transport vehicle. Wu Jincheng, chief of the Marketing Department of the Overseas Marketing Department, told reporters that this is the last truck engine to be sold to the Vietnamese market in 2010. They will enter the assembly plant of the Vietnam Automobile Factory and become the driving force behind the automobile in Vietnam.

Although the China-ASEAN Free Trade Zone has just established its first anniversary, for Yuchai Group, the ASEAN countries have long been no stranger to the market. As early as 1996, Yuchai Group began to set up offices in Vietnam to enter the ASEAN market. After more than 10 years of development, the ASEAN market has become one of Yuchai’s most important overseas markets. In recent years, with the establishment and establishment of the China-ASEAN Free Trade Area, Yuchai Group has made major breakthroughs in the ASEAN market. At present, Yuchai’s engine has exceeded 50,000 units in the ASEAN market, and its sales volume reached more than 10,000 units in 2010.

Under fruitful fruits, it is a path of development full of thorns. Liang Bing, Deputy General Manager of Overseas Marketing Department of Yuchai Machinery Group Co., Ltd., is one of the first pioneers to be sent to ASEAN. He remarked to reporters with emotion that Yuchai has been in the ASEAN market for more than a decade.

In 1996, Yuchai sent Liang Bing and others to Vietnam to set up an office. In the next few years, Yuchai insisted on conducting meticulous market research in Vietnam while establishing a human context.

In 2002, the Vietnamese government began implementing its own automobile development strategy. Because Korea and Japan did not want to transfer technology and new products were expensive, Vietnam turned its attention to China. At this time, Yuchai was given a chance to join Liuzhou Automobile to enter the Vietnamese market and quickly helped Liu Gang to start a car assembly project. Later, Liugong also began to cooperate with Yuchai to jointly develop the market.

In 2004, Yuchai, who had waited for many years, finally ushered in a real big list. Yuchai and a farm truck company in Qinzhou moved the country’s largest state-owned machinery company. Since then, Yuchai's sales in Vietnam have soared from several hundred a year to more than seven or eight thousand.

Benefited from the proposal of the China-ASEAN Free Trade Area, China and Vietnam’s trade policies have been further liberalized. In particular, in 2006, China and Vietnam signed an "early harvest agreement" under the framework of a free trade zone and agreed that Vietnam fully open up the auto market to China. Subsequently, Chinese cars flooded into Vietnam. The sales volume of Yuchai's engines increased rapidly and occupied the majority share of the medium and small diesel engine market in Vietnam. Currently, Yuchai has an annual sales volume of approximately 10,000 units in Vietnam, accounting for more than 90% of the group's total ASEAN sales.

With the formal establishment of the Free Trade Zone in 2010 and the elimination of some trade barriers, Yuchai’s market sales in the ASEAN countries such as the Philippines, Thailand, and Malaysia are beginning to improve. According to the latest data, by the end of November 2010, engine sales in the Philippines, Malaysia, and Indonesia were up 24.2%, 34%, and 122% respectively year-on-year.

Liang Bing said that after the establishment of the free trade zone, Yuchai’s strategy was to base itself on Vietnam and gradually expand it to other ASEAN countries. Currently, Yuchai has established five overseas offices in Vietnam, Thailand, Malaysia, the Philippines, and Indonesia, which account for 40% of Yuchai's 13 overseas offices. At the same time, it will develop new products for the ASEAN market and increase its market competitiveness. In October 2010, Yuchai Heavy Industry developed a series of heavy excavators for the mining needs of Indonesia and Malaysia.

Summarizing the experience of over 10 years in the ASEAN market, Liang Bing believes that since each ASEAN country has significant differences in all aspects, the company’s primary task is to do meticulous market research, including political, economic, cultural, and religious factors.

At the same time, Liang Bing expects that the government exchange between China and ASEAN countries will be further deepened, thus clearing the trade barriers that still exist in some industries. In addition, we can learn from Japan’s experience and allow relevant service organizations in the financial and investment industries to enter the market together with companies to jointly explore the market.

Extended reading:

The convenience of “zero tariff” in the China-ASEAN Free Trade Area and the advantages of Guangxi’s proximity to ASEAN have made many Guangxi enterprises interested in exploring the ASEAN market full of expectations. However, this does not mean that Guangxi's industrial products can easily win the ASEAN market, and it must penetrate into the ASEAN market deeply. Guangxi industrial enterprises still have a lot of work to do, including careful market research and development and more targeted development. New products, build local sales network, etc. At the same time, it should also be noted that in the future, with the mature operation of the free trade zone and the gradual removal of various trade barriers, the ASEAN market with hundreds of millions of people will show more room. One year after China-ASEAN Free Trade Area was established, Guangxi continued to maintain a good momentum of exports to ASEAN. According to data provided by Nanning Customs, by November 2010, the bilateral trade volume between Guangxi and ASEAN reached US$5.4 billion, an increase of 29.4%, of which Guangxi's mechanical and electrical products exported ASEAN’s 1.34 billion US dollars, an increase of 46.2%.

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