"The Case of Large-Scale Supply of Korean Tractors in Southeast Asia" TYM Wins Philippine Government Bid Project, Supplying 900 Tractors

TYM actively ventures into new markets by securing a large-scale tractor supply contract in the once-untapped Southeast Asian market.

TYM (CEO Kim Hiyong, Kim Dohoon / 002900), a specialized agricultural machinery company, announced on the 23rd that it has successfully won a bidding project promoted by the Philippine government for tractor distribution and will export a total of 900 tractors to the Philippines. The Philippine government has selected TYM's '5825R' as the most competitive tractor for local operation and plans to complete the distribution to local farmers within the first half of this year.

This case is particularly meaningful as it represents the supply of Korean-made tractors on a large scale to the Southeast Asian market, which has been dominated by Japanese agricultural machinery companies for over 30 years. TYM anticipates that this tractor supply will lead to additional orders in the Southeast Asian market.

Based on a deep understanding of the Philippine local market, TYM has established a long-term entry strategy. They have built its own sales and service network while designating 'Fit Corea' in the Philippines as an official partner, continuing a close cooperative relationship. Additionally, the development and timely introduction of the customized strategic model '5825R', which is most suitable for operation by local Filipino farmers, has led to this achievement.

According to a report published last year by the United States Department of Agriculture (USDA), the Philippines is the world's largest importer of rice, making it increasingly important for the country to secure the capability to produce rice competitively. As part of its agricultural modernization program, the Philippine government conducted a bidding project, and it is anticipated that the distribution of TYM tractors will significantly contribute to the advancement and productivity enhancement of Philippine agriculture.

Meanwhile, TYM is committed to actively contributing to the rapid modernization of agriculture in the Philippines. TYM plans to support talent development programs that will lead the modernization of Philippine agriculture, including providing sample tractors for agricultural machinery departments at key local universities and offering internship opportunities at TYM. The company is also exploring long-term solutions that will benefit local industry development and regional economic growth, such as establishing a value chain that includes parts and assembly plants.

In the second half of the year, TYM will launch a large-scale roadshow and tractor experience events, and participate in the Philippines' largest agricultural machinery exhibition, 'AGRILINK', to expand interactions and communications with local farmers. In addition to tractors, TYM plans to expand and showcase a range of products including rice transplanters. The goal is to build and spread TYM's brand value centered in the Philippines and strengthen the market foundation in the Southeast Asian region, accelerating the exploration of new markets.

Kim Ho-gyeom, Head of TYM Global Business Division, stated, "Starting with the Philippine tractor distribution project, TYM will continue to develop and supply tractors suitable for the local market, and contribute to the enhancement of agricultural productivity in the Philippines by providing necessary services and product training opportunities. This successful bid for the Philippine government project marks the beginning of TYM's expansion of product supply and brand recognition in the Southeast Asian market."

Kim Bo-seok, the representative of Fit Corea, TYM's official designated partner in the Philippines, also stated, "This success is a valuable achievement made through strategic approaches to the local market and close cooperation between us," and added, "Fit Corea will continue to spare no effort in supporting TYM to become the most recognized brand in the Philippines."