Apple has opened a subsidiary company in Vietnam to import and distribute iPhones directly in the country, one of the fastest growing smartphone markets in the Asia-Pacific region, according to Reuters.
Vietnam's national business registry website confirms that Apple Vietnam Limited Liability was established in Ho Chi Minh City on October 28 with a registered capital of 15 billion dong, or roughly $672,000 in U.S. dollars.
The Ho Chi Minh City-based firm will conduct wholesale businesses of various products including its signature smartphones, provide information technology and maintenance services as well as advising services, the announcement said.
Vietnam was one of Apple's fastest growing markets after iPhone sales tripled in the first half of its 2015 fiscal year, which is a growth rate five times faster than India, despite having a significantly smaller population, according to the report.
Apple also operates a subsidiary in Ireland for corporate tax-related purposes.