Illustrative image (Source: VNA)
Hanoi (VNA) – Vietnamese and Chinese firms operating in heavy-duty automobile spare parts met at a seminar in Hanoi on April 18 to seek partnership opportunities.

Pham Quang Thinh, deputy head of the Vietnam Chamber of Commerce and Industry (VCCI)’s Department of International Relations, said the event affords both sides a chance to introduce their manufacturing capacity, learn about respective markets and find partners.

Liu Chang Yong, Chairman of the Association of Heavy-duty Automobile Spare Parts of Jinan city, the Chinese province of Shandong, said the association currently counts more than 500 member enterprises which ship products to over 100 countries worldwide and earn tens of billions of USD.

According to the General Department of Vietnam Customs, two-way trade between Vietnam and China neared 70 billion USD last year, nearly 20 billion of which was Vietnam’s export.

By the end of March 2017, China invested in more than 1,500 projects worth around 11 billion USD in Vietnam, mostly in the fields of processing, industrial manufacturing and mining.

The Ministry of Industry and Trade’s Heavy Industry Department forecast that the domestic demand for automobiles could amount to over 600,000 units per year in 2015.

Last year, 400 businesses designed and assembled about 460,000 units per year. The automobile manufacturing and assembling sector expands nearly 17 percent annually.

A strategy to develop domestic automobile industry until 2025 with a vision to 2035 has been approved by the Prime Minister, with incentives regarding credit, demand stimulation, and investment studies being outlined.-VNA