Sorento production line at Thaco Group. (Source: VNA)
Hanoi (VNA) – The Prime Minister has issued a decision on mechanisms and measures to implement the strategy for Vietnam’s automobile industry development through 2025, with a vision toward 2035.
The measures are also designed for the implementation of the master plan for Vietnam’s automobile industry development through 2020, with a vision toward 2030.
The policies specified in the decision will be valid for at least 10 years, it said.
Among them are assistance in terms of credit, demand stimulation and market development for the domestic automobile industry.
Investment projects to produce automobile parts and assembly automobile by domestic enterprises will be given access to loans provided by the Vietnam Development Bank in line with regulations on development credit.
Domestic suppliers of components and parts in global automobile manufacturing chains will be entitled to export credit in line with current regulations.
Organisations and individuals buying small and multifunctional vans for use in agricultural production and rural and mountainous areas will receive support under the PM’s Decision 68/2013/QD-TTg on support to minimize losses in agriculture.
Other incentives in terms of taxation and land are also devised for the automobile industry, in line with Vietnam’s laws on investment and import-export tariff as well as international tax commitments and free trade agreements to which Vietnam is a member.-VNA
