Vietnamplus

Vietnam’s automobile industry is small compared to regional markets and local suppliers are asking for more support from the Government.

A business delegation from the Japanese prefecture of Hyogo worked with authorities of the northern province of Ha Nam on November 5 to study the local investment environment.

The 2019 Vietnam Motor Show opened in Ho Chi Minh City on October 23, showcasing the latest models and advanced technologies from 15 Vietnamese and foreign auto brands.

Vietnam needs to issue special policies for the automobile industry to catch up with other countries in the ASEAN region, said experts at a conference held in Hanoi on October 22.

The Government will soon issue a revision to Decree 116/2017 on the conditions for production, assembly, import and business of automobile warranty and maintenance services, removing a number of regulations relevant to auto imports.

The Ministry of Industry and Trade will propose to build a credit package of 100 trillion VND (4.4 billion USD) for developing the support industry for industrial sectors, especially automobile production.

The Ministry of Finance plans to eliminate the import tax for auto materials and parts in order to support the development of the country’s automobile industry.

The Ministry of Finance plans to eliminate import taxes on auto materials and parts in order to support the development of the country’s automobile industry.

According to the Ministry of Industry and Trade, currently many industrial firms of Vietnam have not mastered the core technology, and they mainly join sections of low technological contents.

Vietnamese firms in the mechanical engineering outsourcing sector have low competitiveness when joining global supply chains largely due to their small scale, technological shortages, and low productivity.

The southern province of Binh Duong will actively work to promptly remove bottlenecks for businesses from the Republic of Korea (RoK), Chairman of the provincial People’s Committee Tran Thanh Liem affirmed at a dialogue with Korean firms on July 30.

Thailand’s car sales this year are likely to go up thanks to the improved purchasing power of many people, in line with recent better prices for agricultural products.

Vietnam is facing four key challenges, including the risk of becoming a country that have commercial friction with the US, early non-industrialization, not being able to participate in industrialization production chain and not really grasping the automotive industry, according to a Japanese expert.

The automobile industry of Vietnam has witnessed progress in the last two years, but the localisation rate (local part supply) still remains low, not meeting the set target, according to a Ministry of Industry and Trade (MoIT) report sent to the National Assembly for discussion and direction.

SK Group, the third largest business group in the Republic of Korea (RoK), said on May 16 that it would invest 1 billion USD in Vingroup - Vietnam's leading real estate and retail conglomerate, as part of its efforts to expand presence in the Southeast Asian market.

The People’s Committee of the northern province of Ha Nam on May 15 granted investment certificates to two large projects in the locality.

Vietnam is an attractive market for the automobile industry, Malaysian Ambassador to Vietnam Dato Mohd Zamruni Khalid said at a workshop on business opportunities in automobile spare parts manufacturing between the two countries in Hanoi on April 18.

Vietnamese automaker VinFast announced on April 16 that the firm will officially put its automobile manufacturing factory into operation in June this year, three month earlier than the initial schedule.

The Ministry of Finance has added environmentally-friendly cars to the list of vehicles with spareparts entitled to special preferential import tariffs.

The automobile industry, which is a high-tech industry, holds an important role to the industrial development of the country, Prime Minister Nguyen Xuan Phuc has said.