Vietnamplus

The Vietnamese automotive market is expected to rebound this year, returning to its growth track after sluggish sales in 2021, according to industry insiders.

Indonesian President Joko Widodo has agreed to extend luxury tax exemption on low-cost cars until the end of this quarter, Coordinating Minister for Economic Affairs Airlangga Hartarto has said.

Indonesia and Japan seek to intensify comprehensive economic cooperation, especially in the automotive and digital technology sectors.

Supply chains in Southeast Asia are racing to recover to full strength after months of factory stoppages and production cuts. This includes Vietnam, which is seeing a rapid return to normality, according to Nikkei Asia.

VinFast, a Vietnamese automotive manufacturer established in 2017, has announced the global debut of its new electric vehicles (EVs) at the 2021 Los Angeles Auto Show this November.

VinFast Manufacturing and Trading Co., Ltd on September 28 announced the selection of US-based Cerence Company as a partner to provide voice-control artificial intelligence (AI) solution on smart electric cars with six most popular languages.

Indonesia is planning to extend a luxury tax break on the sale of sedans and two-wheel drive cars with engine power of less than 1,500 cc to August to support its pandemic-hit automotive industry.

The Hanoi Plastics Joint Stock Company (HPC) aims to constantly create, innovate technology and improve technical capacity, especially in the field of precision mechanics and mould production to further penetrate the global supply chain.

Vietnamese automaker VinFast has signed a memorandum of understanding (MoU) on strategic cooperation with ProLogium Technology Co. from Taiwan (China) regarding solid-state battery production in Vietnam.

The COVID-19 situation has considerably sped up the transition of manufacturing work into Vietnam and the country is uniquely positioned to take advantage of this move, said an article recently published on SeekingAlpha content service.

The Masan High-Tech Materials Corporation (MHT) announced on November 27 that it has completed a strategic alliance in the tungsten industry with the Mitsubishi Materials Corporation (MMC), with a view to developing a leading high-tech tungsten materials platform.

Many automotive manufacturers have announced to soon phase out internal combustion engine and shift towards electric vehicles, which, analysts said, has marked the start of the era of electric cars and scooters.

Vietwash, which runs a chain of car washes in Vietnam, recently announced it had raised 1.7 million USD for its current round of financing from the Republic of Korea’s energy company GS Caltex.

GS Caltex Corp, the second largest refiner by sales in the Republic of Korea, said on October 7 that it has signed a deal worth 39 billion VND (1.6 million USD) with Vietnamese startup VI Automotive Service in its first investment in the Southeast Asian country.

Vietnam’s first automaker, VinFast, inked an agreement on September 9 to purchase the Lang Lang proving ground in the Australian state of Victoria; the latest move in its development strategy to become a global brand.

Various regulations have hindered Indonesia’s automobile manufacturing and the country’s car exports are still lagging behind its neighbours like Thailand, General Secretary of the Indonesian Automotive Industries Association (Gaikindo) Kukuh Kumara said.

The European Chamber of Commerce in Vietnam (EuroCham) proposed the Government to apply a 50 percent registration fee reduction to all automotive assembly firms, importers and dealers of new vehicles.

The Malaysian government will introduce several incentives to stimulate the property market and the automobile sector.

The closures of factories and sales outlets during the Movement Control Order (MCO) will result in an estimated 28 percent drop in new vehicles sales this year.

Automotive manufacturers in Indonesia are ready to resume production in June following the government’s enforcement of the “new normal” scenario, said Chairman of the Association of Indonesian Automotive Manufacturers (Gaikindo) Yohannes Nangoi.