Besides record-breaking achievements, the automobile industry was a growth highlight of Vietnam’s economy in 2018, particularly with the introduction of a made-in-Vietnam branded car.
Despite being a new enterprise, VinFast has its own advantages upon entering the market, such as owning the first automobile manufacturing technologies from Germany in Vietnam. With a sound vision and high-quality human resources, the company has quickly come to own large manufacturing factories and a nationwide distribution system.
Contrary to the acquisition of domestic enterprises by foreign conglomerates in the field of fast-moving consumer goods in the automobile industry through merges and acquisitions, Vietnamese enterprises have expanded their activities, increasing competitiveness both at home and in foreign countries.
According to experts, Vietnam’s automobile enterprises have many choices in choosing projects to invest in and cooperate with. There remains huge potential with a bright future awaiting the country’s automobile sector in the time ahead.
The importance of the supporting industry has been highly valued, but in fact it has not yet fully tapped its potential. Together with car makers such as Thaco and Toyota Vietnam, the penetration of VinFast is expected to heat up the languid supporting industry in Vietnam.
Besides challenges from the integration process, Vietnam must turn trade agreements – such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement – into opportunities.
The Government has introduced practical policies to support the economic and industrial sectors, including automobiles. Therefore the country’s big automobile enterprises should intensify connection in different steps, from manufacturing to distribution, in order to create new playgrounds for other enterprises to participate in the supporting industry, helping to boost the growth of Vietnam’s automobile sector. –VNA
- Talent attraction seen as engine of private sector: expert
- US economy seen growing at 2pc in first quarter
- U.S. retail sales top forecasts, bolstering pickup in economy
- Challenges ahead for 2018 economic growth
- Vietnam’s CPTPP ratification signals good news for economy
- High economic growth forecast for 2019
- BUSINESS NEWS IN BRIEF 26/1
- Vietnam’s Northern key economic zone gains speed
- Morocco: The Magnificence of Marrakech