The Vietnamese automobile industry is expected to grow well, driven mainly by an increase in per capita income, demand for cars, and infrastructure improvement. Speaking at a seminar on auto industry, held during the Automechanika HCM City expo, Nguyen Thanh Dam, chairman of Vast Group JSC, said that production reached 215,000 autos last year, which was modest compared to other countries in the region. This accounted for just 0.2 per cent of the number of vehicles produced globally. More than 352,200 units were bought in Viet Nam last year, ranking fourth in the ASEAN region after Indonesia (1.1 million units), Thailand (950,000 units), and Malaysia (560,000). The average number of cars per 1,000 people in Viet Nam was still low (at 23 cars per 1,000 people) compared to other countries, Dam said. With an increase in income, a “golden demographic” with the number of people having good earnings now accounting for 52 per cent of the population, demand for cars among young … [Read more...] about Domestic automobile industry set for good growth
Automobile industry
Ministry to support domestic automobile industry projects
A manufacturing line of Huyndai Thanh Cong Company in the northern province of Ninh Binh. (Photo: VNA) Hanoi (VNA) - The Ministry of Industry and Trade (MoIT) will implement solutions to support and promote the automobile industry projects of companies such as Truong Hai Automobile Company (Thaco), Thanh Cong Group, VinFast and others. The support is seen as a good signal for increasing domestic automobile production and assembly in the future. The ministry will build a pilot part supply chain for automobile manufacturers and assemblers at home and abroad, and study mechanisms and policies to attract investment from multinational corporations investing in large-scale projects in Vietnam, especially those focused on the brands and models not existing in ASEAN, in order to create conditions for local enterprises to participate deeply in multinational automobile production chains. The ministry will also revise Government Decree No. 111/2015/NĐ-CP dated November 3, 2015 on support … [Read more...] about Ministry to support domestic automobile industry projects
MoIT to support domestic automobile industry projects
A manufacturing line of Huyndai Thanh Cong Company in the northern province of Ninh Binh. — VNA/VNS Photo Hoang Hai The Ministry of Industry and Trade (MoIT) will implement solutions to support and promote the automobile industry projects of companies such as Truong Hai Automobile Company (Thaco), Thanh Cong Group, VinFast and others. The support is seen as a good signal for increasing domestic automobile production and assembly in the future. The ministry will build a pilot part supply chain for automobile manufacturers and assemblers at home and abroad, and study mechanisms and policies to attract investment from multinational corporations investing in large-scale projects in Viet Nam, especially those focused on the brands and models not existing in ASEAN, in order to create conditions for local enterprises to participate deeply in multinational automobile production chains. The ministry will also revise Government Decree No. 111/2015/ND-CP dated November 3, 2015 on support … [Read more...] about MoIT to support domestic automobile industry projects
Bright prospects for automobile industry in Industry 4.0 era
Deputy head of Industry Department under the Ministry of Industry and Trade Nguyen Ngoc Thanh made the remarks at a seminar on the automobile industry in the era of industry 4.0 as part of the Vietnam Motor Show 2018, held recently in Ho Chi Minh City. With technological advantages, a skilled workforce and low production costs, a number of countries such as Thailand, Indonesia or China are poised to reap success in the Vietnamese automobile market with the signed free trade agreements (FTAs) between Vietnam and regional countries, Mr Thanh urged Vietnam’s automobile industry to devise practical solutions for further development in the future and to seize opportunities in order to overcome challenges faced from the development of regional neighbours. According to statistics from the Ministry of Industry and Trade, Vietnam’s automobile industry has lagged 30 years behind other regional nations. Whilst Thailand, Indonesia, Malaysia have all been able to develop their … [Read more...] about Bright prospects for automobile industry in Industry 4.0 era
Vietnam’s automobile industry still too small compared with ASEAN countries
VietNamNet Bridge - Vietnam has been building up its automobile industry for the last 20 years, but the number of automobiles assembled in Vietnam is far below that of Thailand, Indonesia, Malaysia and the Philippines. Vietnam has been building up its automobile industry for the last 20 years The ASEAN Automotive Federation (AAF) has eight members, including Vietnam, Thailand, Indonesia, Singapore, the Philippines, Myanmar, Laos, Cambodia and Brunei. For many years, the domestic automobile industry has been developing joint ventures with foreign investment. However, the joint ventures only focus on assembling cars, while many of them have shifted to trading cars instead of domestic assembly. The demand is also still low in Vietnam. A report of the Ministry of Industry and Trade (MOIT) showed that 23 out of every 1,000 people own cars. The figure is 204 in Thailand and 400 at minimum in developed countries. RELATED NEWS Imports, domestically-assembled cars in … [Read more...] about Vietnam’s automobile industry still too small compared with ASEAN countries