Automobile industry

Customers examine a four-seat car on display in this file photo. Some experts and government units have voiced concern over the future growth prospects of the local automobile sector due to the upsurge in car imports Statistics from the Ministry of Industry and Trade indicate that in the first six months of the year, the volume of automobile imports reached a record high of over 75,430 units, worth US$1.68 billion, skyrocketing 513% in volume and 413.4% in value year-on-year, the local media reported. The strong rise was attributable to the automobile import tariff in the ASEAN region being slashed to zero. The number of automobile imports is forecast to continue rising in the coming years, increasing pressure on the local automobile sector. Speaking at the seminar titled “Steps forward for supporting industries in Vietnam,” Vu Tan Cong, an automobile expert, said that the Vietnamese automobile sector could soon succumb to heavy competition from foreign manufacturers if … [Read more...] about Rising automobile imports put domestic sector at risk: expert

Illustrative image (Photo: VNA)   Hanoi (VNA) –Vietnam’s industry expanded by 9.56 percent so far this year, a four-year record, according to the General Statistics Office (GSO).  The manufacturing and processing sector led the growth of industry and the whole economy with an expansion of 11.37 percent, while mining grew slightly by 2.68 percent. Head of the GSO’s Industrial Statistics Department Pham Dinh Thuy said the growth of  the manufacturing and processing sector was the highest among the ASEAN member states, including 11.52 percent, 10.9 percent and 11.68 percent in the first, second and third quarter, respectively. Among the industries, several sectors recorded year-on-year growth, including coke and refined petrol up 38 percent, metallurgy 36 percent, rubber and plastics 15 percent. Production of electronics, computers and optical products hiked by 6.3 percent, lower than the 14.2 percent growth a year ago, and cigarettes up 4 percent. … [Read more...] about Industry hits four-year high of 9.56 pct in nine months

Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year. (Photo: tinnhanhchungkhoan.vn) Hanoi (VNS/VNA) – Vietnam’s industrial production in the first nine months of this year rose by 9.6 percent year on year, a four-year record, according to the General Statistics Office (GSO). The manufacturing and processing sector led the industry sector and the whole economy with an expansion of 11.4 percent, while mining grew slightly by 2.7 percent after months of reduction. Head of the GSO’s Industrial Statistics Department Pham Dinh Thuy said Vietnam’s manufacturing and processing sector had the highest growth rate among ASEAN nations. “The domestic manufacturing and processing industry grew steadily over quarters, including 11.5 percent, 10.9 percent and 11.7 percent in the first, second and third quarters, respectively, ”Thuy said. Among industries, several sectors recorded year-on-year growth, … [Read more...] about Vietnam’s industrial production hits four-year high

Participants at the conference discuss cooperation opportunities. (Photo: VNA) Montreal (VNA) – The Ministry of Industry and Trade (MoIT) in collaboration with the Vietnam Association for Supporting Industries (VASI) on October 2 organised a conference in Montreal, Canada, to seek business cooperation in supporting industry between Vietnam and Quebec province. Experts said Vietnam has favourable conditions to develop supporting industry. Thanks to its sound business climate, the Southeast Asian country has become an attractive destination for foreign investors, including those from Canada. They expressed firm belief that the thriving Vietnam-Canada comprehensive partnership, together with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), will lay a foundation for businesses of both nations to enhance cooperation in the field. At the conference, Deputy Director General of the MoIT’s Department of European-American Market Department Nguyen … [Read more...] about VN, Canada hold huge potential to cooperate in supporting industry

The opening ceremony of the ESMO VINA plant in the northern province of Ninh Bình. — Photo VNA A plant producing automobile components opened its doors in the northern province of Ninh Binh on Friday Financed by ESMO Group from South Korea, the plant cost more than VND300 billion (US$12.9 million). The facility covers nearly 64,000sq.m in the Gia Phu Industrial Cluster in Gia Vien District. The ESMO VINA plant is capable of producing about 450,000 items annually. Speaking at the inauguration ceremony, Lee Huyn Chul, CEO of ESMO VINA, said the plant was ESMO’s new move to make inroads into the Southeast Asian market. He hoped it would create stable jobs for locals and contribute to socio-economic growth in Ninh Binh. Vice Chairman of the provincial People’s Committee Nguyen Ngoc Thach said Ninh Binh would continue its administrative reforms to attract more domestic and foreign investors, particularly those from South Korea. Ninh Binh is now home to eight … [Read more...] about Automobile component plant opens in Ninh Binh