VietNamNet Bridge - To realize the dream of manufacturing the first "Made in Vietnam" car, since 2009 the Xuan Kien Automobile Corporation (Vinaxuki) has invested more than VND250 billion in research and manufacturing. However, since 2010, when the economy fell into recession, banks tightened lending, and interest rates skyrocketed, Vinaxuki had to cease operation in 2012. The dream about a Vietnamese car was left unfinished. Tien Phong … [Read more...] about The first “Made in Vietnam” car in photos
In late March 2017, Truong Hai Automobile kicked off the $500 million project on manufacturing and assembling Mazda in Chu Lai IZ with the capacity of 100,000 products a year. The first phase of the project, to have the capacity of 50,000 products, is scheduled to be completed by April 2018. This will be a modern automobile factory with automatic production lines, robots and advanced technologies.The Mazda factory is just one of the new investment projects of Truong Hai. In 2017, the corporation invested VND30.47 trillion to build 8 car assembling, 19 car part manufacturing factories and one R&D center. It plans to manufacture sedans, trucks and passenger cars with the localization ratio of 40 percent at minimum for domestic sale and export.Hyundai Thanh Cong in early April 2017 decided to set up a 120,000 product per annum assembling plant in Ninh Binh. From 2018, when the plant becomes operational, 90 percent of Hyundai cars to be sold in Vietnam will come from the … [Read more...] about Will made-in-Vietnam cars roll on SE Asia streets?
Explosives possibly planted by business-related adversaries went off in a Lexus car owned by a company deputy director in the northern Vietnamese province of Quang Ninh last Friday. It caused damage worth around VND100 million (US$5,000) to the body, tyres, and gas tank, he said. Vinh, deputy director of a Chinese-owned firm based in the province, told news website VietNamNet the explosion could be related to some conflicts involving his company. It is not known what business the company is involved in. Vinh's subordinates Le Van Diep and Nguyen Minh Tri had been killed in May 2009 in China by members of a Quang Ninh gang run by Nguyen Tien Phuong. A court last year sentenced Phuong and his younger brother to death. The police are investigating the blast. Explosives are becoming a popular weapon in Vietnam. On June 21 two brothers in Hanoi used a hand-made explosive to threaten a gold shop. Their heist failed, but several people were injured when the bomb went off. On May 16 … [Read more...] about Business enmity suspected in Vietnam car bomb explosion
A new rule, which requires car importers to show authorization documents provided by foreign manufacturers, has caught auto dealerships by surprise. Some 50 car dealerships met in Hanoi Tuesday to sign a petition opposing the new regulation. The petition, which asks for an amendment of the rule, will be submitted to Prime Minister Nguyen Tan Dung, Minister of Industry and Trade Vu Huy Hoang, and Minister of Justice Ho Hung Cuong. … [Read more...] about Vietnam car dealers let down by new import rule
Director of Xuan Kien Automobile Joint Stock Company (Vinaxuki) Bui Ngoc Huyen claims the failure of Made in Vietnam cars was particularly due to capital difficulties. Bui Ngoc Huyen and a car made by Vinaxuki Huyen said that he carried out research on Made in Vietnam car production and they had been highly appreciated by the National Council for Science and Technology Policy. After that, he implemented the project in line with the research. Due to the impact of the global economic crisis during the 2010-2012 period, the company had to pay high-interest rates for loans in the context of a sluggish local car market. In 2011, banks urged Vinaxuki to sell their factory to repay its loans. Then when the domestic car market recovered, Vinaxuki faced strong competition from other producers and importers. Huyen also blamed his firm’s failure for the trend of preferring foreign products among local customers. Instead … [Read more...] about Warnings over previous Made in Vietnam car failure