Vietnam, Belarus seek to support production of motor vehicles

VOV.VN - Vietnam has reached a consensus with Belarus on measures aimed at removing bottlenecks for the joint venture MAZ Asia on manufacturing, assembling trucks, and specific-use vehicles amid complicated developments relating to novel coronavirus (COVID-19), through revised protocol signed on December 3 in Hanoi.

The protocol was inked between Minister of Industry and Trade Tran Tuan Anh and Belarusian Ambassador to Vietnam Vladimir Goshin.

In signing the agreement, both sides were unanimous in adjusting the localisation rate in order to facilitate the joint venture’s manufacturing and assembling activities, thereby making them on a par with the Vietnamese automobile industry development strategy for 2025 with a vision toward 2035.

Furthermore, the amended protocol details regulations relating to product origin, whilst also the allocation process for tariff rate quotas.

Following implementation of the free trade deal between the country and the Eurasian Economic Union (EAEU) in 2015, the signing of the protocol in March, 2016, created an important framework for co-operative automobile projects between the nation and Belarus, a member of the EAEU. As such, MAZ Asia was established in Hung Yen province through the protocol.

During the signing ceremony, Minister Anh underlined how it is currently Vietnamese policy to develop the automobile sector into an important national industry that is able to meet domestic and export demand.

The sector is also expected to serve as a locomotive for the future development of other industries, whilst also gaining a competitive edge to join the global supply chain, the Minister added.

Six years ago, the Government issued a strategy relating to the development of the Vietnamese automobile industry by 2025 with a vision forward to 2035. In line with this, the country was envisioned to be able to produce several important parts, such as an engine and gearbox, whilst initially joining the global automobile value chain during the 2021 to 2025 period.

Minister Anh therefore expressed his hope that through joint efforts from the two countries’ businesses, MAZ-Asia will go on to see remarkable advancements in the future, as well as becoming an economic-trade-investment co-operation model between the two nations.