VOV.VN - Deputy Minister of Industry and Trade Truong Thanh Hoai has highlighted the automobile industry as a key industrial sector with a special role and strong spillover effects across the economy, particularly in manufacturing and supporting industries.

Vietnam’s auto industry is on the brink of a major transformation as excise tax reductions set to take effect in 2026 are expected to significantly cut the cost of hybrid vehicles, driving new investment and propelling rapid market expansion.

As artificial intelligence (AI) is emerging as an important driver of technological innovation in many sectors, especially the automobile industry, Vietnamese and Chinese universities, research institutes, and businesses are believed to hold great cooperation potential in this field.

With Chinese brands rapidly expanding in the Vietnamese market, experts are calling for protective policies to safeguard local manufacturers and ensure the country’s long-term industrial growth.

Vietnamese enterprises in the auto industry are not deeply involved in the global supply chain. To become global suppliers, domestic enterprises must be consistent with the management culture and business philosophy of global manufacturers, experts have said.

The Ministry of Industry and Trade supporting the reduction of automobile registration fees is considered to have a positive effect on the auto industry in the context of the automobile market facing many difficulties.

The strong growth in automobile sales and the increase of locally-assembled auto models are a lever to further promote Vietnam's auto industry, helping it gradually engage in supply chains of leading automobile manufacturers.

VOV.VN - The Vietnam Motor Show 2022 kicked off in Ho Chi Minh City on October 26, with the event contributing to developing the local auto industry and supporting industries.

Deputy Minister of Industry and Trade Do Thang Hai hosted a reception in Hanoi on November 16 for Ambassador of the Czech Republic Vítězslav Grepl and a delegation from Skoda Auto, a car maker of the Czech Republic, who came to seek partners to build an automobile factory in Quang Ninh province.

Limited market capacity and price differences between domestically produced cars and imported cars are the two biggest bottlenecks for the local auto industry, according to the latest report from the Ministry of Industry and Trade (MoIT).