Vietnam’s automobile industry is small compared to regional markets and local suppliers are asking for more support from the Government.
HAGL, once the leading real estate firm in Vietnam, has sold its largest project stake in Myanmar to compatriot auto firm Truong Hai.
Truong Hai Auto Corporation (THACO) on September 14 inaugurated its upgraded and expanded Thaco KIA factory at the Tam Hiep Industrial Zone in the central province of Quang Nam.
Sales of automobiles saw a month-on-month decline of 19 percent to about 21,480 vehicles in August, according to the Vietnam Automobile Manufacturer Association (VAMA).
Beyond showcasing the most magnificient landscapes and diverse culture, the Central Coast region is focusing on creating a home-sweet-home environment to attract “great eagle” investors to build stable hubs.
The Ministry of Industry and Trade will propose to build a credit package of 100 trillion VND (4.4 billion USD) for developing the support industry for industrial sectors, especially automobile production.
HAGL Agrico plans to convert bonds into shares and raise its charter capital by 25 percent to VND11.08 trillion ($477.93 million).
Auto sales rose by 22 percent year-on-year to 126,753 units in the first five months of the year, the Vietnam Automobile Manufacturers Association says.
The Truong Hai Auto Corporation (THACO) inaugurated a plant manufacturing cars for luxury European brands and debuted the Peugeot Traveller model in the central province of Quang Nam on May 5.
Vietnam’s leading auto firm Thaco wants the government to strictly inspect zero tariff application on cars imported from ASEAN.
Vietnam's high and steady economic growth in the past years has strongly drawn foreign capital and investment in local firms, considered as the shortest way for foreign investors to enter the Vietnamese market.
As the Vietnamese economy strives to become more prosperous over the next few years, the country is fostering the development of major private enterprises considered to be a focus of national pride and a new source of prosperity.
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 Truong Hai Automobile Company (Thaco) plans to export locally manufactured buses, cars and semi-trailers as well as spare parts and accessories to the US, Canada, Thailand, Singapore and the Philippines worth 60 million USD in 2019.
The automobile industry is one of the world’s most important economic sectors by revenue. In Vietnam in particular, the industry dated from 1955 after the liberation of North Vietnam. Between 1955 and 1975, the nation mainly manufactured auto parts, meeting the demand on maintenance and repairs.
New policies promoting development of the domestic automobile sector will create opportunities for the industrial real estate market, according to a CBRE Vietnam report released in December.
From a barren and arid land, the Chu Lai Open Economic Zone in the central province of Quang Nam has made itself a fertile area for industrial development, according to Prime Minister Nguyen Xuan Phuc.
Coach Park Hang-seo of the Vietnam national football team on December 16 announced he will donate the US$100,000 he was rewarded for charity activities in the host country.
In order to help boost the Vietnamese automobile industry – one of the most important contributors to national economic growth – the country could do with focusing on its policy stability, market expansion, support industry development, and connectivity reinforcement, according to insiders.
The Ministry of Industry and Trade (MoIT) wants to take advantage of market and policy opportunities to promote automobile manufacturing projects of domestic automakers including Truong Hai Auto Corporation (Thaco), Thanh Cong Group and VinFast.
