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.
Local car maker Truong Hai Auto Company (THACO) will introduce the BMW X2 model in Vietnam, just one year after the vehicle first debuted at the Los Angeles Auto Show in the US in 2017.
While billions of dollars is spent annually importing auto parts for assembly at home, Vietnam exports a roughly equivalent value of spare parts for automobiles, motorbikes and motor vehicles every year.
The Hoang Anh Gia Lai (HAGL) Group and Truong Hai Auto Corporation (THACO) inked a strategic cooperation agreement in Ho Chi Minh City on August 8 in the presence of Prime Minister Nguyen Xuan Phuc.
Reed Tradex, the organiser of METALEX Vietnam, has announced a new alliance aimed at driving the development of the Vietnamese supporting industries.
VOV.VN - New vehicle sales in Vietnam declined 5% to approximately 22,000 units in June, according to the Vietnam Automotive Manufacturers Association (VAMA).
Automobile sales in the two first quarters of 2018 went down 6% compared to the same period last year to reach 125,659 units, the Vietnam Automobile Manufacturers’ Association (VAVA) reported on July 10.
The use of effective policies in the automobile sector since the beginning of the year has boosted the production and assembling of automobile and better controlled imported vehicles in the first six months of 2018.
Truong Hai Auto Corporation (Thaco) has shipped 30 3,000-litre fuel tanks to JMK, a producer and supplier of auto parts in the Republic of Korea.
A robot called DX2 was introduced to more than 30 Vietnamese enterprises a few months ago at the “Future of Manufacturing - Infusing Digital Technologies into Factories” gathering in Ho Chi Minh City, where it showcased its distinctive functions, especially talking and interacting with people.
Vietnam now has a golden population structure and a fast growing middle class – potential buyers of private cars, which is forecast to boost domestic car sales by about 22% annually from now to 2025.