Nearly 70 percent of 500 surveyed firms in Vietnam planned to expand their businesses in the near future as most of them were optimistic about business results in 2018.
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.
Car maker Hyundai Motor Co. of the Republic of Korea (RoK) will set up a joint venture with Vietnam’s Thanh Cong group to boost sales in the emerging market, according to Yonhap news agency.
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.
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.
Ministries have been proposing many solutions to develop the automobile industry, but no official decision has been made.
Thanh Cong Group has officially signed a new joint venture with the Republic of Korea’s Hyundai Group to manufacture and distribute commercial vehicles in Vietnam.
Vietnamese auto manufacturers are trying to increase the localization ratios in their products in order to enjoy preferential tariffs when exporting their cars to ASEAN countries.
Diesel automobiles manufacturers and importers will have to apply the Euro 4 standard from the end of December 31, 2017, as stipulated in the Notice 126/TB-VPCP dated March 10, 2017 by the Prime Minister.
On January 11, Vietnam Motors Industry Corporation (Vinamotor), Vietnam’s biggest bus manufacturer, will conduct an auction to sell 85.6 million state-owned shares, equalling a 97.7% its total stakes, at the initial price of VND14,612 (US$0.64) per share.