Vietnam now has a new opportunity to develop its automobile industry. If the chance is missed, the country will become an automobile import market. According to the Tax Policy Department, the car market segment in Vietnam is growing very rapidly. The motorization period is nearing and the demand for automobiles is increasingly high. Analysts believe that the Vietnamese market will have a scale of 1 million products by 2025. According to Ministry of Public Investment (MPI), many foreign investors have shown their interest in investments in Vietnam. They are awaiting moves by Vietnam’s management agencies and will flock to Vietnam if they see good signals. This is a great opportunity to develop the automobile industry. If it cannot be embraced, Vietnam’s automobile industry will just assemble and produce on a small scale. However, many analysts think the opportunity will be missed. In order to develop the automobile industry, Vietnam needs to develop supporting industries, or vendors who provide car parts to assemblers. The supporting industries now are weak with enterprises using outdated technologies, lacking production experience. The car parts which can be made in Vietnam all have low added value, such as seats, electric wires and plastics, while the production… Read full this story
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