VinFast, a unit of Vietnam’s largest conglomerate Vingroup, is set to become the country’s first fully-fledged domestic car manufacturer when its first production models built under its own badge hit the streets next August. “Where else in the world can you do this with this sort of speed?” said Shaun Calvert, vice president of manufacturing at VinFast Trading and Production LLC, looking out over an area of factory floor where nine months earlier there was only sea. Calvert was speaking on a recent tour of the company’s new plant, a sprawling island complex in the northern Vietnamese port town of Haiphong, where the two models will be built. From a standing start, VinFast will have the capacity to produce 250,000 cars annually in the next five years or so, equivalent to 92 percent of all the cars sold in Vietnam last year, according to data collated by the Vietnam Automobile Manufacturers’ Association (VAMA). Vingroup says it only embarked on … [Read more...] about Fast and serious: Vietnam’s first domestic car manufacturer bets big
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General Motors first major automaker to embrace peer to peer car sharing
Detroit-based vehicle manufacturer, General Motors (GM), is set to become the first major automaker to venture into the peer-to-peer car sharing space, CNBC reports. The company confirmed on Tuesday (24 July) that it will be launching a scheme to enable customers to make money off their cars. An app, called the Maven sharing app, will enable customers who own a 2015 or newer GM car to offer their vehicle out for rent. The new software will then allow pre-approved car-share users to loan the vehicle for a period of time with car owners subsequently receiving 60 pct of the total revenue in return. GM anticipates customers could trade up to more expensive vehicles as they will be able to earn money from the vehicle whilst not using it. Julia Steyn, Vice President of General Motors urban mobility and Maven, said: “If you want to have access to a car, you have access to a car. “So, I believe this is just expanding our opportunity to provide consumers what they want.” It … [Read more...] about General Motors first major automaker to embrace peer to peer car sharing
Car prices still high
Car prices still highBy Hung Le A model poses in front of a car on display at an auto show in HCMC. The prices of automobiles have remained high despite a reduction in duties – PHOTO: QUOC HUNG HCMC – The prices of automobiles have remained high despite a reduction in duties, officials have said. Since early 2018, the import duty on completely-built-up (CBU) cars imported from ASEAN markets has fallen to zero from 30% in 2017. Meanwhile, cars with an engine capacity under 2,000cc enjoy a 5% reduction in special consumption tax. However, the prices of some imported CBU and domestically assembled cars have been surging. Many regulations in the Government’s Decree 116 on auto manufacture, assembly, import, maintenance and warranty services and the transport ministry’s Circular 3/2018, guiding the execution of the decree, have sent auto imports into a tailspin. Since early this year, car imports in certain weeks or months have almost ground to a halt, … [Read more...] about Car prices still high
Trump makes veiled WTO threat after EU warning on car tariffs
Trump makes veiled WTO threat after EU warning on car tariffsThe Saigon Times Daily U.S. President Donald Trump meets with Dutch Prime Minister Mark Rutte in the Oval Office at the White House in Washington, U.S., July 2, 2018 – PHOTO: REUTERS WASHINGTON/BRUSSELS (REUTERS) - U.S. President Donald Trump warned the World Trade Organization on Monday that “we’ll be doing something” if the United States is not treated properly, just hours after the European Union said that U.S. automotive tariffs would hurt its own vehicle industry and prompt retaliation. Trump, speaking to reporters during a meeting with Dutch Prime Minister Mark Rutte at the White House, said, “The WTO has treated the United States very, very badly and I hope they change their ways.” His comments came after the Axios news website reported that Trump’s administration has drafted proposed legislation that would allow Trump to raise tariffs at will and negotiate special … [Read more...] about Trump makes veiled WTO threat after EU warning on car tariffs
General Motors, VinFast sign strategic partnership agreement
Under the agreement, Vinfast will be the exclusive distributor of GM’s Chevrolet cars in Vietnam. Another highlight of the agreement is that General Motors transfer full ownership of its Hanoi factory to VinFast for the Vietnamese automaker to produce small cars under a GM global license. In addition to a factory in the northern province of Hai Phong, new production assembly line will be operated in middle of 2019 enhancing Vinfast’s production capability. With the agreement, GM will become a preferred automotive technology provider to VinFast, opening potential pathways for future product, creating opportunities to drive both brands forward. After the transfer, Chevrolet outlets in the country will open as normal and GM’s customers will enjoy all benefits of warranty and services through deals before, as well as spare parts of Chevrolet in future. It is scheduled that end of 2018, transfer of GM Vietnam including factory in Hanoi, authorized outlets and staffs will … [Read more...] about General Motors, VinFast sign strategic partnership agreement
GM to transfer Vietnam operation to Vingroup’s car arm, eyes sales boost
General Motors (GM.N) has agreed to transfer its Vietnamese operation to VinFast Trading and Production LLC and distribute Chevrolet cars through the local carmaker, in a move that could help drive up its modest sales in the country. The U.S. automaker will transfer full ownership of its Hanoi factory to VinFast for the Vietnamese firm to produce small cars under a GM global license from 2019, the companies said in a statement on Thursday, without disclosing a value for the deal. As part of the deal, VinFast, a unit of Vietnam’s biggest private conglomerate - Vingroup JSC VIC.HM, will be the exclusive distributor of the Chevrolet in Vietnam. “The GM-VinFast strategic partnership will best position the Chevrolet brand and dealer network for long-term growth in Vietnam by leveraging GM’s global scale and expertise, married with VinFast’s domestic strength and insight,” said Barry Engle, executive vice president and president of GM International. The … [Read more...] about GM to transfer Vietnam operation to Vingroup’s car arm, eyes sales boost
PHA receives licence for car parts manufacturing plant in Deep C II IZ
On June 21, Pyeong Hwa Automotive Co., Ltd. (PHA) was granted the investment certificate for its automotive parts manufacturing plant located in Deep C II Industrial Zone (IZ) at the northern port city of Haiphong’s Dinh Vu-Cat Hai Economic Zone. Pyeong Hwa Automotive (PHA) receives the investment certificate for its manufacturing plant in Deep C II Located in Haiphong—one of the most dynamic cities with highest growth rate in Vietnam—the automotive parts manufacturing plant of PHA will cover an area of 7 hectares, with an investment capital of $16.7 million. Upon its launch in September 2019, it will supply 7.5 million products to the market per year, generating nearly 300 jobs for local labourers. Lee Jae-Seung, president of PHA, said, “After conducting surveys in numerous areas, PHA found that Deep C II IZ is the most suitable place to implement its expansion plan due to its optimal business environment and services.” Pyeong Hwa Automotive … [Read more...] about PHA receives licence for car parts manufacturing plant in Deep C II IZ
PHA receives license for car parts manufacturing plant in Deep C IZ
On June 21, Pyeong Hwa Automotive Co., Ltd. (PHA) was granted the investment certificate for its automotive parts manufacturing plant located in Deep C II Industrial Zone (IZ), the northern port city of Haiphong’s Dinh Vu-Cat Hai Economic Zone. Pyeong Hwa Automotive (PHA) receives the investment certificate for its manufacturing plant in Deep C II Located in Haiphong—one of the most dynamic cities with highest growth rate in Vietnam—the automotive parts manufacturing plant of PHA will cover an area of 7 hectares, with an investment capital of $16.7 million. Upon its launch in September 2019, it will supply 7.5 million products to the market per year, generating nearly 300 jobs for local labourers. Lee Jae-Seung, president of PHA, said, “After conducting surveys in numerous areas, PHA found that Deep C II IZ is the most suitable place to implement its expansion plan due to its optimal business environment and services.” Pyeong Hwa Automotive Co., … [Read more...] about PHA receives license for car parts manufacturing plant in Deep C IZ
Numerous new cars debut at motor show in city
Numerous new cars debut at motor show in cityBy Quoc Hung - The Saigon Times DailyHalf of the six participating VAMA represent Japanese automakers Toyota Vietnam, Honda Vietnam and Suzuki Vietnam. Toyota Vietnam is displaying the FT-86G Sport concept, along with the familiar models available on the market such as Fortuner, Corolla Altis, Yaris and Land Cruiser Prado.Similarly, Honda Vietnam is introducing two popular urban models – Honda City and Honda Jazz, apart from the three models assembled and distributed in Vietnam – Civic, CR-V and Accord. This is considered the firm’s step to explore the market.Meanwhile, Suzuki Vietnam reveals the new Suzuki Grand Vitara that replaces the previous model. Still, the event is not attended by other famous auto firms from Japan like Mitsubishi, Isuzu and Hino.Ford Vietnam is not present at the largest automobile industry exhibition either but General Motors (GM) Vietnam, the predecessor of Vidamco, is taking part. The event … [Read more...] about Numerous new cars debut at motor show in city
Ford to boost investment in electric cars by 2022
Ford says it will boost its investment in electric vehicles to $11bn (£8bn) in the next five years, more than doubling a previous commitment.Chairman Bill Ford said the car maker would have 40 hybrid and fully electric vehicles in its range by 2022.It comes as countries around the world put more pressure on car makers to rein in carbon emissions.General Motors, Toyota and Volkswagen have already outlined ambitious plans to offer more electric vehicles.Speaking at the Detroit Auto Show on Sunday, Mr Ford said the focus would be on electrifying existing Ford models without naming any specific cars.He said the firm would offer 16 fully electric vehicles by 2022 and 24 plug-in hybrids.Mr Ford told reporters: "We're all in on this and we're taking our mainstream vehicles, our most iconic vehicles, and we're electrifying them."If we want to be successful with electrification, we have to do it with vehicles that are already popular."Stephanie Brinley, a senior automotive analyst at IHS … [Read more...] about Ford to boost investment in electric cars by 2022