Twenty years ago, five large automobile manufacturers asked Vietnam to open the automobile market. But the proposal was refused. The report from the Ministry of Industry and Trade (MOIT) to National Assembly Deputies showed that Vietnam’s automobile industry has been growing rapidly over the last two years. In 2017, Vietnam assembled 258,000 cars and the output of 250,000 products was maintained in 2018. About the achievements of the automobile industry, the report said many products have been exported to Laos, Cambodia, Myanmar and Central America. It has contributed billions of dollars to the state budget and generated 120,000 jobs. However, the ministry admitted too many problems in the industry, including the low locally made content ratio in products. The plan on raising the localization ratio for car models with less than 9 seats has failed. Under the plan, the ratio must be 40 percent by 2005 and 60 percent by 2010. However, the ratio is now 7-10 percent, far lower than … [Read more...] about Thai manufactured 3 million cars in 20 years, Vietnam assembled 250,000
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There are two clear investment tendencies in the automobile industry. First, becoming the leading assembling center in Southeast Asia, and second, buying technologies and making automobiles for export. Three Vietnamese companies The Q1 2019 report of the Vietnam Automobile Manufacturing Association (VAMA) showed that while the sales of domestically assembled cars decreased by 8 percent, value of imports soared by 230 percent compared with the same period last year. In the last two years, Vietnam’s automobile industry has witnessed big changes because of the ASEAN Trade in Goods Agreement (ATIGA). The tariff cut from 30 percent to 0 percent applied to ASEAN-originated products has attracted investors, who enjoy benefits from ATIGA. Vietnam is considered a potential market thanks to the modest ratio of 23 car owners per 1,000 people (the figures are 264 in Thailand and 400 in developed countries). Vietnam is considered a potential market thanks to the modest ratio of 23 car … [Read more...] about Two paths for Vietnam’s automobile industry
Under the EVFTA, Vietnam will open its market to imports from EU with the preferential tariff of zero percent. The EVFTA is expected to take effect in 2020. As for automobiles, the import tariff will decrease by 7 percent per annum to zero percent. The base tax rates for cars, in EVFTA negotiations, are 78 percent for products with cylinder capacity of less than 3.0L and 74 percent for over 3.0. The cut of the tariff on car parts from the EU will allow Vietnamese automobile assemblers to increase the imports of car parts which still cannot be made domestically at low costs, thus reducing production cost and improving competitiveness. Most imports from Europe are luxury cars, including Mercedes Benz, Audi, BMW and Land Rover, and super-luxury ones such as Rolls-Royce and Bentley. Popular models such as Volkswagen, Volvo and Peugeot are also favorites in Vietnam. Tran Thuy Vietnam’s automobile market to be flooded with zero-tariff ASEAN cars The car sales in Vietnam … [Read more...] about EVFTA could bring more luxury cars to Vietnam
Instead of distributing Nissan products, Tan Chong Motor will assemble, import and distribute Chinese cars in the Vietnamese market. The distributor of Nissan cars, the Malaysia-based Tan Chong Motor, will stop distributing Nissan products in Vietnam in September. if the project can be implemented, Tan Chong Motor would have opportunities to cement their positions in Vietnam’s automobile industry. The two sides have signed an MOU to expand cooperation in assembling, importing and distributing Chinese vehicles in Vietnam. Kim Chi Vietnam’s automobile market to be flooded with zero-tariff ASEAN cars The car sales in Vietnam are forecast to reach 500,000 units per year in 2020 and 1 million per year by 2030, with a turnover of US$12 billion each year. Two paths for Vietnam's automobile industry There are two clear investment tendencies in the automobile industry. First, becoming the leading assembling center in Southeast Asia, and second, buying … [Read more...] about Will Nissan’s old distributor bring Chinese cars to Vietnam?
Various types of confectionery containing cannabis have been found being sold online in Vietnam, prompting competent authorities to tighten control over such products. A lot of online stores have been selling and advertising candies, lollipops, and chocolate with cannabis flavor on social media. These products do not bear any brands or labels, while shop owners advertise them as “exotic foods” to attract buyers, who are mainly young people liking to experience new things. The cannabis lollipops often sell for VND27,000-35,000 (US$1.17-1.51) apiece. These shops also offer white and dark chocolate that contains cannabis oil or seeds. Most sellers claim their confectionery is imported from Europe and restocked once every two weeks. H.N., one of the sellers, said that the products come at an affordable price because they only contain a small amount of cannabis. N. stated she began selling the type of confectionery in late 2018 and has delivered about 70 orders so far. … [Read more...] about In Vietnam, cannabis candies traded widely online