Bright prospects for automobile sector in Industry 4.0 era
Deputy head of Industry Department under the Ministry of Industry and Trade Nguyen Ngoc Thanh made the remarks at a seminar on the automobile industry in the era of industry 4.0 as part of the Vietnam Motor Show 2018, held recently in Ho Chi Minh City.
With technological advantages, a skilled workforce and low production costs, a number of countries such as Thailand, Indonesia or China are poised to reap success in the Vietnamese automobile market with the signed free trade agreements (FTAs) between Vietnam and regional countries,
Mr Thanh urged Vietnam’s automobile industry to devise practical solutions for further development in the future and to seize opportunities in order to overcome challenges faced from the development of regional neighbours.
According to statistics from the Ministry of Industry and Trade, Vietnam’s automobile industry has lagged 30 years behind other regional nations. Whilst Thailand, Indonesia, Malaysia have all been able to develop their automobile industries since the 1960’s, the automobile industry is new to the scene with its inception in 1991.
The country has also mapped out a development strategy leading to 2025, with a future vision aiming at 2035 for the automobile industry.
Along with development strategies and solutions from the Government, Vietnam’s automobile market has also seen the active involvement of businesses from all economic sectors, including some domestic manufacturers such as Truong Hai (Thaco), Huyndai Thanh Cong, Vinfast and the world’s leading automobile groups like Toyota, Ford, Honda and Mitsubishi.
Total assembling and manufacturing capacity in Vietnam has so far reached roughly 600,000 vehicles per year, covering a variety of types of vehicles with a high localization rate, including trucks (55%) and 24-seat passenger buses (45%-55%), which meets the set targets by 2020.
Related News
The output reduction of the Tax Incentive Program for automobile manufacturing and assembly has not been considered
09:56 | 15/12/2023 Regulations
New preferential import tax rates for automobile production and assembly
10:56 | 29/06/2023 Regulations
Vietnam, India have potential for automobile cooperation: insiders
16:05 | 12/09/2022 Import-Export
Vietnam, India have potential for automobile cooperation: insiders
13:59 | 26/08/2022 Import-Export
Latest News
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
More News
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Solutions for maintaining Vietnam's position as a bright spot for foreign direct investment
15:36 | 02/05/2024 Import-Export
FDI disbursement in January-April period reaches five-year record
19:43 | 01/05/2024 Import-Export
Binh Duong aims to become logistics hub in southern region
19:41 | 01/05/2024 Import-Export
Digital transformation – optimal choice for Vietnamese garment & textile firms
19:39 | 01/05/2024 Import-Export
Infrastructure development creates momentum for exports to "neighboring" markets
19:36 | 01/05/2024 Import-Export
Seaports increase services to attract goods
19:35 | 01/05/2024 Import-Export
The supporting industrial enterprises transform for sustainable development
08:20 | 01/05/2024 Import-Export
Your care
Central beach city to lure investment from potential partners
14:54 | 03/05/2024 Import-Export
Vietnam to have enough 8 million tonnes of rice for export
14:47 | 03/05/2024 Import-Export
Binh Duong: Fertile ground for logistics businesses
10:16 | 03/05/2024 Import-Export
Some 51,600 new firms established in four months
17:17 | 02/05/2024 Import-Export
Agro-forestry-aquatic product exports post trade surplus of 4.74 billion USD in four months
17:13 | 02/05/2024 Import-Export