Vietnam, India have potential for automobile cooperation: insiders
A car assembly line of Huyndai Thanh Cong (Photo: VNA)
Vietnam and India have substantial opportunities to cooperate in the automobile industry as Vietnam is accelerating FDI attraction in the sector, an official has said.
Nguyen Anh Tuan, Deputy Director of the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment (MPI), pointed out that investment ties between Vietnam and India have yet to match their potential.
India’s investment accounts for only 0.2% of the total FDI in the Southeast Asian nation, he told the India-Vietnam Business Meet on Auto Sector held recently in Hanoi.
Indian Ambassador Pranay Verma said the 800-member Automotive Component Manufacturers Association of India (ACMA) wanted to explore investment opportunities in Vietnam.
Nguyen Thi Thu Ha, General Director of Invest Global, which offers consulting services, stressed that Vietnam has great potential to boost the auto industry, which is expected to significantly contribute to the national economy.
However, the number of Vietnamese suppliers in the sector remains limited, and only a few of them are part of the country’s supply chain for producers and assemblers.
A deal between the Vietnamese and Indian auto sectors would be reciprocal, Ha said, adding that a number of Indian firms are already operating effectively in Vietnam, such as Minda, Spark Minda and Star Engineering.
Sharing Ha’s view, Dang Hoang Mai from the Vietnam Institute of Strategy and Policy for Industry and Trade said Vietnam has the potential to expand the market for electric vehicles as its car ownership is just 2.3%, equivalent to one tenth and one twentieth of Thailand and Malaysia, respectively.
Vietnam aims to attract major businesses and groups, with priority given to high-tech, support industries, innovation and digital economy, Tuan said, emphasising that it is suitable time for Indian investors to join the Vietnamese auto sector and its support industry./.
Related News
Wood exports started well
13:26 | 20/04/2024 Import-Export
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
How more than 6 tons of smuggled gold transported to Vietnam?
07:49 | 05/04/2024 Anti-Smuggling
Latest News
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
More News
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export
More efforts needed to maintain export growth to China: Insiders
13:55 | 23/04/2024 Import-Export
It is expected that there are higher orders and revenue in the second quarter from European businesses
09:31 | 23/04/2024 Import-Export
Vietnamese rice prices on the hike
15:08 | 22/04/2024 Import-Export
FDI flow into garment and textile sector bounces back
15:06 | 22/04/2024 Import-Export
Investors play a key role in developing the industrial park system
10:38 | 22/04/2024 Headlines
Find ways to a corporation for businesses in industrial parks
10:38 | 22/04/2024 Import-Export
Export turnover of two agricultural product groups grows three-digit
18:10 | 21/04/2024 Import-Export
Early warnings reduce risks in trade defense
18:09 | 21/04/2024 Import-Export
Your care
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Pepper prices continue increase trend
13:44 | 24/04/2024 Import-Export