BUSINESS NEWS HEADLINES MAY 12

Localisation rate of Vietnamese automobile industry remains low The country has so far failed to develop core technology in automobile production, while locally-made spare parts such as inner tubes, tires, and seats contain very little technological content, according to the Ministry of Industry and Trade (MoIT). The MoIT has given an outline of the domestic automobile manufacturing and assembly industry in a recent report sent to the National Assembly, noting that large-scale automobile assembly and production projects are striving to meet both domestic demand and also that of the regional market. As a result, it is anticipated that the correlation of output between locally assembled and imported vehicles over the short and medium terms will change with there set to be an increase in terms of domestically made vehicles. Despite this, the Vietnamese automobile industry is losing its advantages due to an increasing number of imported cars, with there being a 70% surge in imported vehicles in 2019 in comparison to 2018, with the majority coming from ASEAN member states. According to the MoIT, the major limitation of the domestic automobile industry is due to the nation failing to master core technologies such as engines, control systems, and transmission systems. … Read full this story

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