Developing automobile industry into key economic sector

13:11 | 19/11/2016 Society

The government will stand by businesses in working towards the goal of developing the automobile industry into a key economic sector, contributing to boosting economic growth, meeting the need of the people and businesses and moving towards exports.

Developing automobile industry into key economic sector

Deputy PM Trinh Dinh Dung speaks at the meeting - Photo: VGP

Deputy Prime Minister Trinh Dinh Dung made the statement at a November 10 meeting in Hanoi discussing the situation of Vietnam’s automobile industry as well as its development directions in the years to come.

As young as it is, Vietnam’s automobile industry has made significant contributions to the economy, including creating jobs, raising the state budget and promoting growth, the deputy PM said.

The implementation of integration commitments will not only bring about new challenges for Vietnam’s automobile industry but also new opportunities as the domestic market is increasingly growing, in addition to the regional market, he noted.

Deputy PM Dung highlighted the goal of developing the automobile industry into Vietnam’s key economic sector in the future, which he said requires high determination, drastic action and consensus between the government and enterprises.

He called on automobile manufacturing and assembling companies to participate in realising that goal in a more active and proactive fashion, through strengthening connection and collaboration among domestic firms and between domestic firms and international ones.

Enterprises also need to restructure their products with a focus on key products, towards reducing production costs, increasing quality and lowering prices, he added.

The deputy PM asked ministries and sectors to promptly review relevant mechanisms and policies, supplement necessary policies as well as adjust inappropriate ones, aiming to create synchronism and consistency.

The Ministry of Industry and Trade (MOIT) was assigned to chair regular meetings to remove difficulties for the automobile industry in a timely fashion.

According to a MOIT report, Vietnam’s automobile industry currently features over 400 businesses, mostly small and medium sized, with a total design assembly capacity of about 460,000 cars per year. The industry has provided jobs for about 100,000 direct workers and contributes more than US$1 billion to the state budget annually regarding taxes alone./.

 

Source: NDO

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