Suitable incentives needed for automotive support industry

09:16 | 05/05/2015 Industry Follow Ven.vn on

Suitable incentives are essential to enhance the competitiveness of enterprises in the support industry to develop the domestic automotive sector, according to Chairman of the Vietnam Federation of Civil Engineering Association Do Huu Hao.

Hao, who is also former Deputy Minister of Industry and Trade, highlighted the potential to expand the domestic automotive market with its 90 million people.

He stressed the need for the domestic automobile industry to enhance its competitiveness as integration encourages importing assembled vehicles in the regional countries with zero percent tariffs.

The most efficient way for local businesses to join the global production chain is to connect with renowned international brands in the support industry, Hao said.

President of the Xuan Kien Automobile Joint Stock Company (Vinaxuki) Bui Ngoc Huyen called for more specific tax and financial incentives. He confidently stated that with right tax incentives and credit from the State, Vinaxuki can raise the domestic manufacturing rate to 50 percent and build “Made-in-Vietnam” passenger cars and trucks for export.

The company has invested more than VND600 billion (US$28 million) in a number of projects to produce automobile spare parts, Huyen said.

They are expected to enhance the competitiveness of Vinaxuki products in a number of product lines by 2018, including pick-up trucks, cars, taxis and up to 28-seat public vehicles, he added.

Huyen also expressed his hope that incentives would be provided to domestic manufacturers targeting low-income consumers.

In August last year, the Ministry of Industry and Trade introduced a new strategy and plan for the automotive industry, but many of the relevant policies and mechanism are still pending.

At the same time, foreign-invested enterprises in the automobile industry are concerned about their future operation once import tariffs in Southeast Asia reduce to zero percent in 2018.

Toyota has said it may stop manufacturing and assembling in Vietnam and instead import finished products from regional countries.

Many FDI businesses may withdraw from the industry if Vietnam cannot issue suitable and specific assistance.

According to Vietnam Customs, more than 71,000 vehicles were imported in 2014, up 102% year on year and the highest ever.

Source VOV News

ven.vn

See more news

Binh Lieu mountain region powers up

06:00 | 28/01/2023 Province

(VEN) - The mountainous border district of Binh Lieu in the northeastern province of Quang Ninh is changing rapidly due to investment in infrastructure of roads, electricity and schools, greatly improving the lives of the predominantly ethnic minority population.

Steel industry to gradually recover in 2023

15:48 | 27/01/2023 Industry

HCM CITY — Domestic steel demand is expected to keep falling due to the property market slump and tightened monetary policy, economic downturn in many export markets and a rise in supply making the outlook for the industry in 2023 poor, analysts said.

Quang Ninh ships first tonne of coal on first day of Lunar New Year

18:16 | 23/01/2023 Energy

The northern coastal province of Quang Ninh shipped the first tonnes of coal on January 21, the first day of the Lunar New Year, from the Cam Pha port.

Support industries vital for global integration

06:00 | 18/01/2023 Support industries

(VEN) - “Entering 2023, Vietnam needs to promote the development of support industries to help the country’s industrial sector effectively participate in the global supply chain,” said Deputy Director of the Industry Agency under the Ministry of Industry and Trade (MoIT) Ngo Khai Hoan in an interview with Vietnam Economic News’ Lan Anh.

Hanoi facilitates specialty product development

06:00 | 15/01/2023 Industry promotion

(VEN) - Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade, said 426 Hanoi-based enterprises, cooperatives and production households have so far created 1,649 certified OCOP (One Commune One Product) products of high quality and reasonable price, 65 percent of which are food products.

So Village’s vermicelli goes global

06:00 | 14/01/2023 Industry promotion

(VEN) - Son Lo Village (also known as So Village) in Cong Hoa Commune of the capital’s suburban district of Quoc Oai, about 20 kilometers from downtown Hanoi, has become a major vermicelli center. The village’s safe, clean vermicelli products have been exported to Malaysia, Japan, and Germany.

Nghe An Province increases local content of industrial products

06:00 | 06/01/2023 Province

(VEN) - Nghe An is one of the chosen destinations of large international investors shifting their supply chains to Vietnam, providing businesses in the north-central province with access to new opportunities for support industry development.

Ba Vi, the place to buy Hanoi specialties

15:00 | 26/12/2022 Metropolis

(VEN) - Nguyen The Hiep, Deputy Director of the Hanoi Department of Industry and Trade said the capital’s suburban district of Ba Vi has formed organic and safe agricultural production areas, and registered brands for its products. These include Ba Vi milk and tea, Minh Hong vermicelli, Dong Thai sweet potato, and Ba Vi hill chicken, among others. The district has developed 138 OCOP (one commune one product) products.

Rural products fall short of potential

10:00 | 24/12/2022 Industry promotion

(VEN) - Outstanding rural industrial products have been honored for 10 years throughout Vietnam, boosting rural industrial development. However, several problems need to be addressed to improve the products’ promotion.

Vice President hails Vietsovpetro for contributions to energy security

13:00 | 23/12/2022 Energy

Vice President Vo Thi Anh Xuan on December 22 lauded the Russia-Vietnam oil and gas joint venture Vietsovpetro and the Vietnam Oil and Gas Group (Petrovietnam) for their achievements in 2022, contributing to ensuring energy security, state budget revenue, and economic diplomacy.

Latest Most Read

Vietnam-Singapore strategic partnership

10:57 | 09/02/2023 Infographic

Vietnam and Singapore share excellent bilateral relations, underpinned by the Strategic Partnership Agreement concluded in September 2013 during Prime Minister Lee Hsien Loong’s official visit to Vietnam.

Vietnamese companies seeking opportunities in India’s plastic market

10:00 | 09/02/2023 Investment

Vietnamese companies together with about 1,800 ones from 79 countries around the world are participating in the 11th edition of the world’s largest International Plastics Exhibition, Conference, and Convention - PLASTINDIA 2023 that is taking place at Pragati Maidan, New Delhi from February 1-5.

Vietnamese Prime Minister starts official visit to Singapore

09:27 | 09/02/2023 Vietnam and ASEAN

Prime Minister Pham Minh Chinh, his spouse, and a high-ranking Vietnamese delegation arrived in Changi Airport on February 8 afternoon, starting a three-day official visit to Singapore.

Black rice cakes reach foreign markets

09:00 | 09/02/2023 Industry promotion

Despite decelerating, phone exports still have long-term prospects

07:00 | 09/02/2023 Major exports

Phones and components achieved an export turnover of US$57.9 billion last year, a year-on-year increase of only 0.8 per cent.

Vietnam’s top 10 socioeconomic developments in 2022

06:00 | 21/01/2023 News and Events

(VEN) - Vietnam overcame difficulties induced by COVID-19 and achieved significant economic growth in 2022. Vietnam Economic News has compiled a list of the country’s 10 most outstanding socioeconomic developments of the year.

Seeking driving force for 2023 economic growth

06:00 | 01/02/2023 Economy

(VEN) - On the threshold of the New Year, economist Dr. Nguyen Dinh Cung, former director of the Central Institute for Economic Management, sums up the Vietnamese economy’s 2022 results and provides his forecast for 2023 growth.

The woman who revived Kim Hoang folk paintings

06:00 | 04/02/2023 Entertainment

(VEN) - Researcher and art collector Nguyen Thi Thu Hoa has made intense efforts to revive the 18th century Kim Hoang woodcut folk painting genre, which had all but disappeared over time.

Expressions of trust in Vietnam’s business environment

06:00 | 06/02/2023 Domestic market

(VEN) - Representatives of foreign organizations and diplomatic missions praise the Vietnamese Government’s efforts to promote economic recovery and development in 2022 and expect Vietnam will continue bouncing back in 2023.

Tourism is back, big time

06:00 | 30/01/2023 Tourism

(VEN) - Although it failed to achieve the goal of welcoming five million foreign tourists in 2022, major tourism sector efforts have resulted in its strong recovery during the final months of the year, promising even more positive changes in 2023.

Multimedia

Video Longform Infographic Photo

Vietnam-Singapore strategic partnership

10:57 | 09/02/2023 Infographic

Foreign visitors to Vietnam surge 44.2 times

09:12 | 08/02/2023 Infographic

Vietnam welcomed 872,000 foreign visitors in January, up 44.2 times against the same time last year, according to the General Statistics Office.

The woman who revived Kim Hoang folk paintings

06:00 | 04/02/2023 Entertainment

(VEN) - Researcher and art collector Nguyen Thi Thu Hoa has made intense efforts to revive the 18th century Kim Hoang woodcut folk painting genre, which had all but disappeared over time.

Ninh Binh listed among world's top 10 most welcoming regions

07:00 | 09/02/2023 Tourism

Ninh Bình has been ranked seventh in the Most Welcoming Regions On Earth, a category of the Traveller Review Awards 2023, by the leading digital hotel booking service that covers more than 220 countries and territories.

artists co nghiep set guinness world record in last intl show

Artists Cơ, Nghiệp set Guinness World Record in last int'l show

06:00 | 08/02/2023 Lifestyle

Vietnamese acrobatic artists Giang Quốc Cơ and Giang Quốc Nghiệp has set up a world record in their last international performance in a Guinness World Record show in Milan, Italy.

Policy

Screening tools to enhance FDI quality

06:00 | 05/02/2023 Policy

(VEN) - A set of foreign direct investment (FDI) screening tools was launched recently as a result of cooperation between the Vietnam Chamber of Commerce and Industry (VCCI) and the United Nations Development Program (UNDP), promising enhanced effectiveness of foreign investment flows into Vietnam.

Prime Minister demands faster disbursement of public investment capital

17:29 | 03/02/2023 Policy

Prime Minister Pham Minh Chinh demanded faster pace of public investment capital disbursement while chairing the Cabinet meeting on Thursday.

Deputy FM highlights role of economic diplomacy in service of national development

11:05 | 01/02/2023 Policy

The Ministry of Foreign Affairs has accompanied the Ministry of Planning and Investment and agencies to attract high-quality investment, connect and support foreign enterprises to invest and expand operations in Việt Nam, as well as to strengthen exchange and cooperation with investment funds and study international investment trends.

Việt Nam supports expansion of UN Security Council

06:00 | 30/01/2023 Policy

Addressing the first meeting of the Intergovernmental Negotiations on Security Council reform at the 77th UN General Assembly on January 26 (local time) in New York, Ambassador Nguyễn Phương Trà also emphasised improving the working method of the UNSC and limiting the use of veto power.

Industry & Trade

Black rice cakes reach foreign markets

09:00 | 09/02/2023 Industry promotion

Industrial production: Achievements and lessons

06:00 | 08/02/2023 Industry

(VEN) - The 2022 industrial output has been impressive, but continued innovation as well as production and supply network recovery are vital to ensure a more sustainable path in 2023.

Food and beverage industry to do well this year despite modest economy

13:00 | 03/02/2023 Industry

The food and beverage market is forecast to grow by over 18% this year to 720 trillion VND (30.7 billion USD).

Moving ahead with 2023’s Global Priorities: Electrification and Decarbonization

15:05 | 02/02/2023 Industry

Investment

Vietnamese companies seeking opportunities in India’s plastic market

10:00 | 09/02/2023 Investment

Hanoi, HCM City record highest disbursement of public investment capital in January

08:20 | 07/02/2023 Domestic investment

Hanoi and Ho Chi Minh City - the country's economic locomotives - recorded the highest disbursement of public investment capital in January, with nearly 2.7 trillion VND (117 million USD) and more than 1.63 trillion VND, respectively, reported the General Statistics Office.

Hai Phong pledges optimal conditions for investors

09:00 | 04/02/2023 FDI

Hai Phong will always accompany with and create optimal conditions for investors, vowed Nguyen Trung Kien, head of the Economic Zone Management Board of the northern port city, during a meeting with foreign-invested businesses in the city on January 31.

Greening foreign investment

06:00 | 03/02/2023 FDI

(VEN) - The government’s declared commitment to reduce net carbon emissions to zero by 2050 has prompted a wave of high-quality, sustainable foreign direct investment (FDI) projects.

Finance-Banking

Banks lower saving interest rates right after Tet

08:22 | 08/02/2023 Finance-Banking

The race of interest rate hikes among commercial banks is showing signs of cooling down as many banks have adjusted down the rate by several percentage points per year after the Lunar New Year (Tet) holiday and have set stricter conditions for customers to enjoy the high rates.

Foreign investors remain optimistic about Vietnamese stock market

09:03 | 06/02/2023 Stock Market

From being net sellers in the first nine months of 2022, foreign investors have become the driving force supporting the Vietnamese stock market in the last few months, and the inflows are expected to continue this year.

Tax revenue up 4.4 percent year-on-year in January

08:40 | 03/02/2023 Finance-Banking

Tax revenue in January was estimated at VND165.7 trillion (US$7.06 billion), or 12.1 percent of the ordinance estimate, up 4.4 percent year-on-year, the General Department of Taxation reported on January 31.

State-owned banks under capital increase pressure

10:52 | 01/02/2023 Finance-Banking

Vietnam’s four biggest State-owned banks have an urgent need for capital increase in 2023 as their charter capital is too low, with some unable to ensure the regulated minimum capital adequacy ratio (CAR), according to industry insiders.

Environment

Vietnam looks ahead to 2023 climate summit

06:00 | 25/12/2022 Environment

(VEN) - World leaders are hoping the COP28 Climate Change Summit, scheduled for November 30 to December 12, 2023, in the UAE will achieve expectations not met at the COP27 summit held in Egypt in November 2022.

Preserving nature, facilitating business

06:00 | 10/12/2022 Environment

(VEN) - In the past few years, the natural resources and environment sector of Hung Yen Province has advised authorities on state management of natural resources and the environment, contributing to provincial economic growth, industrialization and modernization.

AkzoNobel Vietnam protects Cu Lao Xanh lighthouse against harsh weather

11:40 | 24/11/2022 Environment

AkzoNobel, a leading global paints and coatings company and the major producer of Dulux brand, has completed repainting the Cu Lao Xanh Lighthouse project with Dulux Weathershield®. It is the third lighthouse in Vietnam recoated under the “Lighthouse Protection Campaign” of AkzoNobel.

JTI Vietnam commits to net zero greenhouse gas emissions

16:25 | 15/11/2022 Environment

Climate change is the most urgent issue of our time, and to limit its impact on life on earth, the rise in mean global temperature should not exceed 1.5°C above pre-industrial levels. The private sector plays a huge role in helping to achieve this goal, and companies must commit and take concrete action in accordance with the Paris Agreement.

Science - Technology

Science, technology, innovation to contribute over 50 percent to agricultural growth by 2030

06:00 | 09/02/2023 Science - Technology

The Ministry of Agriculture and Rural Development (MARD) is striving to increase the proportion of science, technology and innovation’s contributions to the sector’s growth by over 50 percent by 2030 through research, transfer and application activities.

Seven technologies to watch in 2023

06:00 | 07/02/2023 Science - Technology

Nature’s pick of tools and techniques that are poised to have an outsized impact on science in the coming year.

Technology trends to watch in 2023

06:00 | 05/02/2023 Science - Technology

The start of a new year is often a time to contemplate the future and what might lie ahead on the horizon.

Managed security provides IT talent gap solution for businesses in SEA

16:34 | 30/01/2023 Information technology

Global cybersecurity company Kaspersky today reveals the state of MSSP in the region, particularly the main benefits that local SMBs and enterprises gain from this outsourcing model.

Society

Positive signs for Vietnam’s labour market

07:00 | 08/02/2023 Society

Vietnam will continue to be affected by a labour shortage in the first and second quarters of 2023, but the deficit is not great and is mainly present in labour-intensive sectors such as garments, leather, and some export-led industries, especially in foreign-invested enterprises.

Illegal fishing tackled with drastic measures to remove 'yellow card'

11:13 | 07/02/2023 Society

The Government, ministries and local authorities have been improving legal enforcement, supervision on the implementation of the law and traceability requirements through heavier fines on illegal fishing.

Hunting for real estate investment opportunities after Tet

09:32 | 03/02/2023 Property

Although the market faced a standstill at the end of 2022, wealthy investors are still hunting for potential business opportunities after the Lunar New Year holiday.

Vietnamese university up 97 places in Webometrics ranking

10:00 | 02/02/2023 Society

Vietnam National University (VNU) - Hanoi climbed 97 places to rank 661st in the latest Webometrics Ranking of World Universities in 2023, which was announced on February 1 by the Cybermetrics Lab, a member of the Spanish National Research Lab.

Vietnamese Brands

JTI Vietnam certified as Top Employer for 3rd year

15:05 | 07/02/2023 Companies

Top Employers is a global award organized annually by the Top Employers Institute, through rigorous evaluation criteria for employers to select enterprises with the best working conditions. JTI Global and JTI Vietnam are proud to become the Top Employers again in 2023.

Doosan Vina and Chung Ang University continue educational CSR program

10:32 | 06/02/2023 Vietnamese Brands

Recently, Doosan Enerbility Vietnam (Doosan Vina) and Chung Ang University (CAU), Korea organized charity activities and educational exchanges at Binh Thanh No. 2 Primary School and Binh Minh No. 1 Primary School in Binh Son District, Quang Ngai Province.

Nestlé Vietnam and the journey to sustainable development

13:00 | 10/01/2023 Companies

(VEN) - With nearly three decades of operation in Vietnam, Nestlé Vietnam has been implementing many initiatives to improve human health and protect the planet through its commitments and sustainable development strategy. Recently, the company has continued to be honored as the Most Sustainable Business in Vietnam.

Suitable incentives needed for automotive support industry

See also

See more news

Multimedia