Malaysian firms explore investment in VN’s car manufacturing industryFriday, April 19,2019
AsemconnectVietnam - Fifteen Malaysian firms are visiting Viet Nam to explore investment opportunities in the country’s car manufacturing industry.
Malaysian Ambassador to Viet Nam Dato Mohd Zamruni Khalid said at a workshop held on Thursday to discuss business opportunities between Viet Nam and Malaysia in the automobile component industry that Viet Nam was an attractive market for car manufacturing given its young population and favourable investment policies.
Deputy Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Hoang Quang Phong said that with ASEAN Trade in Goods Agreement (ATIGA), Viet Nam would become a promising destination for car manufacturing in the region.
Luong Duc Toan from the Department of Legal Affairs under the Ministry of Industry and Trade said Viet Nam imported more than US$3 billion of automobile parts and components each year.
Viet Nam’s automobile industry still had a low local procurement rate, Toan said, adding that it was vital for domestic car manufacturers to increase their rates to improve competitiveness, especially because under ATIGA, import taxes on cars from other ASEAN countries to Viet Nam were eliminated.
In 2018, more than 250,000 cars were manufactured and assembled in Viet Nam.
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