Latest News about auto industry
Resolution 115/2020/NQ-CP aims to fuel the growth of supporting industries, including those for cars. However, these policies are unlikely to change the supply chain of the auto industry and enhance localization given Vietnam’s small market.
More people could afford imported cars from the EU when the EU-Vietnam Free Trade Agreement (EVFTA) takes effect from August 1.
The Ministry of Finance is compiling a draft decree on lowering the registration fees of locally assembled or manufactured autos by 50% until the end of this year and will consult other ministries before submitting it to the Government for approval.
The Ministry of Finance plans to eliminate the import tax for auto materials and parts in order to support the development of the country’s automobile industry.
Vietnam has become a large market which earns billions of dollars for Thai and Indonesian manufacturers each year.
Vietnam has continued spending billions of US dollars on importing auto spare parts as the local car industry failed to achieve it's localisation targets.