The strategy should also aim to increase the market share of domestically produced automobile products gradually, with the intent to replace imported products.

Reuters has quoted its source from Phu Ha Industrial Zone(IZ) in Phu Tho province as reporting that BYD, the large automobile manufacturer from China, has postponed its plan to build an EV (electric vehicle) factory in Vietnam.

It is necessary to study proposals from experts and businesses to have more practical policies for electric vehicles, particularly hybrid vehicles.

2023 was a tough year for automobile manufacturers as demand was weak despite considerable price decreases. However, there was good news that marked an important milestone of the industry.

Proposals by Toyota and Ford about tax incentives have not received support from the Ministry of Finance (MOF) which says there are already many policies to support the domestic automobile assembling and manufacturing.

The Ministry of Finance has declined to support proposals put forth by Toyota and Ford to relax regulations and include certain auto parts in the list of items eligible for a 0% tax rate.

Facilitating the transition to electrified vehicles in VN, State management bodies must put forth preferential policies, development strategies and initiatives to encourage adoption by users, according to experts.

Vietnam has imported nearly 100,000 completely built-up (CBU) vehicles worth US$2.3 billion so far this year, down by 21,000 units and US$430 million year-on-year, according to the General Department of Vietnam Customs.

Vietnamese, when choosing electric vehicles (EV) as their next car purchase, will not choose based on climate change concerns or preferences offered by the government, a recent survey by Deloitte has found.

Vietnam’s electrical vehicle (EV) market is poised for strong growth over the next decade, according to the latest report by BMI Research.

Buyers of electric vehicles (EVs) could receive an incentive totalling 1,000 USD per purchase.

Vietnamese enterprises in the auto industry are not deeply involved in the global supply chain.

The Ministry of Transport has just submitted its proposal to Deputy Prime Minister Tran Hong Ha on incentives for electrical vehicle (EV) producers and users.

Thaco, the automobile manufacturer owned by billionaire Tran Ba Duong, has seen fluctuations in valuation with the difference of up to several billion, according to transactions in recent years.

Despite poor results in the first quarter of 2023, auto stocks are still expected to perform well on supportive policies, including interest rate cuts and a 50% reduction in automobile registration fees.

While car imports have slowed down, domestically assembled output has increased sharply. Manufacturers are preparing for the year-end sale season, when domestically made cars will enjoy a 50 percent vehicle registration tax cut.

The newest electric vehicle manufacturer in Vietnam, with technology transferred from Germany, will set up a factory in Thai Binh that will make small-size city vehicles.

Thaco Group owned by billionaire Tran Ba Duong is planning to sell 10 percent of shares in Thaco Auto, one of its subsidiaries, in 2023. The automobile manufacturer is expected to be valued at $5 billion.

The Government just issued Decree No. 36 extending the time limit for paying excise tax on domestically manufactured or assembled cars.