Kim Long Motor and Yuchai Corporation have launched a $260 million engine manufacturing plant in Vietnam, marking a significant leap for the country’s industrial ambitions.
Toyota Vietnam has temporarily shut down plant in Vinh Phuc province since March 30 due to coronavirus pandemic.
Ford is temporarily suspending production in its factory in Hai Duong province from March 26 in response to coronavirus.
Viet Nam Engine and Agricultural Machinery Corporation, one of the largest companies in the field of engineering, machinery manufacturing, truck assembly and manufacturing has attained strong profits, mainly attributed to successes of its joint ventures with Honda, Toyota and Ford car makers.
Eight leading multinational enterprises including Bosch, Canon, Datalogic, Denso, Ford, General Electric, Panasonic, and Toyota have joined a program supporting 45 Vietnamese businesses to get the chance of becoming their suppliers.
The Decree No. 116 leading to a continuous downward trend for import cars has created opportunities for brands like Nissan, Mazda or Kia to increase their prices as consumers preferences change to locally assembled car.
N.A Vietnam Motor Co Ltd (Vinamco), a subsidiary of businesswoman Nguyen Thi Nga’s BRG Group, is planning to become a strategic investor of Hanoi Trade Corporation (Hapro) in its share aution by this March.
The Decree No. 116/2017/NĐ-CP and the Circular No.03/2018/TT-BGTVT have recently created a controversy among domestic assemblers, producers and importers.
According to Toru Kinoshita, chairman of Vietnam Automobile Manufacturers' Association (VAMA) cum president of Toyota Motor Vietnam, under the impact of some conditions regulated in Decree 116, auto companies may face difficulties and have to postpone Complete Built Up (CBU) importation.
Besides returning to Vietnam’s market through its exclusive distributor, Ssangyong Motor Company also plans to assemble cars in Vietnam for the purposes of lowering prices and increasing competitiveness vis-à-vis CBU (completely built-up) cars imported from ASEAN countries.
