An automobile manufacturing line of Vinfast in the northern city of Hai Phong (Source: VNA) Hanoi (VNS/VNA) – The automobile industry of Vietnam has witnessed progress in the last two years, but the localisation rate (local part supply) still remains low, not meeting the set target, according to a Ministry of Industry and Trade (MoIT) report sent to the National Assembly for discussion and direction. The report shows that the volume of domestically-assembled cars was 250,000-260,000 units in 2017 and 2018, of which several types have been exported to foreign countries including, Laos, Cambodia, Myanmar and Central America. The industry has contributed billions of US dollars to the State budget, contributing to reducing the trade deficit and creating jobs for more than 120,000 workers. However, the localisation rate for cars with nine seats and fewer has reached about 7-10 percent, concentrating on tyres, seats, mirrors, glass, electrics, batteries and plastic products. Meanwhile, the Government’s target was set at 40 percent in 2005 and 60 percent in 2010. MoIT said that up to 80-90 percent of the main raw materials for components production such as alloy steel, aluminium alloy, plastic beads and hi-tech rubber are currently imported. Every year, businesses have… Read full this story
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