Vietnam’s policy on tightening car import regulations under Decree 116 may be the main reason behind foreign car makers' decision to expand production in Vietnam. The Toyota automotive plant in Vinh Phuc province. Source: toyotavinhphuc.info Most recently, Toyota Vietnam proposed the Vinh Phuc People’s Committee to rent 9.1ha of land in Phuc Yen city to expand its automobile manufacturing plant, raising its annual capacity from the current 50,000 to 90,000 units by 2023. Accordingly, the total capital for this expansion is about $40 million. Toyota’s move is supposed to be the result of Decree No.116/2017/ND-CP, which introduced many strict conditions and regulations about importing cars, which came into effect early this year. Not only Toyota, but Ford and Hyundai are also planning to expand production scale in Vietnam due to the decree. According to the Vietnamese government, Decree 116 aims to boost the development of the country’s automobile … [Read more...] about Decree 116 moves foreign car makers to expand production in Vietnam?
Boise foreign car service
Foreign car makers are looking at ways to obtain the documetation required by a new law in Vietnam to reopen automotive exports to the country. Two months after Vietnam put in place a rule requiring stringent inspections of imported vehicles, around 2,000 Honda Motor passenger cars are slated to arrive in Vietnam from Thailand early this week, likely the first batch of foreign-made autos to undergo the new checks, according to Nikkei Asian Review. Honda has obtained quality certification from Thai authorities, and the Vietnamese government has apparently accepted the documents. The Indonesian government is also planning to change the vehicle type approval (VTA) certificates it issues in an effort to reopen automotive exports to Vietnam. "With the VTA adjustment, Indonesian automotive exports are expected to return to the country," the Jakarta Post quoted Indonesian Trade Ministry international trade director general, Oke Nuwan, as saying. “The government will convey the … [Read more...] about Foreign car makers try to navigate new law in Vietnam after two-month hiatus
According a report from the Ministry of Industry and Trade, demand for automobiles will likely reach between 800,000-900,000 units by 2025 and 1.5-1.8 million by 2030. The report said in recent years the automobile market growth has been much higher than expected though prices in Viet Nam remain very high (car prices in Viet Nam are double those in neighbouring countries like Thailand and Indonesia). For instance, the below-nine-seat market segment has grown by 20-30 per cent a year in recent years. The problem here is that Vietnamese automakers are not developed enough to take the advantage of this growth, and so the market is dominated by foreign cars. Most cars sold in Viet Nam now are foreign brands produced locally through joint ventures with multinationals or fully imported. The average use of locally made parts in the auto industry is way lower than the targets of 40 per cent for … [Read more...] about VN awaits deluge of foreign cars
Toyota introduces first used-car service facilityBy Quoc Hung - The Saigon Times Daily The Used Car Center at Toyota East Saigon Joint Stock Company (TESC), a dealer of TMV in Go Vap District, valuates cars, trades used cars, and provides delivery, maintenance and decoration services. The VND16 billion center covers 1,000 square meters and has functional areas such as exhibition areas inside and outside, waiting areas for customers, and service shop. Before going for sale, used cars will be checked and evaluated by Toyota engineers. If meeting up all Toyota requirements and standards, used cars will be granted quality certificates and given a warranty of six months or 10,000 km for engines and gearboxes. Akito Tachibana, president of TMV said, “By introducing business services of used car, Toyota Vietnam makes a benchmark for its stable and long-term business in Vietnam.” … [Read more...] about Toyota introduces first used-car service facility
In Briefs (18-02-2009) EVN Finance now provides foreign currency services HA NOI — The State Bank of Viet Nam issued Official Dispatch No 996/NHNN-CNH on Monday allowing EVN Finance Joint Stock Co, a subsidiary of Electricity of Viet Nam, to launch foreign exchange services on the domestic market. EVN Finance will provide foreign exchange services, including term transactions, interchange, options rights, futures contracts and other services under international norms. It will also provide domestic and international money delivery and payment services, receive deposits in foreign currency, issue bonds and valuable papers in foreign currency and borrow foreign currency from domestic and foreign financial institutions, providing mandate services and asset management in foreign currencies. Yahoo! sets up Viet Nam subsidiary HA NOI — Yahoo! announced on Monday that it would establish a subsidiary company in Viet Nam to serve its sales and marketing strategy in this market. Once … [Read more...] about EVN Finance now provides foreign currency services