The Hanoitimes - Vietnam reportedly has fewer auto part producers than Malaysia and Thailand, which have 385 units and 2,500 units respectively. Many foreign automobile part manufacturers have recently started the construction of their plants in Vietnam, which is in line with the government’s policies on encouraging investment in the local support industries. Vietnam has 358 automobile-related manufacturing enterprises South Korean auto part producer Pyeong Hwa Automotive (PHA) on November 23 broke ground for the construction its plant in the northern port city of Hai Phong. PHA Company Ltd will produce hood latches, door checkers, hood hinges and fuel filler openers for the automobile industry with an annual capacity of more than 7.5 million products, equivalent to 1,115 tons per year. The US$16.7 million project covers an area of 7ha. On the same day, three other Korean part producers - YMP Plus Company Limited, Dong Yang Vina Industry Company Limited and MiChang … [Read more...] about Foreign automobile part makers rush to Vietnam
Burlington foreign car parts
By Anh Tu  October 25, 2018 | 02:19 pm GMT+7 Customs authorities discovered three of Posco SS Vina's containers containing car components. Photo courtesy of Vietnam Customs Posco has smuggled in car parts, Vietnam Customs has alleged, but the Korean steel maker says they are defective products imported as scrap. In a media release Tuesday, Vietnam Customs said it is investigating the violation by Posco SS Vina Co., a subsidiary of Posco Group, which has offices and a factory in Ba Ria Vung Tau Province on the southern coast. In September, the company had received two import consignments of 15 containers, and declared the content as scrap iron and steel. The shipments had been bought from Singaporean company Stamcorp International and shipped from Melbourne, Australia. On inspecting the containers, customs authorities discovered three of them containing unused goods, which they said were car components. Another container had packages containing a … [Read more...] about Vietnam suspects Korean steel giant Posco of smuggling car parts
Billions of dollars worth of car parts exported but not from Vietnamese manufacturers VietNamNet Bridge - Vietnam spends billions of dollars to import car parts each year for domestic assembling, but it also exports billions of dollars worth of vehicle parts. However, the exporters are mostly from foreign invested enterprises (FIEs). Vietnam needs to import car parts for domestic assembling Toyota Vietnam reported that it exported $34 million worth of car parts in the first half of the year, an increase of 13 percent compared with the same period last year. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 percent over the year before. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 … [Read more...] about Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
On June 21, Pyeong Hwa Automotive Co., Ltd. (PHA) was granted the investment certificate for its automotive parts manufacturing plant located in Deep C II Industrial Zone (IZ), the northern port city of Haiphong’s Dinh Vu-Cat Hai Economic Zone. Pyeong Hwa Automotive (PHA) receives the investment certificate for its manufacturing plant in Deep C II Located in Haiphong—one of the most dynamic cities with highest growth rate in Vietnam—the automotive parts manufacturing plant of PHA will cover an area of 7 hectares, with an investment capital of $16.7 million. Upon its launch in September 2019, it will supply 7.5 million products to the market per year, generating nearly 300 jobs for local labourers. Lee Jae-Seung, president of PHA, said, “After conducting surveys in numerous areas, PHA found that Deep C II IZ is the most suitable place to implement its expansion plan due to its optimal business environment and services.” Pyeong Hwa Automotive Co., … [Read more...] about PHA receives license for car parts manufacturing plant in Deep C IZ
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?