There are two clear investment tendencies in the automobile industry. First, becoming the leading assembling center in Southeast Asia, and second, buying technologies and making automobiles for export. Three Vietnamese companies The Q1 2019 report of the Vietnam Automobile Manufacturing Association (VAMA) showed that while the sales of domestically assembled cars decreased by 8 percent, value of imports soared by 230 percent compared with the same period last year. In the last two years, Vietnam’s automobile industry has witnessed big changes because of the ASEAN Trade in Goods Agreement (ATIGA). The tariff cut from 30 percent to 0 percent applied to ASEAN-originated products has attracted investors, who enjoy benefits from ATIGA. Vietnam is considered a potential market thanks to the modest ratio of 23 car owners per 1,000 people (the figures are 264 in Thailand and 400 in developed countries). Vietnam is considered a potential market thanks to the modest ratio of 23 car … [Read more...] about Two paths for Vietnam’s automobile industry
Southeast asia fish
Both Vietnam and Bangladesh appear to be well-positioned as clothing manufacturing hubs and will be obvious choices as clothing retailers with exposure to the US shift their production out of China. (Illustrative photo: VOV) US President Donald Trump has most recently threatened to levy new tariffs on US$300 billion worth of Chinese imports to the US. Unlike previous rounds of tariffs that largely targeted industrial and commercial products, this round is expected to cover all US imports from China and hit consumer goods such as toys, footwear, and apparel. Fitch Solutions, a macro research unit of Fitch Group, noted that on May 5 President Donald Trump announced the US would increase tariffs on US$200 billion worth of Chinese goods to 25 per cent, a rise from 10 per cent. In response, China reacted by imposing tariffs of between 5 and 25 per cent on US$60 billion of US goods. A study by the US’ National Retail Federation shows that the threatened US$300 … [Read more...] about Trade war to benefit Vietnam’s fashion sector
Instead of distributing Nissan products, Tan Chong Motor will assemble, import and distribute Chinese cars in the Vietnamese market. The distributor of Nissan cars, the Malaysia-based Tan Chong Motor, will stop distributing Nissan products in Vietnam in September. if the project can be implemented, Tan Chong Motor would have opportunities to cement their positions in Vietnam’s automobile industry. The two sides have signed an MOU to expand cooperation in assembling, importing and distributing Chinese vehicles in Vietnam. Kim Chi Vietnam’s automobile market to be flooded with zero-tariff ASEAN cars The car sales in Vietnam are forecast to reach 500,000 units per year in 2020 and 1 million per year by 2030, with a turnover of US$12 billion each year. Two paths for Vietnam's automobile industry There are two clear investment tendencies in the automobile industry. First, becoming the leading assembling center in Southeast Asia, and second, buying … [Read more...] about Will Nissan’s old distributor bring Chinese cars to Vietnam?
An iPhone model developed by Apple (Photo: Getty Images) Hanoi (VNA) – According a Nikkei Asian Review report,Vietnam is among the most likely destinations for Apple to restructure its supply chain in. The California-based tech giant has decided the risks of depending heavily on manufacturing in China are too great, and it has asked major suppliers including Foxconn, Pagatron, Wistron, Quanta Computer and Compal Electronics to evaluate the cost of shifting 15-30 percent of production capacity from China to Southeast Asia. Economist Nguyen Dinh Anh told a Sputnik reporter that if Vietnam is selected, the domestic economy will be boosted while the country will have a chance to increase its prestige in the global economy. Improvements will be seen in several macro-economic indicators such as GDP, import-export revenue, jobs, and State budget collection, he said, adding that Apple will help give a more modern and industrial look to localities. Apple’s shift of its … [Read more...] about Vietnam, a potential destination for Apple
Hanoi (VNA) – A ceremony was held in Hanoi on November 18 to mark the 65th founding anniversary of the diplomatic relationship between Vietnam and Mongolia. Addressing the event, Chairman of the Vietnam-Mongolia Friendship Association Ho Xuan Hung said the two countries officially set up diplomatic ties on November 17, 1954, heralding a new period in the bilateral friendship and cooperation. With the common wish to help maintain peace and nurture amity and collaboration among nations, the Vietnamese and Mongolian peoples have made tireless efforts to intensify relations in all spheres with mutual understanding and trust, he noted. Hung congratulated Mongolia on its achievements, voicing his belief that on the basis of the time-tested friendship, their leaders’ attention and each country’s strengths, the Vietnam-Mongolia friendship and cooperation will keep flourishing, thus meeting the two peoples’ aspirations. Expressing his delight at the growing bilateral … [Read more...] about Ceremony marks 65 years of Vietnam-Mongolia diplomatic ties