Vietnam is under the process of drafting new policies towards a sustainable development of the automotive industry, while ensuring basic principles of consistency, transparency, predictability and fairness.
Deputy prime minister Trinh Dinh Dung expected South Korea’s Hyundai to consider Vietnam a strategic production base and increase the localisation rate to at least 40 percent, the governmental portal reported.
Taking advantage of Vietnam’s strengths on global integration, competitive input price and large domestic market, major automobile manufacturers from South Korea, including Hyundai, and all over the world could take a higher role in the global value chain ladder, Dung said in a meeting with Hyundai’s vice President Jin Haeng Chung on February 22.
Over the past few years, Hyundai has been maintaining efficient business relation with local Truong Hai Auto Corporaiton (THACO) and Thanh Cong in producing, assembling and distributing automobile vehicles in Vietnam.
As of present, the Vietnamese government gives priority to the development of the automotive industry, which forms a core part in the country’s modernisation and industrialisation strategy and focuses on producing made-in Vietnam cars for local market, Dung continued.
Vietnam is under the process of drafting new policies towards a sustainable development of the automotive industry, while ensuring basic principles of consistency, transparency, predictability and fairness.
Vietnam remains steadfast in creating favourable conditions for local and foreign investors to commit long-term business in the country, Dung said.
At the meeting, Huyndai’s vice President Jin Haeng Chung said the group is planning to expand investment and transfer technology, contributing to the development of Vietnam’s automobile industry.
