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Vietnam boosts foreign investment attraction in country's automotive industry

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With increasing income levels and improved infrastructure, sales and output of the auto industry are forecasted to grow.

At the same time, the country will prioritise investment projects in high technology, supporting industry, and digital economy innovation, especially in the automotive industry and to create favourable conditions for Vietnamese enterprises to participate in the value chain, according to Vietnam news agency .

It reported that however, compared with other countries in the region, the number of Vietnamese suppliers in the auto industry was still very small, and only a few domestic suppliers could participate in the supply chain for automobile manufacturers and assemblers in Vietnam. However, contrary to the trend of rising car consumption, enterprises operating in the auto industry, especially the auto manufacturing supporting industry, did not grow as expected, said Mai.

The deputy director noted that the opportunity to promote cooperation and investment between the two sides was huge, especially with Vietnam boosting FDI inflows into the automotive supporting industry.

 

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