Monday, 20 May 2019
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ECONOMY

Vietnam PM calls for self-reliant domestic automobile industry

Updated at Wednesday, 13 Mar 2019, 21:17
The Hanoitimes - One of the key measures should be the development of supporting industries, aiming to create higher added value, and increasing the localization rate in the process of making a car.
Prime Minister Nguyen Xuan Phuc refuted an argument that a developed domestic automobile industry in the context of trade liberalization is unnecessary, especially when Vietnam is striving to become a self-reliant economy. 
 
Prime Minister Nguyen Xuan Phuc at the meeting. Source: VGP.
Prime Minister Nguyen Xuan Phuc at the meeting. Source: VGP.
Vietnam would continue to revise the institutional framework and draft favorable policies for automobile manufacturers and citizens in the time ahead, Phuc said in a meeting discussing the development of Vietnam’s automobile industry on March 12. 

Phuc, however, stressed these process must be in conformity with Vietnam’s international commitments. 

The PM said one of the key measures should be the development of supporting industries, aiming to create higher added value, and increasing the localization rate in the process of making a car. 

Phuc considered the application of modern technologies during the production process essential in the current context of the unfolding Fourth Industrial Revolution, while human resources are key for the sustainable development of the industry. 

For its growing role in the economy, Phuc requested government agencies to develop long-term policies for the development of the domestic automobile industry. 

The government will collect opinions to finalize policies for the supporting industry in relation to auto parts, investment policies, particularly high-tech products, among others. 
Ngoc Mai
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