Vietnam Automobile Industry Development Policy Adopted

The Prime Minister recently issued a decision on mechanisms and policies to realise the automotive industry development strategy and master plan.

 

This new decision regulates mechanisms and policies to implement the Vietnam Automobile Industry Development Strategy through 2025 with a vision toward 2035 and the Vietnam Automobile Industry Development Master Plan through 2020 with a vision toward 2030. The aforesaid policies and mechanisms will be effective at least ten years with a view to boosting the domestic automobile industry.

 

Accordingly, projects producing automobile spare parts and assembling complete cars will be able to access capital from the Vietnam Development Bank.

 

Domestic enterprises joining the global chains in production and exports of spare parts and automobiles will enjoy export credit policies in accordance with the current regulations.

 

The decision also provides incentives in credit, demand stimulation, market development, research and development investment, scientific application, human resource training, import and import tax incentives, and corporate income tax.