VIETNAM BUSINESS NEWS AUGUST 9
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Many players in Vietnam rubber industry enjoying climb in earnings despite surging costs of materials
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Thursday, 09:45, 08/07/2021
Limited market capacity and price differences between domestically produced cars and imported cars are the two biggest bottlenecks for the local auto industry, according to the latest report from the Ministry of Industry and Trade (MoIT).
According to the ministry, the local auto market was one third of the size of Thailand s and one quarter of Indonesia s. It added that the local auto industry is scattered with many different assemblers and models. This has made it difficult for firms which manufacture, assemble, and produce components and spare parts to invest and develop in means of mass production.
Meanwhile, GDP per capita in Vietnam has not reached a level whereby the majority of people can afford to own cars. This, coupled with weak traffic management, has restrained the demand for new vehicles.