Ministry to propose credit package to help car companies drive forward

Thaco car factory in Quang Nam Province. The MoIT will propose a credit package for developing the support industry for industrial sectors, especially automobile production. — Photo nld.com.vn The Ministry of Industry and Trade will propose to build a credit package of VND100 trillion (US$4.4 billion) for developing the support industry for industrial sectors, especially automobile production. By the end of the year the ministry will submit a project to support and promote automobile manufacturing in Viet Nam. Le Ngoc Duc, General Director of Hyundai Thanh Cong, told the Nguoi lao dong (Labour) newspaper that in a small market, any support from the State is necessary. “The small market volume is the biggest difficulty for the domestic support industry to manufacture components that could compete in price with the products made in larger markets,” Duc said. Viet Nam’s automobile industry was entering a golden period despite the car ownership rate per population was still low in comparison with other countries in the region, Duc said. “The State has had many policies to support the automobile industry, but they are not strong enough and not close to reality so it has not been successful,” Duc said. “If State management agencies seize… Read full this story

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