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Hyundai expected to increase localization rate in Vietnam to 40%
Ngoc Thuy 11:08, 2019/02/23
Vietnam is under the process of drafting new policies towards a sustainable development of the automotive industry, while ensuring basic principles of consistency, transparency, predictability and fairness.
Deputy Prime Minister Trinh Dinh Dung expected South Korea’s Hyundai to consider Vietnam a strategic production base and increase the localization rate to at least 40%, the governmental portal reported. 
 
Deputy Prime Minister Trinh Dinh Dung and Hyundai’s Vice President Jin Haeng Chung on February 22. Source: VGP.
Deputy Prime Minister Trinh Dinh Dung meets Hyundai’s Vice President Jin Haeng Chung on February 22. Source: VGP.
Taking advantage of Vietnam’s strengths on global integration, competitive input price and large domestic market, major automobile manufacturers from South Korea, including Hyundai, and all over the world could take a higher role in the global value chain ladder, Dung said in a meeting with Hyundai’s Vice President Jin Haeng Chung on February 22. 

Over the past few years, Hyundai has been maintaining efficient business relation with local Truong Hai Auto Corporaiton (THACO) and Thanh Cong in producing, assembling and distributing automobile vehicles in Vietnam. 

As of present, the Vietnamese government gives priority to the development of the automotive industry, which forms a core part in the country’s modernization and industrialization strategy and focuses on producing made-in Vietnam cars for local market, Dung continued. 

Vietnam is under the process of drafting new policies towards a sustainable development of the automotive industry, while ensuring basic principles of consistency, transparency, predictability and fairness. 

Vietnam remains steadfast in creating favorable conditions for local and foreign investors to commit long-term business in the country, Dung said. 

At the meeting, Huyndai’s Vice President Jin Haeng Chung said the group is planning to expand investment and transfer technology, contributing to the development of Vietnam’s automobile industry. 
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