70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / Opportunities
Vietnam's automotive industry has bright prospect: Malaysian Amb.
Ha Phuong 18:23, 2019/04/18
Vietnam is still at a low level of automation compared with other countries in Southeast Asia, including Malaysia and Thailand.
Malaysian Ambassador to Vietnam Khalid M. Zamruni believed that Vietnam has a bright prospect in developing its automotive industry because the country has a large market with 94 million people.
 
the seminar on Vietnam – Malaysia Business Opportunities in Automotive Sector. Photo: Ha Phuong
the seminar on Vietnam – Malaysia Business Opportunities in Automotive Sector. Photo: Ha Phuong
The ambassador expressed such belief on the sidelines of the seminar on Vietnam – Malaysia business opportunities in automotive sector on April 18 organized by MATRADE, the Trade Office of the Embassy of Malaysia, with the support from the Vietnam Chamber of Commerce and Industry (VCCI) and Vietnam Industry Agency (VIA), a state body under the Ministry of Industry and Trade of Vietnam.
However, Vietnam is still at a low level of automation compared with other countries in Southeast Asia, including Malaysia and Thailand, the ambassador noted.
“I think the prospects for automotive sector in Vietnam are still very big and we have to wait for the support and incentives from government to attract many kinds of manufacturers from other countries to relocate in Vietnam,” he told Hanoitimes on the sidelines of the meeting.
The Malaysian diplomat said that his country and Vietnam enjoy a warm and strong bilateral relationship over 46 years of diplomatic relations. Over the last ten years, trade exchange has expanded by an average annual growth of 11.7%, from US$4.4 billion in 2009 to US$13.3 billion in 2018.
“On investments, up to December 2018, Malaysia was the eighth largest foreign investor in Vietnam, with an accumulated investment of USD12.48 billion for 586 projects,” said Khalid M. Zamruni.
In August 2015, the prime ministers of Malaysia and Vietnam agreed to upgrade bilateral relations to a strategic partnership. One of their key aspirations is to achieve bilateral trade of US$15 billion or more by 2020.
Vietnam remains an important trading partner for Malaysia, being the 13th largest globally and the fourth within ASEAN. Vietnam is also an important investment destination for Malaysia as the latter remains the eighth largest foreign investor in Vietnam as of 2018.
During the seminar, a delegation of 28 representatives from 16 Malaysian companies were updated on future plans of Vietnam’s automotive sector and explored its opportunities. They also hoped to establish strategic collaboration and business ties with Vietnamese enterprises.
The delegation features highly reputable auto parts and components manufacturers who are currently supplying to Toyota, Honda, Nissan, Mazda, Mitsubishi, Hyundai, BMW, Volvo and Volkswagen, among others, as well as Proton and Perodua in Malaysia.
On this occasion, MATRADE also organized a one-to-one business matching session between Malaysian and Vietnamese companies.
Other news
15:21, 2024/03/08
Vietnam looks to support FDI firms as global minimum tax looms
The move is aimed at attracting foreign capital from future investors and protecting existing businesses.
19:45, 2024/03/06
Factors unlocking Vietnam’s potential in FDI attraction: HSBC
The strategy to attract more FDI should begin with understanding and assessing the competitive landscape between Vietnam and other Southeast Asian countries.
15:17, 2024/03/04
Opportunity at hand: Leveraging global minimum tax for FDI attraction
2024 is a pivotal year, opening up new opportunities for Vietnam to attract high-quality foreign investment.
13:36, 2024/02/21
Intel boosts Vietnam’s semiconductor workforce for ambitious goals
Kim Huat Ooi, Vice President of Manufacturing, Supply Chain and Operations and General Manager of Intel Products Vietnam, spoke to The Hanoi Times about Vietnam's semiconductor ambitions and Intel's contribution to making the country a global manufacturing and R&D hub.
12:44, 2024/01/19
Vietnam: Leading destination for sustainable investment
Vietnam promised to balance the interests of the government, the general public, and businesses while sharing risks to ensure the legitimate rights of investors.
12:14, 2024/01/17
Vietnam targets to draw investment in hi-tech industries: Prime Minister
Vietnam calls for investment in high technology while ensuring a better investment climate for investors, emphasizing institutional framework, infrastructure, and manpower.