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How About The Auto Parts Market In Vietnam?

Vietnam is located in the eastern part of the Central South Peninsula, the East and south facing the northern Gulf and the South China Sea, the north and China, Yunnan and Guangxi phase, West and Laos, Kampuchea neighbors. Land area of 330 thousand square kilometers, population 90 million. In the past 6 years, the economy has developed rapidly, and the pace of development has been in the top 10 in the world. As one of the ASEAN member countries, Vietnam is the springboard and the most convenient channel for China's products to enter the 500 million consumer market of asean. Vietnam is the world's fourth largest producer of natural rubber. It can supply a large quantity of cheap rubber for the production and processing of automobile and motorcycle tires. Hu Zhiming city is the center of rubber planting, production, processing and transportation in vietnam. With the continuous development of the rubber processing industry in Vietnam, the production and processing of rubber tire has become the key development direction of Vietnam's rubber industry in the future.
The Vietnamese government has encouraged more sectors of the economy to participate in the rubber manufacturing industry, driving the development of the Vietnamese tire industry. At the same time, encourage overseas investment and domestic rubber production to meet the domestic market and export demand, and effectively promoted the investment and development in the tire and its downstream industries. Rubber tire production and processing industry is being further developed, and has become the main development direction of Vietnam's rubber industry in the future.
According to WTO's CEPT organization, the import tax rate in 2013 was gradually lowered to 60%, down to 0% in 2018. Vietnam automobile and motorcycle are mostly assembled and sold by foreign brands in Vietnam, and their domestic automobile and motorcycle spare parts manufacturers are all foreign investment. The domestic spare parts can not depend on imported foreign products. China is a major supplier of spare parts for the automotive and motorcycle industry in Vietnam, accounting for about 72% of total imports in vietnam. At the end of 2016, the Vietnamese foreign ministry held a seminar on promoting economic cooperation with Vietnam in Hanoi. The meeting mainly discussed the trade, investment and tourism cooperation between the two countries. Policy support at the government level will provide stronger support for Chinese products to enter the Vietnamese market.
Vietnam is the only country in Asia to sign free trade agreements with the European Union, and its market potential is enormous. Vietnam also signed the TPP, a substantial reduction in tariffs, greatly promoted the development of the country's automobile industry. In addition, Vietnam is also the second country in the Asia Pacific region favored by foreign direct investment.