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A company introduces its products at the Automechanika exhibition in Ho Chi Minh City. |
On June 23, the Automechanika exhibition in Ho Chi Minh City, organized by the Trade Promotion Agency under the Ministry of Industry and Trade in coordination with relevant units, achieved a record-breaking number of participating businesses, with over 461 domestic and foreign enterprises.
According to the organizers, starting today and running until June 25, more than 461 businesses from 21 countries and territories will be presenting their newest products, services, and technologies in the automotive industry at the Saigon Exhibition and Convention Center.
The number of participants has experienced a noticeable increase, contributing to fostering the industry's confidence in the Vietnamese market, which is already recognized as an appealing destination for diversified supply chains.
During the exhibition, Ms. Fiona Chiew, Managing Director of Messe Frankfurt (HK) Ltd, said, "Vietnam has become one of the rapidly developing automotive markets in Southeast Asia. With the process of urbanization, advancements in electric vehicles, digital technologies, manufacturing industry, and supply chain automation, Vietnam has unlocked significant potential for the automotive sector."
Numerous prominent automobile manufacturers from many countries around the world, including Australia, Egypt, France, Japan, Lithuania, Turkey, the UK, and the US, participated in the exhibition. Companies from China, Malaysia, Singapore, India, Indonesia, South Korea, Germany, Taiwan, and Thailand, besides showcasing their products, also indicated their intention to seek opportunities to expand their business operations in Vietnam.
Foreign businesses predict the automotive industry in Vietnam to continue growing at a rate of 25 percent per year until 2025, especially clean energy vehicles. This growth is largely driven by the Vietnamese Government's implementation of various policies aimed at boosting domestic car consumption.
Furthermore, there are tax incentives to support domestic production, import duties on foreign vehicles, and investments in infrastructure. In the opposite direction, it provides an opportunity for domestic enterprises to increase their contribution of supporting industrial products to the global supply chains of automobile manufacturers.
The exhibition will be held from June 23 to June 25 at the Saigon Exhibition and Convention Center in District 7, HCMC.
