The protocol was inked between Minister of Industry and Trade Tran Tuan Anh and Belarusian Ambassador to Vietnam Vladimir Goshin.
Both sides were unanimous to adjust the localisation rate to facilitate the joint venture’s manufacturing and assembling activities, making them on par with Vietnam’s automobile industry development strategy by 2025 with a vision to 2035.
Besides, the amended protocol details regulations on product origin, and allocation process for tariff rate quotas.
Following the free trade deal between Vietnam and the Eurasian Economic Union (EAEU) clinched in 2015, the signing of the protocol in March 2016 created an important framework for cooperative automobile projects between Vietnam and Belarus – a member of the EAEU. MAZ Asia was established in Hung Yen province under the protocol.
At the signing ceremony, Minister of Industry and Trade Anh stressed Vietnam’s policy to develop the automobile into an important industry in the nation, which is able to meet domestic and export demand.
The sector is expected to serve as a locomotive for the development of other industries, and to gain competitive edge to join the global supply chain, he highlighted.
Six years ago, the Government issued a strategy to develop the Vietnamese automobile industry by 2025 with a vision until 2035. Accordingly, Vietnam was envisioned to be able to produce several important parts such as engine and gearbox, and initially join the global automobile value chain during 2021-2025.
Anh expressed his hope that with concerted efforts from businesses of both nations, MAZ-Asia will attain marked advancements in the coming time, as well as become an economic-trade-investment cooperation model between Vietnam and Belarus.
