{"id":19190,"date":"2023-06-05T03:30:00","date_gmt":"2023-06-05T03:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4118133_AE18133_0"},"modified":"2023-06-05T03:30:00","modified_gmt":"2023-06-05T03:30:00","slug":"could-vietnam-be-aseans-next-leading-electric-vehicle-hub","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=19190","title":{"rendered":"Could Vietnam be ASEAN’s next leading electric vehicle hub?"},"content":{"rendered":"

HONG KONG<\/span><\/span>, June 5, 2023<\/span><\/span> \/PRNewswire\/ — ASEAN Member States are sending clear signals that they are ready to embrace the myriad of opportunities of developing a regional electric vehicle (EV) supply chain for the global automotive ecosystem.<\/p>\n

Of these nations, Vietnam<\/span> is in a unique position compared to other traditional automotive markets, as the growth of EVs has created a level playing field for new entrants in the industry (production, manufacturing and sales). This comes as the domestic economy expands its influence within the ASEAN.<\/p>\n

In 2022, the country retained its title as Southeast Asia’s<\/span> fastest-rising economy, with GDP increasing by eight percent, well above earlier forecasts. The 8.1 percent expansion of the manufacturing sector was the main driver in this growth, with other analytics suggesting that FDI will be a key to its advancement in the years ahead[1]<\/sup>. The country has already recorded USD 8.88 billion<\/span> of FDI in the first quarter of 2023, to which the manufacturing sector saw some of the biggest shares[2]<\/sup>.<\/p>\n

Against this backdrop, the Vietnamese Government has set competitive targets for the automotive industry to become a regional hub for automobile production and exportation. This includes planning to increase production to one million units per year[3]<\/sup>, with another goal being that 60 percent of automotive parts are procured from local plants by 2025[4]<\/sup>.<\/p>\n

The Government further aims to raise car sales to 900,000 vehicles annually[3]<\/sup>. Within this scope, Vietnam Automobile Manufacturers Association (VAMA) forecasts EV ownership will reach one million by 2028 and 3.5 million by 2040[5]<\/sup>.<\/p>\n

In respect of these goals, companies from approximately 35 countries and regions are turning to Automechanika Ho Chi Minh City 2023 to explore FDI and EV development within the automotive supply chain. The trade fair, from 23 to 25 June 2023<\/span>, will house over 400 exhibitors at the Saigon Exhibition and Convention Center (SECC).<\/p>\n

Ambitious as ever, the exhibition integrates elements of business, workshops and entertainment so that participants can easily capture market opportunities. It aims to amplify collaborative prospects across OE, production and automotive manufacturing, in addition to digital solutions and technological applications in the aftermarket.<\/p>\n

Many are expected to travel in from around the country in hopes of communicating with domestic conglomerates, as well as companies from Australia<\/span>, Egypt<\/span>, France<\/span>, Germany<\/span>, India<\/span>, Indonesia<\/span>, Japan<\/span>, Korea, Lithuania<\/span>, Malaysia<\/span>, Singapore<\/span>, Thailand<\/span>, T\u00fcrkiye, the UK, the US and more.<\/p>\n

Key players include the likes of ABB, Bosch, Dielektrik UAB, EXEDY, Launch, Liqui Moly, OBD\/Autel, SAMPA, TecAlliance, Yon Ming<\/span>, and ZF.<\/p>\n

Furthermore, sectors that would benefit from attending the show include OEMs, auto parts, finance and insurance, institutes for research and development, training centres, dealers, repair and maintenance workshops, chain stores, cloud-based solution providers, fleet operators, logistics and transportation, tech, data management, and recycling. <\/p>\n

In addition, through a collection of conferences and workshops, attendees can build up a greater awareness of EV adoption’s role in the ASEAN region’s sustainable development. Events will highlight business transformation and provides updates about the latest digital solutions, technological applications and operations. The show also offers hands-on training about EV maintenance and digital development, including high voltage and ADAS systems, as well as workshop management. Notable events include:<\/p>\n