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Vietnam's GDP growth rate has maintained outstandingly above 6% in recent years. With the introduction of ASEAN Economic Community (AEC) since the end of 2015 and completion of FTAs, Vietnam effectively reaped the benefits and integrated its local market with the global community – making the country one of the most popular location for foreign investment and starting up factories.
After Vietnam opened its market to ASEAN nations for tax-free import in 2018, a large number of cars from Thailand and Indonesia were imported, which changed the ecosystem in ASEAN automobile industry. Vietnam's domestic auto parts manufacturers are bound to face increasingly fierce competition from imported products. The Vietnamese government values the automobile industry as one of the main pillars that drives their economy, it will thus empower its domestic manufacturing power through tax rate adjustment, making domestic produced vehicles more competitive in pricing. In the future, Vietnamese manufacturers will need to reduce their production costs as well as assembly cost, improve product and service quality. This provides a unique opportunity for the Greater China suppliers to tap into Vietnam's supply chain that is originally dominated by Japanese businesses.
Vietnam is the world's fourth largest motorcycles market, assembling around 2 million new motorcycles each year, with more than 15 million existing vehicles demanding maintenance. This reflects the enormous market potential in motorcycles components and parts.
Electric motorcycles have become popular among the younger generation in recent years, partly due to the reason that it does not require driving license and petrol.
According to the survey, 95% of the electric motorcycles in Vietnam are manufactured by Japanese, mainland China and Taiwan companies, while Vietnam's manufacturers only account for 5% of the production.
Hanoi Daewoo Hotel
360 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam
Strategically located among Hanoi’s business, government and diplomatic centers, Hanoi Daewoo Hotel is a luxury five-star hotel with charming interiors and breath-taking views of the city.
Since opening in 1996, it has been a first-rate choice for both leisure and business travelers. Guests at Hanoi Daewoo Hotel enjoy its privileged location, exceptional service, well-appointed rooms, modern serviced apartments and convenient access to the area's most famous attractions and landmarks.
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