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One Shocking Policy For Every Year Makes Vietnam Auto Market Reel (Part 1)

Automobile manufacturers, authorized distribution companies and private car dealers have always been suffering a constant anxiety about the changeable policies. New decisions would be released by government agencies at any times which may destroy their business plans. VietNamNet here reviews the big changes in the policies relating to the automobile industry that occurred in the […]

Vietnam ministries make businesses feel dizzy with unstable automobile policies

The Ministry of Industry and Trade’s idea to loosen the requirements enterprises must have to be able to import cars has been facing the strong opposition from the enterprises-which have spent much investment money to satisfy the requirements. One year ago, the Ministry of Industry and Trade (MOIT) released the Circular 20 with strict regulations, aiming to tighten the management over car imports. The circular stipulates that car importers must show the procuration granted by the automobile manufacturers themselves. The legal document then dealt a strong blow on car dealers, who said that it was nearly impossible to obtain such...

Vietnam otorbikes sales plunge despite promotion race

Sales of motorcycles are sharply plunging even though agents in partnership with manufacturers are rushing to launch a vast array of promotions, including supporting registration fees for buyers or pulling the prices down. At Honda Vietnam (HVN), the country’s largest motorcycle maker, it is unlikely that the target set by former general director Koji Onishi to sell about 2.3...

Vietnam used car business in trouble

The economic woes coupled with hiccups in polices on taxes and fees not only impact traders of new autos but also hit secondhand car dealers. Old car buyers can enjoy cheaper prices and avoid the high registration fees, currently at 15% in HCM City and 20% in Hanoi. However, multiple used car outlets in HCM City are now burdened with high volumes of unsold products, which choke off the capital flow and bring huge losses to businesses. A passerby walks past a used car showroom on An Duong Vuong Street, while a showroom attendant sits idly nearby waiting for customers...

Business Briefs May 7

* In the annual general meeting (AGM) of IDICO Infrastructure Investment Development Joint Stock Co (HTI), Nguyen Hong Ninh, the company’s director revealed that up to 2015, the company would raise its chartered capital to 500 billion dong . By 2020, the chartered capital would be hiked to 1 trillion dong . * Fiditourist Tan Dinh Travel Joint Stock Co (Fiditour) has lately approved the 2012 business plan with targeted profit of 11.2-11.7 billion dong . However, the company would raise the dividend rates to 22-24 percent (in cash). * Everpia Vietnam Joint Stock Co (coded EVE) has lately announced to set May 15, 2012 as the registration deadline to close...

Refined Fuel from Vietnam, Registered Suppliers Protest

Amidst protests from registered oil suppliers of the Ceylon Petroleum Corporation (CPC), Sri Lanka has finalized a deal to import refined petroleum products from Vietnam over the next six months under a government-to-government contract. Petroleum Industries Minister Susil Premajayantha said the state-run CPC would buy refined fuel from Viet Petrol Co. Ltd under an agreement signed between Vietnam and Sri Lanka during an official visit by Vietnam President Truong Tan Sang to Sri Lanka in October last year. The minister said that Viet Petrol had agreed to sell fuel at a price lower than the spot market...

Business Briefs April 11

* Lilama 3 Joint Stock Co (coded LM3) has lately released the documents to be submitted in the upcoming annual general meeting (AGM) held on April 20, 2012. * The southern bourse-listed PetroVietnam Equipment Assembly and Metal Structure Joint Stock Co (coded PXS) has lately approved the 2012 targeted business plan with total revenue of 1.628 trillion dong and after tax profit of 112.5 billion dong. The company plans to pay 2012 dividend at 15 percent. * In the latest annual general meeting (AGM), Vinaconex Investment and Tourism Development Joint Stock Co (HNX-listed VCR) has passed the 2012 year plan with targeted revenue of 81.5 billion dong...

Business Briefs March 20

* Vietnam Construction and Export Import Joint Stock Corp (coded VCG) has said that it succeeded in its plan of offering 200 million shares priced at par (10,000 dong per share) to the public from December 9, 2011 to February 20, 2012. * The shareholders of ACC-244 Joint Stock Co have approved the 2012 business plan with targeted revenue of 285 billion dong and pre-tax profit of 10 billion dong in the annual general meeting (AGM) held lately. The company also plans to pay 2012 dividend at 15 percent rate. * Hochiminh Stock Exchange (STC) has lately released the announcement No 288/2012/TB-SGDHCM dated March 19, 2012 regulating about dividend payment...

Auto makers offer promotions to boost sales

As demand is low, auto makers are racing each other to attract buyers with many promotion programs. VinaMazda, the official maker and distributor of Mazda cars in the local market, this Monday said buyers of Mazda 2 and 3 within this month would be given discounts and one-year car insurance. The company has decided to cut the price by up to VND45 million to between VND755 million and VND817 million for Mazda 3 1.6 liter engine of automatic and manual transmissions respectively. Also, the firm will reduce the price of the subcompact Mazda 2 by VND13 million for customers besides giving them accessories attached...

Used car dealerships mushroom to meet demand

In anticipation of high market demand, auto manufacturers and traders have been vying each other to open used car dealerships which offer better customer services than before. These dealerships are aware that newly licensed drivers tend to buy old cars as they are afraid of having accidents with their new cars, paying a high price for a brand new car or servicing a loan with a high interest rate. Automakers consider secondhand-car business a chance of selling new cars as there are many car owners wishing to exchange for brand new models but they do not...