The information was released during a meeting between Vietnamese businesspeople and a Chinese delegation of automakers from Shandong Province’s Jinan City held by the Viet Nam Chamber of Commerce and Industry (VCCI) in Ha Noi on Tuesday.

Pham Quang Thinh, deputy head of the VCCI’s International Relations Department, said the workshop was an opportunity for automakers from both sides to introduce their production capacity, learn more about the market and seek partners to develop their businesses.

Liu Chang Yong, Chairman of Jinan Heavy Duty Truck Parts Association, said the association had more than 500 business members who exported parts to round 100 nations in the world earning dozens of billions of US dollars in revenue.

“We expect to further understand and co-operate with Vietnamese firms for mutual benefit,” said Yong.

According to a report by the Ministry of Industry and Trade’s Heavy Industry Department, the use of auto in the country would boom after 2020, and the demand in the domestic market could reach more than 600,000 units per year as of 2025.

The 2016 report showed that there were more than 400 businesses which designed and assembled about 460,000 cars per year in Viet Nam, marking an average growth rate of 17 per cent.

A statistic from Vietnam Customs revealed that the total trade turnover of Viet Nam and China was about US$70 billion in 2016, of which Viet Nam’s export was nearly $20 billion.

Chinese businesses have invested in more than 1,500 projects in Viet Nam with total investment capital of nearly $11 billion, focussing on processing, industrial engineering and mining. — VNS