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Ford Bullish about Vietnam Car Market
Ford Motor Co. says it is optimistic about sales growth in Vietnam in spite of the country’s restrictive new inspections for imports.
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Ford Motor Co. says it is optimistic about sales growth in Vietnam in spite of the country’s restrictive new inspections for imports.
Yukontorn Wisadkosin, who heads Ford operations in ASEAN from Bangkok, says the carmaker is “not worried about this issue,” because it can locally assemble as many as 20,000 vehicles annually at its factory in Hai Duong, the Bangkok Post reports.
Vietnam ended its 30% import duties in January as part of an ASEAN free trade agreement. But it also implemented new import inspection that Yukontorn says has stretched the approval process from less than a month to as long as three months.
The new policy has shielded Vietnam’s domestic vehicle assemblers from an expected flood of imports. Ford complained at the time that the decree would have a “significant” impact on its ability to do business in the country. Honda and Toyota, among others, quickly cut back on imports pending further details about the new policy.
Last year Ford sold 28,600 cars in Vietnam, down 2%, making the country its third-largest car market in ASEAN after Thailand and the Philippines.
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