Russia's Sollers plans to assemble cars in Vietnam

Sputnik news quoted Shvetsov as saying that Vietnam's Ministry of Industry and Trade is reviewing Sollers' business plan, and that as soon as it gets the go-ahead, the company will initiate the first phase, which involves the use of import quotas for automobiles. "In addition, they have their own industrial assembly policy, so obviously, we will move in that direction. I think the first phase of the project is to export automobiles assembled in Russia to Vietnam, then transfer technology," he said. In May 2015, the Eurasian Economic Union and Vietnam signed a free trade agreement to develop a number of joint projects, which includes the automobile industry. Following this, Russian automakers Gaz, Kamaz and Sollers have drawn up proposals to establish factories to assemble and produce cars in Vietnam. Under the plan, the Vietnamese plants will produce buses, trucks, specialised vehicles, light commercial vehicles and passenger cars. Russia's Ministry of Industry and Trade said their automakers would get a duty-free import quota for automobiles and car parts. "This will allow us to increase the export of vehicles and open up new markets for Russian products, with the prospect of entering the ASEAN market," the ministry said.

(Source: VNA)