Vietnam’s automotive industry is lagging around 30 years behind neighboring countries such as Thailand, Indonesia and Malaysia.

The move is aimed to help develop the automotive supporting industries, particularly as Vietnam still has to import massive basic materials for domestic car production.

Supporting industries hold significant meaning in Vietnam’s efforts to restructure the economy and enhance national competitiveness, said Minister of Industry and Trade Tran Tuan Anh.

Nearly half of the number should be able to take part in the supply chain of multinationals in Vietnam.

The move would help support the development of local supporting industries, particularly the automobile manufacturing and assembling in the 2019 – 2023 period.