Also attending the meeting were Mr. Nguyen Thanh Hai - Ambassador Extraordinary and Plenipotentiary of Vietnam to India. On the side of the Indian Chamber of Commerce, there was Mr. Nikhil Kanodia - President of the North, Indian Chamber of Commerce (ICC).
Receiving and working with the delegation, on the side of the Automotive Component Manufacturers Association of India (ACMA) were Mr. Vikrampati Singhania - Vice President of ACMA; Mr. Vinnie Mehta - General Director of ACMA and leaders of the following corporations: Abilities India Pistons & Rings; Minda; Anand; Enco Engineers Combine.
Nghe An provincial leaders participating in the working delegation included comrade Pham Trong Hoang - Member of the Standing Committee, Chairman of the Provincial Party Committee's Inspection Committee, along with leaders of many departments, branches and localities.
Established in 1959, ACMA is the apex body representing the Indian auto parts industry with over 872 members, contributing nearly 3% of the national GDP and accounting for 1/4 of manufacturing GDP, providing direct employment to about 5 million people.
Mr. Vikrampati Singhania - Vice President of ACMA expressed his pleasure to welcome the delegation of Nghe An province to visit and work with the Association and added: "This is really a very suitable time to come to India, as both the country and the national automobile industry in the South Asian region are witnessing strong growth".
Expressing his delight at the continued growth in trade, cultural and economic cooperation between India and Vietnam over the years, the ACMA Vice President affirmed ACMA's commitment to further strengthening the cooperative relationship in the automotive sector between the two countries.
At the meeting, Mr. Vinnie Mehta - General Director of ACMA also shared an overview of the Indian automobile industry. Accordingly, the potential for cooperation between the two sides is huge. India is currently the largest producer of tractors, three-wheelers; the second largest producer of two-wheelers and buses; the third largest producer of automobiles; and the fourth largest producer of heavy trucks in the world .
In the financial year 2022-23, the Indian auto components industry achieved unprecedented success with a turnover of nearly $70 billion, recording a remarkable growth of 32.8%.
The industry’s exports amounted to US$20.1 billion, with key items including transmission and steering systems, engine parts, bodies/chassis, suspension and braking systems; with North American countries accounting for 32% of the export market share, growing by 8%, while Europe (31%) and Asia (26%) grew by 3% and 4%, respectively.
With a continuously expanding network, ACMA plays a vital role in the development of the auto components industry in India through active involvement in trade promotion, technology upgradation, quality improvement and information dissemination.
ACMA contributes to advancements in manufacturing by providing skills training and mentorship; and through its representation in various government councils, committees and boards, it also helps shape policies and regulations for the Indian automobile industry.
To exchange information and cooperate in trade matters, ACMA has signed Memorandums of Understanding (MoUs) with partners in many countries and territories including: Argentina, Australia, Brazil, Canada, Egypt, France, Germany, Hungary, Iran, Italy, Japan, Kazakhstan, Malaysia, Mexico, Nigeria, Pakistan, Poland, Russia, South Africa, Korea, Spain, Sri Lanka, Sweden, Taiwan, Thailand, Tunisia, Turkey, UK, USA and Uzbekistan.
Speaking at the meeting, Nghe An Provincial Party Secretary Thai Thanh Quy affirmed the importance of the meeting with ACMA, so that the province could introduce the investment and business environment to enterprises in the field of manufacturing Indian auto parts.
Clarifying the competitive advantages of Nghe An, Provincial Party Secretary Thai Thanh Quy said that the province has a stable political system, is a traffic hub with all types of highways, railways, airports, and seaports; is about 300km south of Hanoi; bordering the sea to the east, the province has a favorable location on the East-West economic corridor connecting with Laos, Northeast Thailand, and Myanmar in import and export through seaports.
Currently, Nghe An has an industrial park infrastructure system that ensures attracting investors, specifically, there are 3 industrial park infrastructure investors investing in the province; abundant labor supply, well-trained; along with a system of commercial service facilities, resorts, and health care to meet the needs of investors.
The province is located in the North Central region of Vietnam, and has many preferential policies on tax, land and support for investors in infrastructure near industrial parks and human resource training.
Nghe An commits to accompany, support, and resolve procedures for investors quickly and neatly; in fact, in the past, there were projects that were granted investment certificates by the province within only 5 days to a week.
With its potential, existing and increasingly developing infrastructure system, as well as reforms in administrative procedures and investment incentives, Nghe An has attracted nearly 2.5 billion USD of FDI capital in 2 years (2022, 2023), ranking in the top 10 localities in Vietnam in attracting FDI.
In 2022, Nghe An sent a delegation to attend the "Meeting with Indian - Vietnamese businesses in the field of automobile industry" - an event within the series of activities of the Indian Automotive Parts Manufacturers Association during its visit and work in Vietnam.
Through this working session in New Delhi, the head of Nghe An Provincial Party Committee invited the Indian Automotive Parts Manufacturing Association to visit and work in Nghe An; at the same time, he was interested in acting as a bridge to promote member companies and corporations to come and study and invest in the province.
“We welcome and are ready to cooperate closely,” affirmed Provincial Party Secretary Thai Thanh Quy.
Leaders of Indian auto parts manufacturing enterprises expressed great interest in the investment environment in Nghe An, especially in terms of tax policies, land rental prices, etc. Mr. Vikrampati Singhania - Vice President of ACMA highly appreciated and affirmed that the association will act as a bridge between members and Nghe An in the coming time to learn about opportunities and the investment and production environment in Nghe An.
The automobile industry is an important sector in India, contributing 49% to the country's manufacturing GDP, 7.5% to the total GDP and providing direct and indirect employment to 38 million people. The entire Indian automobile industry is valued at around $150 billion.
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