From August 21 to 26, a 25-member delegation from ACMA will visit Vietnam to explore the possibility of trade and investment. Can you tell us more about the visit?

The Automotive Component Manufacturers Association of India (ACMA) is the apex body representing the interests of the Indian auto component industry. Its membership contributes more than 85 per cent of revenue in the auto component industry. Its charter includes developing over 800 manufacturers for the Indian auto component industry that are globally-competitive, strengthening its role in national economic development, and at the same time promoting business through international alliances.

The Young Business Leaders’ Forum (YBLF) is a subset of ACMA, comprising young second and third-generation entrepreneurs in the 21-40 age group. The YBLF engages in activities that inspire, motivate and impart experience to improve competitiveness and leadership skills; gain a better understanding and knowledge of global business practices; establish international linkages with counterpart bodies; and gain a clearer vision of the future direction of the business. It currently has over 230 members around India.

What is the purpose of the visit?

The broad objectives include understanding the trade, business, and joint venture opportunities in Vietnam; visiting original equipment manufacturers (OEMs), special economic zones, tier-1 suppliers, and research and development institutions to gain a better understanding of local infrastructure; meeting with senior officials in relevant ministries and investment agencies; and networking with industry associations, trade bodies, tier-1 suppliers or OEMs, and other stakeholders.

Like ACMA, many foreign delegations have visited Vietnam’s auto sector. What is your assessment of the possibility of investment and business in Vietnam in the time to come?

It is heartening to note that Vietnam continues to do very well in the automotive industry. In fact, several of the leading global OEMs and tier-1 suppliers have invested in Vietnam to serve the global market.

The Indian automotive industry is looking forward to active cooperation with Vietnam’s automotive sector so that we can synergize and jointly explore newer markets. The ACMA’s delegation to Vietnam is an exploratory one and we are open to all modes of cooperation, including investing in Vietnam.

In order to “trigger” the opportunity, do you have any suggestions for the Vietnamese Government?

We compliment the Vietnamese Government for their proactive policies, which have resulted in sizeable investments, including those for the automotive sector. We would urge the government to popularize business and investment opportunities at appropriate forums in India, which could attract more Indian companies to form strategic partnerships with their Vietnamese counterparts. We would like to invite a strong delegation from Vietnam to the forthcoming Auto Expo 2023, which will be held from January 12 to 15, 2023.