Policy, financial hurdles stymie Vietnam auto industry
Auto maker Vinaxuki recently announced plans to sell its plant in Hanoi’s Me Linh District to repay its debts amid prolonged losses.
It has laid off most of its employees leaving mainly security guards in a factory that used to employ hundreds of workers and engineers.
It owed VND1.6 trillion ($72.7 million) to banks as of late last year and VND 17.7 billion in taxes as of late June besides VND9.8 billion for employees’ social and health insurance premiums in 2014.
