Toyota to inject over $360 million to produce hybrid electric vehicles in Vietnam

On September 25, Toyota held a ceremony in Hanoi to celebrate its 30th anniversary in Vietnam, marking a significant milestone on the journey of sustainable growth since 1995.

During the ceremony, Nakano Keita, president of TMV, shared, "TMV will modernise our new head office and plant, and start production of hybrid electric vehicle, with over $360 million. We will continue to be a mass producer of happiness, providing sustainable carbon-neutral solutions to our beloved customers in Vietnam."

For 30 years, Toyota has accompanied the development of Vietnam's automotive industry and society, proudly contributing to creating meaningful value for customers and the community. The 30th anniversary is not only a milestone demonstrating sustainable progress, but also a reflection of the trust, support, and partnership from all of our customers, partners, and government authorities. With this foundation, TMV is proud to highlight key achievements.

Toyota was the first automotive brand to produce over 700,000 vehicles in Vietnam, with more than 1 million vehicles delivered to customers, and over 20 million visits to authorised service stations. The Japanese company has earned nearly $1 billion in cumulative export revenue from parts and components.

Additionally, TMV has contributed more than $14.4 billion to the state budget, ranking among Vietnam's top 10 corporate taxpayers in 2024. The company has developed a strong local supply chain with 61 suppliers, including 13 Vietnamese companies and over 1,000 localised parts.

Looking ahead, TMV remains constant in its commitment to accompany the country's growth and prosperity. Toyota will continue to strengthen and modernise local production operations to support the stable development of the automotive industry and its supply chain with higher value add, greater technology, and sustainable supply chain development.

Hao Quoc Tien, deputy CEO of Asia, Toyota Motor Corporation, and CEO of Toyota Financial Services Asia, also shared, “We see Vietnam as a country with a young, capable, and dynamic population and an exciting future, and we are committed to leveraging our multi-pathway technologies to support the country's mobility needs.

VinFast, Hyundai, and Toyota were the leading car manufacturers in Vietnam in 2024 with a combined market share of 46 per cent, according to the European Chamber of Commerce.

On March 21, Geely Auto officially entered the Vietnamese market with the launch of its intelligent SUV model, the Coolray—marking a significant step in the Chinese carmaker's global expansion strategy and deeper engagement in Southeast Asia.

Vinhomes Ha Tinh Industrial Park Investment JSC, part of Vingroup, will develop factories for lease for the electric vehicle supply chain in Vung Ang Economic Zone.