Toyota Vietnam to invest $283 million in hybrid vehicle production

Toyota Vietnam (TMV) has received official approval to adjust its investment project, paving the way for factory modernization and the production of hybrid and electrified vehicles in Vietnam. The project involves an investment of over $283 million across 28.6 hectares, with a registered production capacity of approximately 52,000 vehicles per year.

The expansion includes the construction of new painting and stamping workshops, with construction scheduled to begin in May 2027. These facilities are expected to become operational in 2029, providing the foundation for manufacturing new Completely Knocked Down (CKD) models locally. The upgrades will focus on increasing automation, enhancing production capacity, and improving energy efficiency.

Osamu Hirata, General Director of Toyota Vietnam, stated that the project aims to strengthen the automotive supporting industry, create jobs, promote technology transfer, and increase tax revenue through localization and supplier network maintenance.