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Toyota Vietnam hybrid vehicle production investment

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2026-08-31 07:59 UTC → 2026-09-02 09:22 UTC · added ~~removed~~

Toyota Vietnam has received official approval to adjust its investment project, facilitating factory modernization and the production of hybrid and electrified vehicles within 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 and facilities expected to be operational by 2029. Recent details indicate that the amended investment policy decision was issued by the People’s Committee of Phu Tho Province in northern Vietnam. The expansion aims to utilize modern automation to enhance production capacity and energy efficiency, providing a foundation for manufacturing new Completely Knocked Down (CKD) models locally. General Director Osamu Hirata 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. Following recent developments, Toyota has increased its total project budget to $373 million. The upgraded factory in Phu Tho is intended to serve as a new hybrid vehicle production hub for the ASEAN region. This increase in investment follows government requests to localize hybrid production to reduce costs. The expansion is designed to increase the use of domestic parts and develop local management talent, aligning with Vietnam's economic objectives to improve the automotive industry's local component ratio.

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