Toyota Motor Vietnam Co., Ltd. and the Ministry of Industry and Trade’s Industry Agency on May 17 signed a memorandum of understanding (MoU) on their cooperation project to improve the capacity of domestic enterprises operating in supporting industries and strengthen their linkages with automobile assemblers.

A car of Toyota (Illustrative photo: VNA)

Toyota Motor Vietnam Co., Ltd. and the Ministry of Industry and Trade’s Industry Agency on May 17 signed a memorandum of understanding (MoU) on their cooperation project to improve the capacity of domestic enterprises operating in supporting industries and strengthen their linkages with automobile assemblers.

With its signing marking the second year the two signatories joining a collaboration to support Vietnamese firms, the project will be implemented in 2021 and 2022.

Per the project, the sides will work to find potential suppliers, connect with businesses operating in Vietnam, share experience in supplier development, build supply chains, and improve the capabilities of domestic suppliers.

At the signing ceremony (Photo: VNA)

President of Toyota Motor Vietnam Ueda Hiroyuki said via such activities as searching, evaluating, and selecting potential suppliers and helping them improve their capacity and competitiveness, Toyota Vietnam hopes to contribute to building a system of suppliers serving the development of Vietnam's auto supporting industry.

For Toyota Vietnam, the promotion of localisation is not only to increase the number of Vietnamese suppliers, but also, more importantly, to improve their capacity and quality, hence reducing production costs and raising competitiveness, he added.

Currently, the company has 46 suppliers, including six from Vietnam, with its total number of localised products exceeding 720./.