The investment underscores Toyota’s commitment to deepening local manufacturing and supply chains, general director Nakano Keita said at the company’s 30th anniversary last Thursday.

“Toyota Vietnam will modernize its headquarters and plant while starting hybrid production, marking a key step in our long-term commitment,” he added.

Since 1995, Toyota Vietnam, based in the former Vinh Phuc province (now Phu Tho after a merger), has produced over 700,000 vehicles in Vietnam and delivered over one million units to customers.

Exports of parts and components have generated nearly $1 billion, while tax payments have reached $14.4 billion, making Toyota one of Vietnam’s top 10 taxpayers in 2024.

The Vios sedan has been Toyota’s top seller with 263,092 units sold, followed by the Innova (151,927), Fortuner (125,605), Corolla Altis (85,765), and Camry (76,062).

In the first eight months of 2025, Toyota ranked as Vietnam’s second-largest car brand with 41,113 units sold, less than half of domestic rival VinFast’s 89,970.

In February, Keita urged provincial leaders in Vinh Phuc to provide tax and fee incentives to make cars more affordable and accelerate the adoption of hybrids.

Toyota said it will continue to expand local assembly, reduce reliance on imports, and strengthen Vietnam’s automotive base.