THE HANOI TIMES — Automobile manufacturer Toyota Vietnam has announced a plan to build a new 35,000-square-meter factory in the northern province of Phu Tho with a total investment of VND9.5 trillion (US$360 million).

Under the plan, the company targets to increase its production capacity by 15,000 vehicles each year. The expansion is set to begin next year and become operational by Q4/2028.

Toyota Vietnam has proposed expanding its manufacturing project in Phu Tho Province’s Phuc Yen Ward, focusing on the development of electric vehicles, including hybrid models, to meet the Government’s green transition goals.

In 2028–2029, Toyota will continue investing in a new assembly and inspection line covering 40,000m².

The company has requested that Phu Tho Province expedite the issuance of the investment registration certificate and extend land-use rights from 2035 to 2045 to ensure long-term operational stability.

At the meeting with Nakano Keita, General Director of Toyota Vietnam, this week, Chairman of the Phu Tho Provincial People’s Committee Tran Duy Dong appreciated the company’s commitment to expanding production and developing hybrid vehicles.

He said that the provincial government will assign relevant departments to support and guide the company in completing investment approval procedures.

After nearly 30 years of operation in Vietnam, Toyota has produced more than 700,000 vehicles. In January-August of 2025, the company manufactured 17,000 units. Its annual production capacity is 47,000 vehicles.

The company currently partners with 61 local suppliers, gradually increasing localization and providing jobs for over 1,500 direct employees and 76,000 indirect workers in its supply chain.