Mr. Tran Duy Dong, Chairman of Vinh Phuc's Provincial People's Committee receives Mr. Nakano Keita, General Director of Toyota Vietnam

Speaking at the meeting, Dong appreciated the great contributions of Toyota Vietnam Company to the strong development of Vinh Phuc industry over the past nearly three decades.

Reporting on the company’s business operations, General Director of Toyota Vietnam Nakano Keita said that, in nearly 30 years of investment in Vinh Phuc, the company has always maintained its leadership in automobile manufacturing and sales in Vietnam. The company currently works with 60 component suppliers, including 11 based in Vinh Phuc province, which has contributed to increasing its localization rate to over 40%. The company has 67 dealers in 31 provinces and cities nationwide. In 2023, the company sold 60,000 vehicles on the Vietnamese market and manufactured nearly 26,500 vehicles. Besides, its parts export brought in roughly US$74 million. The company has paid over US$873 million to the State Budget and employed more than 1,500 workers, including 1,200 workers in Vinh Phuc province.

In response to the government's forthcoming decree on reducing registration fees for domestically produced automobiles, the company has planned to recruit an additional 100 workers, implement overtime to meet increased market demand, and send employees to Japan for experience and skill enhancement. Moreover, the company planned to build a new headquarters center and make hybrid vehicles. On this occasion, Keita Nakano hoped that Vinh Phuc province will continue to accompany and support the company to obtain fire safety certificates; proposed and recommended to the central government some contents about regulations on conditions for A1 driving license and revised special consumption tax on vehicles, continued tax cuts for hybrid vehicles and encouraged production of environmentally friendly vehicles.

Tran Duy Dong highlighted the challenges faced by Toyota Vietnam Company, including intense competition from imported cars and a declining consumer market. He affirmed that Vinh Phuc province remains committed to supporting businesses like Toyota Vietnam, providing favorable conditions to ensure their confidence in expanding their operations and contributing to the province's overall development. He emphasized that Vinh Phuc always adopts enabling mechanisms and policies, promptly proposes increasing the localization rate of automobile equipment to relevant bodies in line with the domestically assembled automobile development strategy, facilitates Toyota Vietnam to transfer technology and expand its scale.

To stay aligned with broader trends, Dong expressed hope that Toyota Vietnam will explore new directions, such as developing electric and environmentally friendly vehicles. He assigned the Department of Construction, the Department of Planning and Investment and relevant agencies to support Toyota Vietnam by expediting and streamlining administrative procedures to ensure timely progress in the company's business expansion.