Deputy Prime Minister Ho Duc Phoc on September 25 had a meeting with Tian Guohao, Chairman of Toyota Asia, and his delegation during their working visit to Vietnam.

The Deputy Prime Minister praised Toyota’s 30 years of successful operations in Vietnam and expressed appreciation for the company’s social contributions. He highlighted Japan as Vietnam’s top partner in ODA and labor, third in investment and tourism, and fourth in trade. He also noted increasingly effective locality-to-locality cooperation, cross- cultural and people-to-people exchanges.

Recognizing the role of Japanese enterprises, including Toyota, in Vietnam’s investment and production, Deputy PM Ho Duc Phoc encouraged further direct and indirect investment, aiming for continued success similar to Toyota’s achievements in the country.

Sharing Vietnam’s economic outlook, he said the country aims for 8.3-8.5% growth this year, export-import turnover above US$900 billion, and a CPI of about 3.6%.

Vietnam aspires to achieve double-digit growth in the next term. In transportation, the nation is shifting from fossil fuels toward renewable energy, encouraging investment in clean-energy projects and advanced technologies. Based on this, the Deputy PM expressed hope that Toyota will continue expanding its production and business activities in Vietnam.

In response, Chairman Tian Guohao thanked the Deputy PM thanked the Vietnamese government for its long-term support, especially in financial and investment policies, thus enabling Toyota to obtain substantial results in the country.

Over 30 years, Toyota has locally produced more than 700,000 vehicles, sold over one million units domestically, exported more than US$1 billion worth of products, partnered with 61 local component suppliers, gradually increased localization rates, and directly created jobs for more than 1,500 workers.

Across its ecosystem in Vietnam, Toyota provides employment for more than 76,000 people.

Looking ahead, Toyota plans to further expand investment in Vietnam with the goal of carbon neutrality. This includes enhancing its factory’s efficiency, greenifying and improving product quality, offering a wider range of eco-friendly vehicles (including hybrid models of various sizes), expanding the product line, increasing production capacity, and raising the localization ratio of its products in Vietnam.

On this basis, Toyota Asia proposed several measures to the Vietnamese government to support sustainable and long-term business development in Vietnam.

On behalf of the government, Deputy Prime Minister Ho Duc Phoc applauded Toyota’s successful track record in Vietnam and reaffirmed the government’s consistent support for Toyota to further scale up its investment and business in the country. He wished Toyota continued growth in a promising new era.

Established in September 2025, Toyota Vietnam is a joint venture between Toyota Motor Corporation Japan, Vietnam Engine and Agricultural Machinery Corporation (VEAM), and KUO Group Singapore. Its factory is considered one of Toyota’s highest-quality production facilities in the Asia-Pacific region.

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