In 2022, Vinh Phuc province achieved its highest-ever annual state budget revenue, surpassing VND 40.3 trillion (excluding tax refunds).
The top budget contributors were: Honda Vietnam with VND 11,680 billion, Toyota Vietnam Automobile with over VND 10,800 billion, and Piaggio Vietnam with more than VND 5,300 billion.
Combined, these three companies contributed VND 27,800 billion out of the province’s total VND 40,300 billion state budget revenue, accounting for approximately 69%. Despite a decline in 2023, their total budget contributions still make up more than half of the province’s total.
Notably, all three companies share a significant commonality: they are all major players in the automotive and motorcycle industry.
Here’s a closer look at each of these prominent companies:
Honda Vietnam
Honda Vietnam was established in 1996 as a joint venture between Honda Motor Company (Japan), Asian Honda Motor (Thailand), and the General Corporation of Motorization and Agricultural Machinery of Vietnam.
The company’s first motorcycle factory was inaugurated in 1998 in the city of Phuc Yen, Vinh Phuc province, with an investment of over $290 million and an impressive capacity of 500,000 units per year. At the time, the Honda Vietnam factory was considered one of the most modern in Southeast Asia.
In March 2005, Honda Vietnam received official approval from the Ministry of Planning and Investment to produce and assemble automobiles. The company continued its operations in Phuc Yen with an investment of $60 million and an annual capacity of 23,000 vehicles.
Toyota Vietnam Automobile
Established in 1995, Toyota Vietnam was one of the first automobile manufacturers in Vietnam. It is a foreign-invested joint venture between the Toyota Motor Corporation of Japan, the General Corporation of Motorization and Agricultural Machinery of Vietnam, and KUO Singapore. The company is headquartered in Phuc Yen, Vinh Phuc province.
While the factory’s initial output was around 10 cars per day, it now produces approximately 180 cars daily. Toyota Vietnam currently operates with two shifts, and its production capacity stands at about 57,000 vehicles per year.
Over nearly three decades in Vietnam, Toyota has consistently maintained its leading position in terms of sales. In 2022, the company sold 92,600 vehicles, and in 2023, it sold 59,000, bringing its cumulative sales to over 900,000 units.
Piaggio Vietnam
Piaggio Vietnam was established in 2007 with 100% Italian capital. The company is headquartered in Binh Xuyen Industrial Park, Vinh Phuc province, and serves as the headquarters for Piaggio Asia-Pacific.
Piaggio Vietnam manufactures Vespa and Piaggio scooters and Aprilia large-displacement motorcycles for the domestic market and exports to countries in the region and Europe.
Choosing Vietnam as its first headquarters in Asia-Pacific, Piaggio has laid the foundation for its strategy to conquer the Asia-Pacific market. Despite the impact of the Covid-19 pandemic, the company has tripled its growth since the activation of its new strategy in 2017. Photo: Viet Hung.
The Stock Market Tycoon: Dishing Out a Whopping $300 Million in Dividends This December
With 1.33 billion shares outstanding, the company is expected to dish out a whopping VND 6,691 billion for this dividend payout.
The Blossoming City of Thanh Hoa: A Hub for Major Investments
With its inherent potential, advantages, and practical investment incentives, Thanh Hoa has once again proven to be a prime investment destination for numerous large-scale projects in the first three quarters of 2024.
Unlocking Transport Projects: The Chairman’s Initiative
Chairman of the People’s Committee of Vinh Phuc Province, Tran Duy Dong, has urged relevant departments, sectors, and local authorities to focus on addressing challenges and obstacles, particularly in the compensation and site clearance process, for three crucial transportation projects in the province.
The Golden Province of Vietnam: Unveiling Nghe An’s Magnetic Appeal to Investors with a Whopping 18.7 Trillion VND Investment Attraction
Despite the current challenging economic climate, Nghe An province has managed to maintain a resilient economy with several positive highlights. One of its key strengths in recent years has been its ability to attract investments, which has played a significant role in its overall economic resilience and growth.
