Deputy Prime Minister Ho Duc Phoc met with Mr. Qian Guohao, Chairman of Toyota Asia, and his delegation during their working visit to Vietnam.
Established in September 2025, Toyota Motor Vietnam is a joint venture between Toyota Motor Corporation (TMC) of Japan, Vietnam Engine and Agricultural Machinery Corporation (VEAM), and Singapore’s KUO Group. Toyota Vietnam’s manufacturing facility is recognized as one of the highest-quality production plants in the Asia-Pacific region.
Deputy Prime Minister Ho Duc Phoc commended Toyota’s 30-year achievements in Vietnam and expressed gratitude for the company’s significant social contributions to the country.
He highlighted Japan’s pivotal role as Vietnam’s top partner in ODA and labor, third in investment and tourism, and fourth in trade. Additionally, local cooperation, cultural exchanges, and human resource collaboration have grown increasingly robust and effective.
Acknowledging Japanese enterprises’ contributions to investment, production, and business in Vietnam, Deputy Prime Minister Phoc encouraged further direct and indirect investments, citing Toyota’s success as a model for other companies.
Outlining Vietnam’s economic goals, he noted the country aims for 8.3-8.5% growth in 2025, with exports and imports surpassing $900 billion and a CPI of around 3.6%. Vietnam aspires to achieve double-digit growth in the upcoming term.
In transportation, Vietnam is transitioning from fossil fuels to renewable energy. Projects leveraging clean energy and advanced technology will be prioritized for investment.
Deputy Prime Minister Phoc urged Toyota to expand its production and business operations in Vietnam, aligning with these sustainable development initiatives.
Deputy Prime Minister Ho Duc Phoc affirmed: “The Vietnamese Government consistently supports and facilitates Japanese enterprises, including Toyota, for long-term investment and stable operations in Vietnam.”
Mr. Qian Guohao thanked Deputy Prime Minister Phoc for his time and expressed appreciation for the Vietnamese Government’s consistent support, particularly in financial and investment policies, which have enabled Toyota Vietnam’s significant achievements.
Over 30 years, Toyota has produced over 700,000 vehicles domestically, sold more than 1 million units, exported goods worth over $1 billion, partnered with 61 local suppliers, increased localization rates, and directly employed over 1,500 workers. Including its broader ecosystem, Toyota Vietnam supports over 76,000 jobs.
Outlining Toyota’s automotive development plans in Vietnam, Mr. Qian emphasized the company’s commitment to carbon neutrality and making eco-friendly vehicles accessible to all Vietnamese consumers.
Toyota aims to enhance its Vietnam plant’s efficiency, “green” its product line, introduce hybrid compact and mid-size vehicles, expand its product range, and increase local production capacity while boosting localization rates.
Mr. Qian proposed several measures to the Government to ensure sustainable, long-term business growth in Vietnam.
Deputy Prime Minister Phoc praised Toyota’s successful operations in Vietnam and reaffirmed the Government’s commitment to supporting Japanese enterprises, including Toyota, for long-term investment and stable operations.
He emphasized the Government’s consistent support for Toyota’s expanded investment and business activities in Vietnam, wishing the company continued success in this new era of opportunity.
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