Deputy Prime Minister Ho Duc Phoc received Mr. Qian Guohao, Chairman of Toyota Asia, along with 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 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’ significant contributions to investment, production, and business in Vietnam, Deputy Prime Minister Phoc encouraged further direct and indirect investments, aiming for successes akin to Toyota’s.
Outlining Vietnam’s economic goals, he noted a targeted growth rate of 8.3-8.5% for the year, with exports and imports exceeding $900 billion and CPI at approximately 3.6%. The nation aims for double-digit growth in the upcoming term.
In transportation, Vietnam is transitioning from fossil fuels to renewable energy. Projects leveraging clean energy and advanced technologies will be prioritized for investment.
Deputy Prime Minister Phoc urged Toyota to expand its production and business operations in Vietnam, aligning with these sustainable initiatives.
Deputy Prime Minister Ho Duc Phoc affirmed: “The Vietnamese Government consistently supports Japanese enterprises, including Toyota, in sustaining long-term investments in Vietnam.”
Mr. Qian Guohao thanked Deputy Prime Minister Phoc for his time and appreciated the Vietnamese Government’s consistent support, particularly in financial and investment policies, which have significantly contributed to Toyota’s success in Vietnam.
Over 30 years, Toyota has produced over 700,000 vehicles domestically, sold more than 1 million units, exported over $1 billion, partnered with 61 local suppliers, increased localization rates, and directly employed over 1,500 workers. Including its entire ecosystem, Toyota supports more than 76,000 jobs in Vietnam.
Addressing Toyota’s automotive development and carbon neutrality goals in Vietnam, Mr. Qian Guohao emphasized Toyota’s vision to make vehicles more accessible and environmentally friendly through diverse, sustainable solutions.
Toyota plans to enhance its Vietnam operations by improving manufacturing efficiency, “greening” products, introducing hybrid compact and mid-size vehicles, expanding its product range, and increasing local production capacity alongside higher localization rates.
Mr. Qian Guohao proposed several measures to the Government to ensure sustainable, long-term business growth in Vietnam.
Deputy Prime Minister Ho Duc Phoc praised Toyota’s achievements and reiterated the Government’s commitment to fostering a conducive environment for Japanese enterprises, including Toyota, to thrive in Vietnam.
He emphasized the Government’s unwavering support for Toyota’s expanded investment and business endeavors in Vietnam, wishing the company continued success in this promising new era.
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