Toyota Opens Vietnam Production Plant

Tokyo―TOYOTA MOTOR CORPORATION (TMC) today announced the formal opening of the newly built plant of TOYOTA MOTOR VIETNAM CO. LTD. (TMV), Toyota's Vietnam auto manufacturer located near Hanoi in Vinh Phuc Province.

Present at the ceremony were Vietnam Minister of Planning and Investment Associate Professor Tran Xuan Gia Ph.D., Chairman of Vinh Phuc People Committee Nguyen Minh Dang, Singapore's Ambassador to Vietnam Toh Hok Ghim, Japan's Ambassador to Vietnam Katsunari Suzuki, Chairman Nguyen Anh Doan of the Vietnam Agricultural and Machinery Corporation (VEAM), Chairman Peter Fu Chong Cheng of Kuo (Asia) Pte., TMV President Takashi Hasegawa, TMC Honorary Chairman Mr. Eiji Toyoda, TMC Executive Vice President Mr. Akira Takahashi, and many other dignitaries from the public and private sector.

The TMV plant opening completed the first investment phase with new plant annual production capacity set at 10,000 units target in the year 2000. Corolla sedan and Hiace commuter models are produced and investment plan totals US$100 million (about ¥12 billion). TMV employs 175 persons in the new factory pushing TMV total employment to 309 team members.

Firmly dedicated to maintaining the highest quality standards, Toyota is actively cooperating with Vietnamese suppliers to increase the local content of vehicles. "Through the manufacturing of automobiles, we strongly intend to encourage fostering the human resources and transferring technology, and to promote the localization of auto production" said Mr. Takahashi, TMC Executive Vice President.

TMC and TMV plan to continue to contribute to the Vietnam economy by transferring technology, training, procuring parts and materials locally and creating employment opportunities for the Vietnamese people.