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On August 28, the Phu Tho Provincial People’s Committee presented Toyota Motor Vietnam with an amended investment policy decision and its 12th revised investment registration certificate for the company’s automobile assembly, manufacturing and import project in Phuc Yen Ward.

Under the revised investment plan, Toyota Vietnam has registered an additional $283.7 million in capital, bringing the project’s total investment to more than $373 million. A key addition to the project is a production line for hybrid vehicles.

Speaking at the ceremony, Phu Tho Provincial People’s Committee Chairman Tran Duy Dong called on Toyota to prioritize technological innovation in the production of electrified vehicles. He also urged the company to continue expanding its network of Vietnamese component suppliers to raise the localization rate of its vehicles, while investing in training Vietnamese employees to take on key positions within the company’s management team.

Toyota was the first automaker to introduce gasoline-electric hybrid vehicles to the Vietnamese market. However, compared with its competitors, the Japanese automaker has been slower to begin producing hybrid vehicles domestically. All Toyota hybrid models currently sold in Vietnam are fully imported.

Vietnam’s automobile industry has recorded positive growth over the past five years, continuously attracting new and expanded investment projects.

Under Prime Ministerial Decision No. 929, issued on May 29, 2026, approving the Supporting Industry Development Program for 2026-2035, the government identified the automotive sector as one of the priority industries for supporting-industry development. The localization target has been set at 22-30% by 2030 and 32-40% by 2035.

Pham Huyen