Phú Thọ Provincial People’s Committee Chairman Trần Duy Đông (right) presents the adjusted investment policy decision and amended investment registration certificate for Toyota Vietnam’s project to Toyota Vietnam CEO Osamu Hirata at the programme. VNA/VNS Photo

PHÚ THỌ — The People’s Committee on Friday granted Toyota Motor Vietnam Co Ltd an adjusted investment policy decision and amended investment registration certificate for its project to assemble and manufacture automobiles and auto parts, as well as provide vehicle warranty, repair and import services in Việt Nam.

Under the adjustment, the project will add the assembly and manufacture of various automobiles and auto parts, including electrified vehicles. Covering more than 28.6ha, the project has an annual production and assembly capacity of about 52,000 vehicles and total investment of more than US$284 million.

Notably, Phú Thọ has applied a “green lane” mechanism to cut administrative processing time for the project by 50 per cent. The provincial authorities and Department of Finance completed the relevant procedures within one week of receiving Toyota Vietnam’s application.

Toyota Vietnam plans to modernise its paint and stamping shops, with construction scheduled to begin in May next year and operations expected in 2029. The company is also planning a new office and training centre, bringing total investment in its modernisation programme to about $360 million.

Toyota Vietnam CEO Osamu Hirata said the modernisation programme will lay the foundation for the company’s next stage of development, with a focus on green and digital transformation, automation and vehicle electrification.

Through the new training centre and modernised production facilities, the company will continue to develop its workforce and equip employees with the knowledge and skills needed to keep pace with new trends in the automotive industry.

Toyota Vietnam, which received its initial investment licence on September 5, 1995, has operated in Việt Nam for more than 30 years. The company said it has produced more than 700,000 vehicles, recorded sales of one million vehicles and served 20 million customers, while contributing to the State budget and developing the domestic supply chain. — BIZHUB/VNS