The decision was announced at a Government Office meeting last week. Specifically, TMV has proposed the expansion plan to the government, according to the provincial authority.
The plot spans an area of 9.1 hectares and is located in the wards of Phuc Thang and Hung Vuong, in Phuc Yen town, Vinh Phuc. It also belongs to the core zone of industry development of the province, in line with the provincial master plan until 2030, vision 2050.
Toyota's expansion plan is among the biggest ones in the automotive sector, that was approved by the government. As such, by 2023, the Japanese company aims to assemble about 90,000 vehicles a year in the factory once its plant gets upgraded.
However, the expansion plan is struggling with land procedure, due to some conflicts with Vietnam’s Land Law effective in 2013, according to the provincial authority.
Foreign media also reported about the expansion plan, specifying that Toyota would invest another US$75 million to double the production capacity of the Vietnamese plant in Vinh Phuc.
TMV has not replied to Hanoitimes' request for comment at the time of writing.
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Toyota's expansion plan is among the biggest ones in the automotive sector, that was approved by the government. As such, by 2023, the Japanese company aims to assemble about 90,000 vehicles a year in the factory once its plant gets upgraded.
However, the expansion plan is struggling with land procedure, due to some conflicts with Vietnam’s Land Law effective in 2013, according to the provincial authority.
Foreign media also reported about the expansion plan, specifying that Toyota would invest another US$75 million to double the production capacity of the Vietnamese plant in Vinh Phuc.
TMV has not replied to Hanoitimes' request for comment at the time of writing.
