Toyota starts Vietnam unit

Sat, 12 Oct 1996 | Source: AFP

TOKYO (AFP): Japan's Toyota Motor Corp. said yesterday it had formally begun local production and sales operations in Vietnam.

The joint-venture Me Linh plant in Vinh Phu province was officially opened Thursday, with complete knockdown production of Toyota's Hiace van and Corolla sedan underway, it said in a statement.

Japan's leading auto maker holds 70 percent of Toyota Motor Vietnam Co. Ltd, set up in September 1995, with local partner Vietnam Engine and Agricultural Machinery Corp. holding 20 percent and Singapore's Kuo (Asia) Pte. Ltd. with 10 percent.

Annual production was targeted at 10,000 units by 2000, with total investment of US$100 million.

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