Toyota starts Vietnam unit

Toyota starts Vietnam unit

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.