Toyota Vietnam reports US$64 million in auto parts exports

Created 13 January 2018
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HCMC - Toyota Vietnam reported US$64 million in auto parts exports last year, up 5% compared to 2016. This is the highest level since the company put its first auto parts export center in Vietnam into operation in 2004.

2017 was the second consecutive year Toyota Vietnam had seen a surge in auto parts exports which far exceeded the average of US$40 million in previous years. With this result, the company’s total auto parts exports up to now have amounted to US$465 million.

Toyota Vietnam mainly exports antennas, exhaust gas recycle valves and acceleration pedals to 13 countries and territories such as Thailand, Indonesia, Taiwan, South Africa and Egypt.

Last year, the company began to manufacture floor plugs for export to the Philippines.

Toyota Vietnam has plans to stop assembling some models and import completely built-up (CBU) autos instead. The company invested US$15 million in Vietnam last year, taking the total investment to US$195 million.

The company’s auto sales, excluding Lexus, increased 4% year-on-year to a record high of more than 59,300 units last year, taking its total accumulative sales to more than 472,000 units. 

Toyota Vietnam last year paid more than US$1 billion in taxes, including value-added tax, special consumption tax, income tax and import tax. Since Toyota Vietnam was established in September 1995, the company has paid nearly US$7 billion in taxes.

 

Source: ThesaigonTimes

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