Toyota Vietnam will stop producing cars?

Toyota is considering stopping car production in Vietnam or importing cars entirely to benefit from the tax reduction roadmap from ASEAN.

Toyota Vietnam is considering stopping car production in Vietnam. In the photo: Checking Innova, a car line produced in Vietnam, in a garage in Phu Nhuan District, Ho Chi Minh City - Photo: TL

At a recent meeting to announce the 2015 business plan, General Director of Toyota Vietnam Joint Venture Company (TMV) Yoshihisa Maruta said the company is considering stopping car production in Vietnam or importing completely to benefit from the tax reduction roadmap from ASEAN.

According to Mr. Maruta, on average, it takes about three years to prepare a car model before it is released to the market, while according to the roadmap to reduce import tax on cars from ASEAN countries by 2018, this tax rate will be reduced to 0%.

Mr. Maruta said that if the Government does not have specific support policies, based on the overall strategy for automobile industry development to 2020 and vision to 2030 announced this year, businesses will switch to importing instead of importing components for assembly.

According to Tuoi Tre Online