About Toyota Motor Vietnam
The automotive industry in Vietnam is a fast-growing sector mainly reliant on domestic sales. All currently produced models are designed abroad by foreign brands, and many rely on knock-down kit production. Due to high import taxes on automobiles (83%), the Vietnamese government protects domestic manufacturing. Although Vietnam is a member of the ASEAN Free Trade Area, automobile imports fall under an exception. Since January 1, 2018, the 30% import tax has been discontinued as part of ASEAN agreements. Currently, the Vietnamese motor industry is not deemed competitive enough to make exports feasible. As of April 2018, 85% of car sales in Vietnam were produced domestically from knock-down kits.
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