Toyota Vietnam seeks tax incentives to maintain local manufacturing

Proposals are expected to be submitted to the National Assembly, Vietnam's legislature, by the end of 2014 and are expected to be revealed in 2015.

Toyota Motors Vietnam is seeking tax incentives from the country's government in an effort to maintain domestic vehicle manufacturing operations, reports financial news daily the Nikkei. Kyoichi Tanada, managing officer of the automaker's local operations, said: "Unless the Vietnamese government puts tax and other advantageous measures in place [for the domestic automotive industry], the worst-case scenario [of withdrawal] is possible… It will be difficult for us to maintain our factory unless the government introduces tax incentives for cars built in-country.”