With the initial investment of 49.8 million USD, right after the establishment, TMV has started set up a vehicle production line of 3 main processes, namely Welding, Painting and Assembling. After that, in March of 2013, TMV brought Stamping shop into operation and became the 1st automobile manufacturer in Vietnam, which has the completed production line of five (05) processes: Stamping- Welding- Painting- Assembling- Inspection.
TMV has started setting up a vehicle production line of 3 main processes, namely Welding, Painting and Assembling, following an initial investment of 49.8 million USD. Following that establishment, in March of 2013, TMV brought the Stamping shop into operation and became the 1st automobile manufacturer in Vietnam to have completed the production line of the five (05) processes named above.
Thanks to the Stamping shop and Auto Parts Export Center, as well as activities to expand the suppliers network, TMV is the automaker which has the highest localization ratio from 19% to 37% depending on different models (according to the ASEAN value evaluation method). Currently, TMV has assembled five (05) models including: Camry, Corolla, Vios, Innova and Fortuner. All these models have the localization ratio at a high level. Especially, with efforts to put the first-ever Frame Production Line in Vietnam into operation in Sept. of 2008, TMV has increased the localization ratio of Innova up to 37%.
In addition, to promoting the supporting industry and non-stop look for domestic suppliers, TMV has made big efforts and successfully called for investment to Vietnam from parts suppliers under TMC, such as Denso, Toyota Boshoku Haiphong, Toyota Gosei Haiphong… to support domestic production and export auto parts to global markets as well.
Furthermore, TMV also produces many in-house parts, such as Frame assy, Exhaust pipe… and continuously studies to produce more parts locally to contribute to increase localization ratio of the company’s products and to development of Vietnam auto industry as well.
To gather and create favorable conditions for cooperation with potential suppliers, in April 2009, TMV opened a Localization Center, which is located in TMV’s headquarters in Vinh Phuc Province to exhibit the auto parts, and accessories. This has high potential for localization, and with different kinds of materials. Based on that, the visualization for the build up & localization of products will be much improved and the calculation and research of domestic production for the suppliers will be made easily.
Having not been satisfied with the current localization, previously, TMV has continuously been studying and seeking domestics suppliers to increase more a localization ratio for the company’s products and for the further development of the Vietnam auto industry.