The Industry Agency under the Ministry of Industry and Trade and Toyota Motor Vietnam signed on Tuesday a memorandum of understanding on a cooperation project to help domestic businesses in the automobile supporting industry improve their capacity and enhance the connectivity between them and car assemblers.

This is the fourth year the two sides have inked a cooperation deal to assist domestic firms so as to raise the rate of locally made components in automobiles.

Addressing the signing ceremony, Deputy Minister of Industry and Trade Do Thang Hai said that such cooperation programmes have received positive feedback from domestic businesses and also attracted support from other international enterprises.

Tien Quoc Hao, CEO of Asia Region for Toyota Motor Corporation, said that his company is well aware of the supporting industry's importance, so it hopes to actively contribute to the development of the automobile and automobile supporting industries of Viet Nam.

The Japanese-invested Toyota Vietnam said that the cooperation with the Industry Agency is expected to assist Vietnamese businesses in the supporting industry to improve their capacity and competitiveness and raise the domestic added value, thereby helping local companies gain a firm foothold in global production chains. — VNS