The price of Corolla Altis is raised by between VND12-VND15 million ($571-714) each. File Photo

HA NOI (Biz Hub) — Toyota Motors Vietnam, the leader in Viet Nam's auto market, will raise the retail price of all its vehicles from August 1 this year.

Toyota said a decision on the price rise was made after the State Bank of Vietnam increased the inter-bank average VND/US dollar exchange rate by 1 per cent to VND21.036 per dollar in June 28.

This had a big impact on Toyota's business and manufacturing costs in Viet Nam as imports of parts for local assembling is paid in US dollars.

Toyota has sent a new price list to its agents nationwide, with the highest price rise seen on the Camry model, from VND17 million ($809) to VND51 million ($2,400).The firm said the average price rise across models was 1.66 per cent.

Toyota said the price rise for Camry models was not only from the difference in exchange rate but also as the cars have been equipped with more safety facilities such as vehicle stability control that helps prevent skidding while also featuring a knee air bag for the driver and 17inch rims. — VNS