Vinh Phuc
Vietnam's automobile manufacturing hub—Honda/Toyota VND 6,720B taxes (4 months 2025), 400 supporting industry firms, $600M FDI, hybrid transition pressure.
Vinh Phuc runs on Honda and Toyota. The two Japanese automakers paid VND 6,720 billion in taxes through April 2025 (up 31.3% year-on-year)—a single contribution that shapes provincial budgets. Four complete vehicle manufacturers (Toyota Vietnam, Honda Vietnam, Daewoo Bus, Piaggio Vietnam) anchor 400 supporting industry enterprises; 70+ firms participate in their supply chains.
The automobile-centric economy faces transition pressure. November 2024, the provincial chairman urged Toyota and Honda to draft hybrid production plans aligning with government green policy. GRDP reached VND 173.14 trillion in 2024 (up 9.95%); the 2025 target aims for 8–9% growth. FDI attraction hit $600 million (150% of target), including a $200 million superport project.
Proximity to Hanoi plus Khai Quang and Binh Xuyen industrial zones sustain manufacturing advantage. The province pilots a one-stop investment support centre model. By 2026, Vinh Phuc tests whether assembly-dependent growth can shift to hybrid/EV production before import substitution and energy transition restructure the automotive sector.