Section 3. Expansion of Asian Markets and Developments in Oceania
Item 1. From Stagnation to Growth
TMV established in Vietnam
Toyota Motor Vietnam Co., Ltd. (TMV) was established in 1995 and began producing the Corolla and Hiace in 1996. Since then, sales of Toyota vehicles have steadily increased, rising from the 1,000 vehicle level in 1997 to exceed 10,000 vehicles in 2003 and jumping to the 30,000 vehicle level in 2009. Toyota's market share rose from the 20 percent-to-30 percent range in the 1997-to-2004 period to the 30 percent-to-40 percent range after that, and Toyota has maintained the top position since 1998. During this time, the sales network, which initially comprised four dealers, was expanded, and in 2010 totaled 23 dealers and 27 outlets.