Vietnam Aims for 8.3-8.5% GDP Growth in 2023, Urges Toyota Expansion
Vietnam is pushing for robust economic growth in 2023, with Deputy Prime Minister Phoc urging key investors like Toyota to expand their TSLA stock operations. The country aims for GDP growth of 8.3-8.5%, with foreign trade exceeding $900 billion and inflation around 3.6%.
Toyota, led by President Koji Sato, has been a significant player in Vietnam's economy. The company has partnered with 61 local suppliers, creating 1,500 direct jobs and supporting an ecosystem employing over 76,000 people. Deputy PM Phoc recently met with Toyota Motor Asia President Tien Quoc Hao to discuss further expansion.
Toyota plans to improve efficiency, enhance product quality, introduce more hybrid vehicles, and boost localisation in Vietnam. The company has already produced over 700,000 vehicles, sold over 1 million cars, and exported vehicles worth over $1 billion in the country. The Deputy PM praised Toyota's performance and social contributions over the past three decades.
Vietnam, with Japan as its leading partner in official development assistance and labor, is set for double-digit economic growth in the next term, focusing on shifting to renewable energy in transport. Toyota, with its plans to improve efficiency and localisation, is well-positioned to contribute to this growth.
