26.2 C
Ho Chi Minh City
Wednesday, July 17, 2024

Govt projects GDP growth at 6.5% next year

The Saigon Times

Must read

HCMC – The Government has projected the country’s gross domestic product (GDP) growth at 6.5% in 2023, saying it is achievable despite challenges ahead.

The Government has set 15 main economic targets for 2023, focusing on maintaining macroeconomic stability, curbing inflation and boosting development. 

The targets are included in a socioeconomic development plan for 2023, delivered by Minister of Planning and Investment Nguyen Chi Dung at a meeting of the National Assembly (NA) Standing Committee on October 11, the local media reported.

In addition to GDP growth of 6.5%, the NA targets GDP per capita at US$4,400, a consumer price index rise at 4.5%, the average growth rate of social labor productivity hovering at 5% or 6% and the urban unemployment rate below 4%.

It also forecast the processing and manufacturing industry would account for over a fourth of the nation’s GDP.

This year, the economy has achieved positive results despite hardships caused by inflationary pressure and the Covid-19 pandemic. 

GDP growth is one of the 14 targets that Vietnam is on track to meet or exceed this year, reflecting a strong growth momentum for the subsequent years in the 2021-2025 period, the National Assembly Economic Committee reported.

“Vietnam is expected to achieve 14 of 15 socioeconomic targets this year. Of them, the 2022 GDP growth is estimated at 8%, surpassing the target of 6-6.5%,” Dung said.

Three main economic sectors regained strong growth momentum, while the processing and manufacturing industry continues to drive economic growth, with production volume increasing 10.69% over the same period last year.

“However, Vietnam’s economy is forecast to face uncertainties and challenges in 2023,” Dung said.

More articles


Please enter your comment!
Please enter your name here

Latest articles