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Wednesday, June 19, 2024

Vietnam sets 2024 GDP growth target at 6.5%

The Saigon Times

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HCMC – The National Assembly (NA) has issued a resolution approving the national socioeconomic development plan for next year, with gross domestic product (GDP) growth targeted at between 6% and 6.5%.

Before voting, some NA deputies raised concerns that the GDP growth target of 6% to 6.5% is high and suggested revising it down to 5% or 6% given the current unfavorable economic conditions.

The NA Standing Committee said that GDP growth in 2023 is projected to be 5% or above and that the economic growth target for next year, 6-6.5%, is based on a thorough analysis of domestic and international conditions, favorable and challenging factors, and the five-year economic and social development plan (2021-2025).

The ratio of manufacturing and processing in GDP is revised down by 1.3-1.6 percentage points from this year to 24.1-24.2% next year.

The NA approved the GDP per capita target of US$4,700-4,730, the consumer price index growth target of 4-4.5%, and the jobless rate in urban areas of below 4%.

The resolution also emphasized the need to reduce interest rates and streamline administrative procedures to make credit easily accessible.

From the beginning of 2024, the Government will need to accelerate the execution and disbursement of public investment capital, especially for key projects, nationally important initiatives, and national target programs, it said.

Regarding the labor market, the resolution targets the training of 50,000 to 100,000 high-quality workers for the semiconductor research and production industry by 2025 and 2030.

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