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Sunday, June 16, 2024

Vietnam’s GDP growth target seen unobtainable

By Truc Dao

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HCMC – Vietnam’s gross domestic product (GDP) growth may expand around 5% in 2023, lower than the 6.5% target, while the inflation rate may be curbed at 3.5-4%, said Prime Minister Pham Minh Chinh at the 6th session of the 15th National Assembly on October 23.

Vietnam achieved a GDP growth rate of 4.24% in the first nine months of the year while keeping the consumer price index (CPI) at 3.16%.

Public investment disbursement has met 51.38% of the annual target, 4.68 percentage points higher than in the same period last year.

Fresh foreign direct investment (FDI) approvals totaled US$16 billion, said the PM, adding state budget revenue has reached 75.5% of the year’s target.

Internationally, Vietnam’s national brand value has ascended to 32nd place among the top 100 global brands, demonstrating a rise in brand valuation to US$431 billion.

PM Chinh outlined the country’s strategic direction for the remainder of the year, emphasizing the importance of macroeconomic stability, controlling inflation, and maintaining key economic balances.

The Government’s plan also includes seizing opportunities in both domestic and international markets, particularly in the rest of the year, with a focus on stimulating production, business and job creation.

Market stability will be maintained, and measures will be taken to improve the living standards of workers and citizens, ensuring a stable supply of essential commodities like electricity and fuel.

For 2024, the prime minister set a GDP growth target between 6% and 6.5%. Other objectives include a per capita GDP of US$4,700-4,730, manufacturing and processing sectors contributing around 24.1% to the GDP, a CPI increase of 4-4.5%, and a labor productivity growth of 4.8-5.3%.

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