GDP target unchanged for now: planning minister

By Anh Minh   May 31, 2023 | 12:46 am PT
The government has not made any changes to its GDP growth target of 6.5% this year, with any future adjustment depending on results of the first six months.

Although Vietnam recorded a low GDP growth of 3.32% in the first quarter, making the whole-year target of 6.5% a big challenge, there are signs that growth will improve in the following quarters, said Minister of Planning and Investment Nguyen Chi Dung at a National Assembly session on Tuesday.

Some lawmakers have raised concerns about the target, as it would require 7.5-8% growth in the remaining quarters of this year.

"Based on the growth rate of the first six months, the government will make its decisions on this year’s target," Dung said.

The minister added that the agriculture sector is being restructured to ensure stable growth, while the service sector is set to record a high expansion rate amid a boom in e-commerce and a recovery of tourism and trade.

More investment from Japan, South Korea and Taiwan is set to diversify Vietnam’s supply chain, while the reopening of China will help boost exports.

The government will continue to improve the business environment and seek new export markets while speeding up public investment.

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