National Assembly sets GDP growth target of 6-6.5 pct for 2022

According to a resolution the National Assembly adopted on Friday, the industrial sector will account for 25.5-25.8 percent of GDP, inflation will be capped at 4 percent and labor productivity will increase by around 5.5 percent.

Vu Hong Thanh, member of the National Assembly’s Standing Committee and chairman of the house’s Economic Committee, said the Standing Committee and the Government are drafting a program for socioeconomic recovery and development, and an overall strategy for combating Covid-19. They would be submitted to the National Assembly soon, he said.

The NA called on the government to have flexible financial and fiscal policies to foster production and business and circulation of goods, link up labor supply and demand, boost exports and domestic consumption, and intensify investment.

The economy grew by 5.64 percent year-on-year in the first half of the year, but contracted by 6.17 percent in the third quarter as the fourth wave of Covid raged, leading to growth of 1.42 percent for the first nine months, according to the Ministry of Planning and Investment.