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7:33 am | August 7, 2023

GDP growth of Vietnam target for 2023 remains unchanged

The Government will not change the GDP growth target of 6.5 percent this year. As economic indices show month after month recovery. These speeches were made by Prime Minister Pham Minh Chinh at the Cabinet meeting on August 5.

Prime Minister Pham Minh Chinh addresses the Cabinet meeting in Ha Noi, August 5, 2023.
Prime Minister Pham Minh Chinh addresses the Cabinet meeting in Ha Noi, August 5, 2023.

Impressive GDP growth

The General Statistics Office (GSO) estimates that Viet Nam’s GDP growth was 3.32 percent. This data from January through March and then accelerated to 4.14 percent in the second quarter.

According to Minister of Planning and Investment Nguyen Chi Dung, the consumer price index rose by 3.12%. This index from January to July compared to the same period in 2016. Therefore, the government expected that budget revenue would total 62.7 percent of this year’s initial target.

July’s export and import turnover rose by 2.1 percent and 2.4 percent from the previous month. Moreover, the volume of public investment capital was estimated at 37.85 percent of this year’s plan compared to 34.47 percent of the same period last year.

Foreign direct investment (FDI) inflows increased by nearly 9 percent on year to US$2.8 billion in July and up 4.5 percent to US$16.24 billion in the first seven months. Meanwhile, disbursed volume of FDI picked up 0.8 percent to US$11.58 billion.

Effort for growth

To achieve the whole-year GDP growth target, subordinate levels need to double efforts to raise the growth rate to 9 percent in the rest of the year, the Government chief ordered.

Pham tasked subordinate levels to put forward concrete measures to boost domestic consumption, investment and export.

The Prime Minister asked for double efforts to conclude negotiations on a free trade agreement with the United Arab Emirates in August. To date, Vietnam has signed 16 trade deals involving more than 60 partners around the world.


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