Vietnam is aiming for robust economic growth in the third quarter, targeting a GDP expansion of 6.5%-7.0%, according to Prime Minister Pham Minh Chinh. The government remains committed to keeping inflation below 4.5% for the year, further demonstrating its commitment to economic stability.
The Southeast Asian nation, a key manufacturing hub in the region, reported a strong 6.93% GDP growth in the second quarter, accelerating from the 5.87% expansion seen in the first quarter.
To achieve its ambitious growth targets, the Vietnamese government plans to focus on enhancing the investment environment to attract businesses. This includes pursuing a “widening fiscal policy” to stimulate economic activity. Additionally, the government will prioritize boosting domestic consumption and investing in crucial infrastructure development projects.
Prime Minister Chinh acknowledged challenges facing the economy, including rising non-performing loans in the banking system and headwinds in the property market. These issues will require careful attention and proactive measures to mitigate potential risks.
With a focus on sustainable growth and proactive economic management, Vietnam remains optimistic about its prospects for the remainder of 2023. The country’s commitment to attracting investment, stimulating domestic demand, and controlling inflation positions it favorably for continued economic progress.