Vietnam sticks to 6.5% economic growth target, says PM
VOV.VN - The government will strive to meet and exceed major socio-economic development targets set for this year, with the GDP growth rate anticipated to rise to 6.5%, said Prime Minister Pham Minh Chinh after discussing and considering arguments at a monthly Government meeting in Hanoi on April 3.
A greater effort is needed to realise the targets, with a primary focus on ironing out snags, boosting production and business activities, and creating and improving people’s livelihoods, stressed the PM at the meeting that was attended by deputy prime ministers, ministers, and leaders of localities, among others.
He requested ministries, sectors and localities to keep a close watch on domestic and international developments, improve analysis and forecasting capacity, effectively mobilize and use all resources, promote decentralization, and improve enforcement capacity, alongside enhancing inspection and supervision.
In all circumstances, Vietnam must ensure socio-political stability, strengthen national defense and security, foster foreign affairs and international integration, and step up communications to create social consensus, said the Government leader.
In an earlier report, Minister of Planning and Investment Nguyen Chi Dung presented two scenarios for the national economy in 2024. Accordingly, the economy would grow by 6% in the first scenario and 6.5% in the other one. He proposed that the government stick to the second scenario thanks to positive gains Vietnam recorded in the first quarter, as well as positive signs in the world.
Vietnam secured 5.66% growth in the first quarter, the highest compared to the same period from 2020 to 2023. It maintained macroeconomic stability, with inflation kept in check and major economic balances guaranteed. The country earned US$93 billion from exports (up 17%) and spent US$85 billion on imports (up 13.9%), resulting in a trade surplus of US$8.08 billion.
Meanwhile, many international financial institutions and organizations offered good economic prospects to Vietnam. The Asian Development Bank, Hong Kong and Shanghai Banking Corporation, Standard Chartered Bank, and Standard & Poor’s projected that the Vietnamese economy would grow by 6%, 6.3%, 6.7%, and 6.8% respectively this year.
