Vietnam legislators set 2023 GDP growth target at 6.5%

By Nguyen Long
Thu, November 10, 2022 | 5:01 pm GMT+7

The National Assembly has set Vietnam's economic growth target for 2023 at 6.5%, inflation at 4.5%, and GDP per capita at about $4,400.

The goals were approved Thursday at the ongoing NA sitting in Hanoi.

Prior to the ratification, some NA members argued that the inflation target should be less challenging, like 6-8%, because of the tightening of monetary policies in many countries across the world including the U.S. and global uncertainties.

However, Vu Hong Thanh, head of the NA Economic Committee, said the 4.5% inflation goal meant the government would have to “prioritize macroeconomic stability and inflation curbing.”

The legislative body asked the government to work out policies and measures to ensure the two key tasks.

Vu Hong Thanh, head of National Assembly Economic Committee. Photo courtesy of Young People newspaper.

Vu Hong Thanh, head of National Assembly Economic Committee. Photo courtesy of Young People newspaper.

Thanh said next year’s GDP growth target of 6.5% was based on estimated 8% growth this year, which is high; and with global uncertainties and economic recession risks factored in.

Per Thursday’s NA approval, in terms of monetary policy, the government is required to take measures to increase adaptability and resilience of the financial and banking system in all situations; tightly control inflation and flexibly manage interest rates and exchange rates.

Fiscal policy, meanwhile, has to be focused in order to ensure minimal revenue losses and waste; and to tighten control over potentially risky sectors like real estate, corporate bonds and securities.

The government has also been asked to thoroughly resolve issues with long-delayed projects and complete legal frameworks and mechanisms to manage issues related to virtual assets and cryptocurrencies.

It has also been asked to accelerate the progress of key transport and infrastructure works, urban railway projects, highways and ring roads for which investment policies have already been approved.

The government should remove obstacles and difficulties facing major power projects across the country in order to ensure national energy security, lawmakers said.

National Assembly members also stressed that developing skilled human resources for the country was a vital duty for the government.

The government has put Vietnam’s GDP growth forecast for this year at 8%, higher than its target of 6-6.5%. The figure is higher than the predictions of some international institutions.

On September 27, the World Bank said the country's economic expansion could hit 7.2% this year, the highest in Southeast Asia. On September 21, the Asian Development Bank put Vietnam’s growth estimation at 6.5% this year on strong economic fundamentals, key to fast recovery. The figure is the highest in Southeast Asia and equals the Philippines'.

Comments (0)
  • Read More
Thailand, Australia boost ties in transport, logistics

Thailand, Australia boost ties in transport, logistics

Thailand and Australia are seeking to strengthen cooperation in transport infrastructure and carbon emission reduction in the logistics sector.

Southeast Asia - Mon, February 17, 2025 | 8:20 pm GMT+7

China surpasses US as biggest importer of Vietnamese shrimp

China surpasses US as biggest importer of Vietnamese shrimp

China imported $834 million worth of Vietnamese shrimp last year, surpassing the U.S. to become the largest buyer of this item from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Economy - Mon, February 17, 2025 | 7:51 pm GMT+7

Malaysia, S Korea resume FTA talks

Malaysia, S Korea resume FTA talks

Malaysia and South Korea are set to hold their seventh round of negotiations for a bilateral free trade agreement (FTA) as they look to expand their trade portfolio and strengthen cooperation, according to the latter's Ministry of Trade, Industry and Energy.

Southeast Asia - Mon, February 17, 2025 | 5:23 pm GMT+7

Indonesia to launch new sovereign wealth fund this month

Indonesia to launch new sovereign wealth fund this month

Indonesia will launch a new sovereign wealth fund called Danantara this month, with an initial capital of around $20 billion.

Southeast Asia - Mon, February 17, 2025 | 5:19 pm GMT+7

Singapore's Billion Union builds $70 mln fabric factory in Vietnam

Singapore's Billion Union builds $70 mln fabric factory in Vietnam

Hong Kong-invested Thanh Hoa Billion Union Textile kicked off the construction of a $70 million factory in Vietnam’s central province of Thanh Hoa on Monday.

Industries - Mon, February 17, 2025 | 5:04 pm GMT+7

Vietnam’s construction ministry plans real estate exchanges for improved transparency

Vietnam’s construction ministry plans real estate exchanges for improved transparency

The Vietnamese Ministry of Construction is advancing a plan to establish real estate exchanges, similar to the stock market, in a bid to enhance transparency and efficiency in property transactions.

Real Estate - Mon, February 17, 2025 | 4:57 pm GMT+7

Vietnam plans to increase electricity imports from China, Laos by 2030

Vietnam plans to increase electricity imports from China, Laos by 2030

The Vietnamese Ministry of Industry and Trade (MoIT) aims to raise electricity imports from China and Laos by 3,000 MW and 2,500 MW by 2030, over 5 times and nearly 1.6 times higher than those stated in the current Power Development Plan VIII (PDP VIII), respectively.

Energy - Mon, February 17, 2025 | 4:14 pm GMT+7

Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction

Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction

Türkiye-based IC ICTAS, the lead contractor of the passenger terminal within the under-construction Long Thanh International Airport, should speed up the construction of the package, said Vietnamese Deputy Prime Minister Tran Hong Ha.

Infrastructure - Mon, February 17, 2025 | 3:27 pm GMT+7

Vietnam tech giant FPT to provide high-quality AI human resources

Vietnam tech giant FPT to provide high-quality AI human resources

With the groundbreaking of an inter-level school on Sunday, FPT Corporation is completing its education system from elementary to university levels in the south-central province of Binh Dinh, to provide high-quality human resources, particularly in AI.

Companies - Mon, February 17, 2025 | 11:32 am GMT+7

Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July

Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July

SMC Manufacturing Vietnam, under Japanese pneumatic instrument producer SMC, aims to start its $330 million expansion in Vietnam from July.

Industries - Mon, February 17, 2025 | 10:47 am GMT+7

Institutional breakthroughs to provide solid foundation for heightened business confidence: economists

Institutional breakthroughs to provide solid foundation for heightened business confidence: economists

At a meeting of the National Assembly's Economic Committee in early February, the government proposed the 2025 GDP growth be "8% or more", instead of 6.5-7% set last November. The Investor introduces opinions of some leading Vietnamese economists on this proposed target.

Economy - Mon, February 17, 2025 | 8:02 am GMT+7

Vietnam consumer credit enters new growth cycle

Vietnam consumer credit enters new growth cycle

After the decrease in consumer capital demand, negative growth, and peaking bad debts in 2023, Vietnam’s consumer financial market is entering a new growth cycle, backed by positive signs from the macroeconomic environment.

Finance - Sun, February 16, 2025 | 3:19 pm GMT+7

Vietnam property investors seek new opportunities in provincial markets

Vietnam property investors seek new opportunities in provincial markets

Real estate investors in Vietnam, both individuals and organizations, are shifting their investments from city centers to suburban regions and neighboring provinces where land remains abundant and significant investments are being made in infrastructure, particularly in transportation.

Real Estate - Sun, February 16, 2025 | 2:00 pm GMT+7

Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com

Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com

Booking.com, the world's leading digital travel company, has suggested some destinations in Vietnam for those seeking spiritual enrichment and a chance for reflection and connection, including Ba Den mountain and Bai Dinh pagoda.

Travel - Sun, February 16, 2025 | 10:59 am GMT+7

Malaysia takes the lead in data center development

Malaysia takes the lead in data center development

Malaysia is making efforts to align with the global trend towards digitalization, which is driving demand for data centers, cloud computing, blockchain, and artificial intelligence (AI).

Southeast Asia - Sun, February 16, 2025 | 10:57 am GMT+7

WB sees Thai fiscal risks mounting due to spending surge

WB sees Thai fiscal risks mounting due to spending surge

Thailand’s pursuit of an expansionary fiscal policy strategy to propel growth faces the risk of rising costs for elderly care, investment and the need to keep public debt level to sustainable levels, according to the World Bank.

Southeast Asia - Sun, February 16, 2025 | 10:41 am GMT+7