Vietnam targeting Q3 GDP growth of 6.5%-7.0%, inflation below 4.5%, PM says

HANOI : Vietnam is targeting gross domestic product (GDP) growth of 6.5 per cent-7.0 per cent in the third quarter, Prime Minister Pham Minh Chinh said on Saturday.

Chinh said Vietnam will stick to its target of keeping inflation below 4.5 per cent this year, according to a statement posted on the government website.

The country, a regional manufacturing hub, reported GDP of 6.93 per cent in the second quarter, accelerating from expansion of 5.87 per cent in the first quarter.

Chinh said Vietnam will focus on improving its investment environment to facilitate business activities during the rest of the year while pursuing a “widening fiscal policy”.

He said the country will also seek to boost domestic consumption and public investment in infrastructure development.

Chinh warned that non-performing loans in the banking system are on the rise, while the property market is still facing headwinds.