Vietnam PM says 2023 economic growth seen below expectation
Vietnam expects gross domestic product growth of above 5% this year, missing an earlier government target, the country's prime minister told a parliament meeting on Monday. The country's... -October 22, 2023 at 11:11 pm EDT - MarketScreener Vietnam's prime minister, Pham Minh Chinh, has stated that the country's GDP growth is expected to exceed 5% this year, missing an earlier government target of 6.5%. This is due to high inflation, weak demand, and political uncertainty affecting the economy. The central bank has this year reduced its policy rates four times, and non-performing loans in the banking system are on the rise. However, weak global demand has negatively impacted Vietnam's exports.
Được phát hành : 2 năm trước qua MarketScreener trong Finance
HANOI, Oct 23 (Reuters) - Vietnam expects gross domestic product growth of above 5% this year, missing an earlier government target, the country's prime minister told a parliament meeting on Monday.
The country's inflation is expected to be 3.5%-4.0% for the year, Pham Minh Chinh said.
Vietnam had earlier set a GDP growth target of 6.5% for this year, down from 8.02% last year. Weak global demand, however, has weighed on the country's exports.
Chinh said Vietnam has an open economy that is prone to external shocks, adding that high inflation, weak demand and political uncertainties in the world have hurt the country's exports.
"For the rest of this year, Vietnam will continue to prioritise growth," Chinh said, noting that the central bank has this year cut its policy rates four times.
He also said non-performing loans in the banking system are on the rise. (Reporting by Khanh Vu and Phuong Nguyen; Editing by Kanupriya Kapoor)
Chủ đề: Markets, Vietnam