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Vietnam needs 9 pct GDP growth in H2 to achieve whole year target

HANOI, Sept. 7 (Xinhua) -- Vietnam needs to achieve a gross domestic product (GDP) growth rate of 9 percent in the second half of this year in order to fulfill its 2023 growth target of 6.5 percent, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Vietnam's export, investment, consumption, tourism, and market have been negatively affected by external factors including financial and monetary risks as well as inflation and declining global demand, Vietnam News cited the official as saying.

The challenges caused Vietnam's GDP in the first half of 2023 to grow by 3.72 percent year on year, lower than the government's target, the newspaper reported Thursday.

Nonetheless, there were signs that spending was gradually increasing and businesses were receiving orders again, although in a small volume, Phuong said.

In the last months of the year, Phuong suggested further promotion of the growth drivers, including consumption, investment, and export.

Vietnam needs to have drastic solutions to promote the disbursement of public investment capital, socio-economic recovery, and development programs, he said.

It is also necessary to continue to closely monitor forecasts on the international economic and financial-monetary situation and facilitate institutional reform to create new policies for economic development, Phuong said.