Investment News

Vietnam sets 2024 GDP growth target at 6-6.5%



People shop in a supermarket in Ho Chi Minh City. Photo by VnExpress/Thanh Tung

The National Assembly has tasked the government with achieving a GDP growth target of 6-6.5% next year despite some lawmaker concerns of feasibility amid economic challenges.

With a nearly 90.5% approval rate, Vietnam’s legislative body on Thursday ordered the government to achieve the growth target even though the rate forecast is only 5%.

During discussions Thursday, lawmakers have voiced concerns that the target might be out of reach and proposed instead to keep it at 5-6%.

Chairman of the National Assembly’s Economic Committee Vu Hong Thanh, however, said that the higher target showed the determination of the government in continuing its effort to recover the economy.

The high target is based on current positive economic signals, such as strong recovery in investment, consumption, tourism and exports. Progress in many key infrastructure projects are being sped up, he said.

Lawmakers also set the targets for inflation at 4-4.5% and GDP per capita at $4,700-4,730 next year.

The ratio of manufacturing and processing in GDP has been lowered by 1.3-1.6 percentage points from this year to 24.1-24.2%.