Viet­nam likely to miss GDP growth tar­get

The Sun (Malaysia) - - SUNBIZ -

HANOI: Viet­nam ex­pects an­nual eco­nomic growth of 6.3-6.5% this year, be­low tar­get and slow­ing from last year’s 6.68%, as weak­ness in agri­cul­ture and ex­ports dragged on one of Asia’s most re­silient economies.

Ad­verse weather, in­clud­ing drought in the cof­fee belt and sali­na­tion in the Mekong Delta, have put the brakes on Viet­nam’s rapid growth, bit­ing into its in­dus­trial and agri­cul­tural pro­duc­tion, its ex­ports and im­ports. Viet­nam’s ex­ports should grow 6-7% this year, be­low the 10% tar­get, while to­tal loans as of now is seen grow­ing 11.24% from the end of last year, Prime Min­is­ter Nguyen Xuan Phuc said yes­ter­day.

“Be­sides ad­van­tages, we faced many dif­fi­cul­ties and chal­lenges; global growth and trade were both lower than ex­pected and prices of many ba­sic goods and crude oil were low,” Phuc said in an ad­dress to the coun­try’s na­tional assembly.

Gross do­mes­tic prod­uct growth, how­ever, is seen re­bound­ing to 6.7% next year, Phuc said, while av­er­age in­fla­tion is ex­pected to hit 4% and ex­ports are seen grow­ing 6-7%. – Reuters

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