Hanoi anticipates lower economic growth in 2023

At a meeting on socioeconomic development plans for 2023 held Monday, the Hanoi People’s Committee also set a target of increasing GRDP per capita to some VND150 million ($6,250) next year, up from an estimated VND142 million this year.

The local government also aims to keep the consumer price index below 4.5% in 2023.Other targets set for next year include increasing investment by 10.5%, and export turnovers by 6% compared to this year.

Hanoi’s public investment in 2023 will stand at nearly VND47 trillion, said director of the municipal Department of Planning and Investment Le Anh Quan.

The capital city will also lower its number of public servants by 5% in the 2022-2026 period, according to director of the municipal Department of International Affairs Vu Thu Ha.

Chairman of the Hanoi People’s Committee Tran Sy Thanh said global turmoil is expected to remain complicated and unpredictable in terms of politics, security, economy and society in 2023. He said forecasts point to growth slowdowns, while the risk of economic recession and downward trends in the fields of finance, currency, energy and food security being likely to increase next year.

The National Assembly has set an economic growth target for 2023 at 6.5% and GDP per capita at $4,400. Vietnam’s GDP is set to expand by 8% this year, but the economy is set to face many global and domestic challenges next year, with some countries set to post declining growth or even fall into recession, chairman of the National Assembly’s Economic Committee Vu Hong Thanh said in November.