National Assembly fixes 2023 growth target at 6.5%

The target was approved by 93.57% of 466 lawmakers at a session Thursday.

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.

“The 6.5% GDP growth target for 2023 shows the government’s determination in recovering and developing the economy, and the National Assembly approves it.”

The lawmakers also want the government to keep the Consumer Price Index, which measures inflation, under 4.5% next year compared to this year’s 4%.

They expect the government to ensure the banking system adapts and perseveres in any circumstance, and to keep a tight control over inflation as well as flexibly regulating the currency exchange and interest rates.

The government needs to keep watch over risky capital markets like property, bonds and stocks and develop a legal framework to control cryptocurrency and digital assets.

Delayed projects should be unblocked, and key infrastructure projects sped up.

The government needs to resolve difficulties in key power projects like thermal power plants Thai Binh 2, Nghi Son 2, Duyen Hai 2 and Van Phong 1.