Friday , July 19 2024

Vietnam navigates economic headwinds in 2023: PM

Vietnam’s economy overcame headwinds in 2023 to achieve strong growth compared to other countries in the region, Prime Minister Pham Minh Chinh has said.

The country had to face adverse external and internal difficulties last year, but the government managed to be flexible and overcame the obstacles, the PM told a government meeting Friday after the country recorded a 5.05% GDP growth last year.

Deputy PM Le Minh Khai said earlier that Vietnam’s growth was considered high compared to other countries, and its inflation was kept under control at 3.25% against the target of 4.5%.

Agriculture was a bright spot with a 10-year high growth rate of 3.83%. Government revenues exceeded estimates by 8.12%, and the country’s trade surplus reached a new peak of $28 billion.

Public investment reached VND676 trillion ($22.73 billion), or 95% of the PM’s target and the highest ever. Foreign direct investment rose 32% to $37 billion.

However, Vietnam failed to achieve its own GDP growth target of 6.5%.

PM Chinh said that this was caused by a decline in global demand, disruptions in supply chains, and tightened monetary policy in Vietnam’s largest markets.

Manufacturing faced difficulties and many companies were short on orders.

There was a shortage of electricity in May and June last year due to passive management.

Credit growth was 13.71% against the target of 14-15%, showing that accessing loans was difficult.

The real estate market has improved butremains sluggish mainly due to segmentation inadequacies and legal problems. Issues on the corporate bond market are being resolved but there are still risks.

Deputy PM Khai said that Vietnam targets an economic growth of 6-6.5% this year and to keep inflation at 4-4.5%. The country eyes export growth of 6% to $724 billion and to develop the semiconductor sector.

Several notable infrastructure projects are set to be operational this year, such as the Ben Thanh – Suoi Tien Metro Line in Ho Chi Minh City.

A plan to build the North-South highspeed railway is set to be reviewed for approval.

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