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Vietnam aims for 9% economic growth amid challenges

Vietnam’s Prime Minister Pham Minh Chinh announced plans to achieve around 9% economic growth for the second half of 2023 by focusing on investment, consumption and exports. Amidst concerns about missing the 6.5% growth target due to waning global demand, the government is considering strategies, including encouraging the central bank to reduce borrowing costs. The State Bank of Vietnam has already slashed interest rates four times this year. The prime minister emphasised accelerating government spending on critical infrastructure, attracting foreign investment, and providing tax incentives. Concurrently, Chinh addressed concerns about national food security and the need to bolster rice production and exports, especially given global supply threats. This move follows significant price hikes in Asian rice benchmarks after export bans from top producers.

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