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Vietnam raises GDP growth target to 7% this year

Vietnam is aiming for economic growth of 7% this year, higher than an official target of 6.0-6.5% set previously, according to the country's Planning and Investment Minister Nguyen Chi Dung. The official said year-on-year economic growth in Q3 needs to be 9% and 6.3% in Q4 to achieve the target. Dung said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents. Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs late last year, allowing factories to resume full operations. The economy is recovering after growing only 2.58% last year, the slowest pace in decades. Vietnam reported gross domestic product growth of 7.7% Q2, backed by strong export growth.

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