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Vietnam's PM engages top businesses to boost economy amid slow lending

Vietnamese Prime Minister Pham Minh Chinh convened with leaders of the nation’s premier companies to devise strategies for invigorating the economy amid tepid bank lending, according to a government announcement. In a country where economic progress is closely linked to credit expansion, the central bank has set a credit growth target of 15% for the year. However, as of the end of February, there was a slight decline in banks’ total outstanding loans by 0.72% compared to the end of the previous year. Addressing the gathering, which included executives from leading corporations such as Vingroup, FPT, and No Va Land, Chinh highlighted the global economic challenges expected in 2024. Vietnam, a key manufacturing hub in Southeast Asia, saw its GDP growth decelerate to 5.05% last year from 8.02% in 2022.


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