16-10-2023 (HANOI) Vietnam is facing challenges in achieving its economic growth target for the year, as the manufacturing sector, a key driver of the country’s economy, has been experiencing a slowdown. The National Assembly of Vietnam made this observation in a statement, suggesting that the country is likely to fall short of its growth target.
The initial GDP growth target for 2023 was set at 6.5%, a significant reduction from the 8.02% recorded in the previous year. The weakening global demand has had a negative impact on the country’s exports, contributing to the challenges faced in achieving the growth target. According to a National Assembly report cited by state media, Vietnam’s GDP is now expected to grow at just over 5% annually.
While there has been a slight improvement in GDP growth in the third quarter, which recorded a 5.33% increase compared to the same period last year, this growth is significantly lower than the 13.71% growth seen in the third quarter of 2022.
