Vietnam says to revise up 2025 GDP growth target to 8% from 6.5-7%

VIETNAM will officially revise up its gross domestic product growth target for 2025 to 8.0 per cent from 6.5 to 7.0 per cent, Minister of Planning and Investment Nguyen Chi Dung said on Wednesday.

Imports and exports are both expected to grow 12 per cent this year, Dung said in parliament, adding that the trade surplus is estimated at US$30 billion.

The South-east Asian country, a regional manufacturing hub, reported a GDP growth of 7.09 per cent last year, making it one of the fastest-growing economies in Asia.

Dung said industrial manufacturing and foreign investment would lead this year’s economic growth.

Foreign investment inflows are expected to be US$28 billion, while domestic retail sales are expected to rise 12 per cent, he said.

“However, we are still facing challenges this year, and we will also prioritise keeping inflation under control and ensuring macro stability,” Dung said.

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He said inflation is expected to be 4.5 to 5.0 per cent this year.

The revised GDP growth target is subject to approval from the parliament. REUTERS