Vietnam targets 7% GDP growth for 2022, investment minister says

  • Vietnam is aiming for economic growth of 7% in 2022, the country’s Planning and Investment Minister Nguyen Chi Dung said on 4 Jul 22, higher than the previous official target of 6% to 6.5%.
  • To achieve this, economic growth needs to be +9% y/y in 3Q22 and +6.3% y/y in 4Q22, Minister Nguyen also said during a government meeting.
  • Minister Nguyen said Vietnam’s budget was in surplus, giving scope for fiscal policy to be used to support businesses and residents.
  • “Credit institutions will need to further cut their lending interest rates to reduce input cost pressure for businesses and for the economy,” he said.
  • Vietnam, a regional manufacturing hub, started lifting its coronavirus curbs in late 2021, allowing factories to resume full operations.
  • The economy is recovering after growing only 2.58% in 2021, the slowest pace in decades.
  • The Southeast Asian country reported GDP growth of 7.72% in 2Q22, backed by strong export growth, but warned of upward inflation pressure for the rest of 2022.

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