Cabinet convenes meeting to discuss socio-economic performance in January-September period

Leaders of all 63 provinces and centrally-run cities joined the meeting via virtual format.

The Cabinet will also discuss the progress of public investment disbursement, the implementation of the socio-economic recovery and development program and national target programs, and mid-term report on the implementation of the five-year socio-economic development plan for 2021-2025.

In his opening remarks, Prime Minister Pham underlined global headwinds, including prolonged impacts of the COVID-19 pandemic, strategic competition among major powers, high inflation, slow and uneven growth among others.

The EU, Viet Nam's second largest export market, recorded the GDP growth rate of 1.1 percent and 0.4 percent in the first and second quarter, respectively.

Meanwhile, the U.S., Viet Nam's largest export market, posted the GDP growth rate of 1.7 percent and 2.4 percent in the first and second quarter, respectively.

The International Monetary Fund forecast that the global economy will slow from last year's 3.5 percent to 3 percent this year while global trade growth will decline from 5.2 percent 2 percent year-on-year.

Given the background, Viet Nam still recorded positive signs, notably the GDP growth accelerated quarter after quarter, from 3.28 percent in the first quarter to 4.05 percent and 5.33 percent in the second and third quarter.

Viet Nam's economy remains resilient, and recovery is expected to pick up in the near term, Asian Development Bank Country Director for Viet Nam Shantanu Chakraborty told reporters Wednesday.

The international lender said Viet Nam's economic growth is expected to reach 5.8 percent in 2023 and 6.0 percent in 2024, mainly due to weak external demand./.