THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Prime Minister says 2023 GDP growth target remains unchanged
VGP – Prime Minister Pham Minh Chinh said no change has been made to 2023 GDP growth target despite the economy only expanded 3.32 percent in the first quarter – the second lowest growth rate over the last 12 year.
Prime Minister Pham Minh Chinh addresses the Cabinet meeting in Ha Noi, April 3, 2023. Photo: VGP
The Government chief made the above statement while presiding over the Cabinet meeting in Ha Noi on Monday.
Last year, Viet Nam's economy experienced a strong rebound, with growth reaching 8.02 percent, exceeding its average rate of 7.1 percent from 2016 to 2019.
However, global economic growth is confronting multiple headwinds in 2023, including lingering impacts of the COVID-19 pandemic. high inflation and monetary policy tightening along with fierce competition among major powers.
Domestically, there remain difficulties, particularly in real estate and securities markets, said Pham.
Given the backdrop, the Prime Minister ordered subordinate authorities to double efforts to materialize the initially whole-year goals, including the GDP growth target of 6.5 percent this year.
He urged ministries, agencies and localities to accelerate disbursement of public investment capital by removing legal obstacles as public investment capital is considered the key to boost post-pandemic recovery.
Pham tasked the Ministry of Planning and Investment to draft a resolution and a program on chip production.
The Ministry of Industry and Trade is responsible for composing a draft resolution and a program on accelerating green energy transition.
The Ministry of Natural Resources and Environment is in charge of drafting a resolution and a program on fostering the development of circular economy./.