Vietnam is “strong”…This year’s GDP growth rate is expected to be in “8% range”

Vietnam's economic growth rate is expected to be higher than expected this year as the global economy faces difficulties. The Vietnamese government has revised its GDP (gross domestic product) growth rate for this year upward to the 8% range, which is 1.5-2.0% higher than the initial target.

According to the local media "VN Express", the Ministry of Planning and Investment (MPI) of Vietnam announced on October 1st that the growth rate up to the third quarter (September) of this year was reflected and the outlook was as before. This is the highest level in the last ten years.

Moreover, this outlook is higher than the figures expected by international financial institutions such as the Asian Development Bank (6.5%), HSBC (6.9%), and the World Bank (7.2%).

Last year, the Vietnamese government set a GDP growth target of 6% to 6.5% for this year, which was approved by the National Assembly. Looking at the growth rate by industry through the third quarter of this year, the service sector recorded 10.5%, manufacturing and construction increased 9.4%, and agriculture and forestry increased 2.9%.

The scale of trade this year was expected to reach 735 billion dollars in terms of US dollars. Exports are projected to reach $368 billion, up 9.5% from last year, while imports are expected to reach $367 billion.