Vietnam PM says aiming to lift 2024 growth above 7%

HANOI (Reuters) – Vietnam’s gross domestic product is expected to grow by 6.8%-7.0% this year, Prime Minister Pham Minh Chinh told parliament on Monday, before adding that the government was aiming to lift growth above the top end of that range. The country’s public debt is under control and well below a mandated ceiling set by the National Assembly, Chinh said at a the start of a month-long parliament session in Hanoi.

In 2025, Chinh said Vietnam would aim for growth of 7.0%-7.5%, supported by a credit growth target of 15% and public investment, including spending on transport infrastructure.

He said Vietnam will also seek to attract foreign investment and expand its export markets. “Numerous challenges are lying ahead, but no challenge can slow us down,” Chinh said.

The Southeast Asian country, a regional industrial hub, reported its strongest economic growth in two years in the September quarter, lifted by exports, industrial production and rising foreign investment, although Typhoon Yagi caused extensive damage last month that could affect future growth.

Chinh pledged there would not be any power shortages next year. In 2023, rolling power cuts affected industrial production.

He also said Vietnam would continue its fight against corruption and strengthen its defence capabilities.