return icon

Economists, gov't differ on whether GDP growth rate is attainable

VietNamNet Bridge - The government still insists on a 6.7 percent GDP growth rate target this year, though economists warn it will be out of reach.

VietNamNet Bridge - The government still insists on a 6.7 percent GDP growth rate target this year, though economists warn it will be out of reach.


The low GDP growth rate of 5.1 percent in the first quarter of the year, the lowest in three years, has raised doubts about the target. 

The country's most respected economists, including Nguyen Duc Thanh, Vo Tri Thanh and Dinh Tuan Minh, all agree that the 6.7 percent economic growth rate will not be attainable.

Nguyen Duc Thanh, head of the Vietnam Institute for Economic & Policy Research (VEPR), predicted that Vietnam would obtain the GDP growth rate of 6.1 percent this year, or six percentage points lower than the targeted growth rate set by the National Assembly.

At the VEPR economic report ceremony on April 10, Thanh said the growth rate in the second quarter would be better than the first quarter, at 5.7 percent, while 6.5 percent and 6.6 percent growth rates would be seen in the third and fourth quarters, respectively.

The government still insists on a 6.7 percent GDP growth rate target this year, though economists warn it will be out of reach.

MarketIntello, a market survey firm, has lowered the growth rates of the upcoming quarters. Its latest report says Vietnam would obtain the 5.35 percent in the second quarter, 5,8 percent in the third quarter and 6.1 percent for the entire year.

Experts also said that it would be difficult for Vietnam to reach the CPI target of 4% in 2017 set by the National Assembly when the country still faces many macro-economic challenges.

However, amid cautious predictions made by economists, the government still believes that the 6.7 percent GDP growth rate plans is feasible and is a must. The high economic growth rate is the key for the economy to reach sustainable development.

Minister Mai Tien Dung, chair of the Government Office, at the regular government press conference on May 4, spoke for 10 minutes about the targets for the next three quarters and the solutions to turn them into reality. The concise and convincing speech has calmed the public.

“The achievement of the goal will play an important role in helping the economy obtain macroeconomic balance, including securing the state budget, public debt, investment, and import/exports and ensuring people’s jobs and lives,” Dung said.

The government has set new goals for the three upcoming quarters: 6.26 percent growth rate in Q2, 7.29 percent in Q3 and 7.49 percent in Q4, or average growth rate of 7.1 percent in three quarters. 


CPI ups 0.46 percent in January

Fear of Inflation has returned as petrol price rises

Chi Mai


Co la, the food tray that demonstrates Muong ethnic culture in Hoa Binh

For Muong ethnic people, especially those living in Hoa Binh Province, cỗ lá (literally means a food tray displaying several dishes) is more than just a popular food.

Experts call for Hanoi to become a 'creative city'

Cultural industry development is a new issue, and Hanoi does not have much experience promoting its potential advantages.

Apple jumps to second highest seller of smartphones in Vietnam for first time

iPhone accounted for 20.5 percent of market share in Vietnam in October 2022, according to GfK.

Credit concerns affecting Vietnamese stocks should ease soon: VinaCapital

The demand for new housing units in Vietnam is still strong and prices are still affordable, and so the prices of real estate stocks are likely to recover if and when the Government takes action to ease credit conditions.

Fuel prices soar, EVN faces huge losses

Due to the global rise of coal, oil and gas prices, EVN’s electricity production costs and purchase costs have increased sharply. The group may incur losses of up to VND64.8 trillion in 2022.

Banks gain big profits from forex trading

Most banks reported strong profit growth from the foreign exchange business in the first three quarters of this year thanks to the sharp appreciation of the US dollar, Q3 2022 financial statements showed.

National Sports Games to take part in December

The 2022 National Sports Games (NSG) will be held in Quang Ninh Province from December 9-21.

Vietnam lures over $25 billion in foreign investment in 11 months

Despite a decline of 18 per cent in newly registered capital to $11.5 billion, foreign capital disbursement saw a positive increase of 15 per cent to reach $19.68 billion in the January - November period.

India - new market for VN tourism

According to the World Tourism Organization, Indians spent $22.9 billion traveling abroad in 2019 and the figure was estimated to reach $42 billion by 2024, $45 billion by 2025 and about $91 billion by 2030.

Without career guidance, students drop out in first, second academic years

Without appropriate career guidance when choosing a major in a university, many students have studied the wrong majors so and dropped out after the first year because they chose an unsuitable study program.

Three factors keep Vietnam’s economy humming along

Infrastructure investment, trade environment and competitive wages are three factors that keep Vietnam’s economy humming along and its growth numbers positive, according to an article published on the

Hanoi Tourism Ao Dai Festival 2022 underway next week

The Hanoi Ao Dai Festival 2022 will take place around Hoan Kiem Lake pedestrian street from December 2-4.

Minister of Transport issues warning to managers of delayed projects

If transport projects do not proceed on schedule, managers need to prepare to resign, Transport Minister Nguyen Van Thang has said.

Vietnam promoting zero-emission economy

The Vietnamese Government is prioritizing climate change responses, green economy, sustainable development in its action programs. Therefore, businesses are advised to adapt to these concepts for their own growth.

VN businesses promote int’l fundraising amid domestic tightened policy

Many Vietnamese businesses have boosted foreign fundraising to cope with their capital shortage amid the country's tightened monetary policy.