HANOI : Vietnam is expected to miss this year's economic growth target, the country's lawmaking body said on Monday."The manufacturing sector, the country's economic driver for years, has been slowing down," the National Assembly said in a statement.
HANOI : Vietnam is expected to miss this year's economic growth target, the country's lawmaking body said on Monday.
"The manufacturing sector, the country's economic driver for years, has been slowing down," the National Assembly said in a statement. The Southeast Asian country's gross domestic product is expected to grow at more than 5 per cent annually, according to state media citing a National Assembly report.
Vietnam had earlier set a GDP growth target of 6.5 per cent for this year, down from 8.02 per cent last year. Weak global demand, however, has weighed on the country's exports this year. GDP in the July-September quarter grew 5.33 per cent from a year earlier, faster than an expansion of 4.05 per cent in the second quarter, but much slower than the low-base growth of 13.71 per cent in the same period of 2022.