(Bloomberg) -- Vietnam Prime Minister Pham Minh Chinh projects the nation’s economy will grow 6.5% to 7% in 2025 and says the government will push for expansion of 7%-7.5%, according to a post on the government’s website.
The targets come ahead of Chinh’s address to the National Assembly this morning, during which he will discuss the nation’s economic health.
Chinh sees 2024 economic growth reaching 7%, according to the statement. The government aims for 2025 inflation rate of about 4.5% on average, he said.
Export-reliant Vietnam posted a 7.4% expansion in the third quarter, as the government strives to balance curbing inflation with boosting the economy’s growth momentum. It’s also navigating recovery efforts from Super Typhoon Yagi, which killed hundreds of people and caused about $3.3 billion in economic damage.
The Southeast Asian nation’s growth target is more optimistic than the 6.1% pace forecast for Vietnam in 2025 by the International Monetary Fund.
The State Bank of Vietnam last week signaled that it is open to a reduction in policy rates “to support businesses and the economy with more capital” following the destruction caused by Yagi, according to the central bank’s Deputy Governor Dao Minh Tu.
The prime minister said 2025 GDP per capita will be about $4,900, according to the post. The government aims to boost the size of the economy to about $780 billion to $800 billion by 2030, he said. Vietnam’s gross domestic product was $433 billion last year, according to the World Bank.
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