16.07.202504:23:08UTC+00Vietnam Targeting 8.3%-8.5% GDP Growth This Year

Vietnam aims to boost its GDP growth to between 8.3% and 8.5% this year, as announced by Prime Minister Pham Minh Chinh during a meeting in Hanoi on Wednesday. Despite numerous challenges such as geopolitical conflicts, increasing global competition, trade tensions, supply chain issues, and climate change, the government remains committed to this ambitious target. This objective follows the lawmakers' approval of a minimum GDP growth target of 8% for 2025. Vietnam's economy expanded by 7.09% last year, and this new goal is intended to establish a strong basis for potential double-digit growth during the 2026–2030 period, according to Chinh in a government statement. In the second quarter of 2025, Vietnam's economy grew by 7.96%, marking the fastest growth rate since the third quarter of 2022 and improving upon the 6.93% growth in the first quarter. Additionally, earlier this month, the US and Vietnam reached a trade agreement resulting in the US reducing its planned tariff on Vietnamese imports from 46% to 20%.