Vietnam’s prime minister targets 2027 GDP growth of at least 10%

Vietnam's prime minister, Le Minh Hung, has set a target of at least 10% growth in the country's gross domestic product (GDP) for next year, according to a speech to parliament. The government will prioritize technology development and key projects in seaports, inland waterways, and railways to achieve this growth target. At the same time, Hung emphasized the importance of maintaining macroeconomic stability and controlling inflation at around 4.5% for 2027.

The government plans to lower lending rates and direct credit toward production, business, and exports to support the growth objectives. However, Vietnam faces challenges in meeting the target, as inflation has already risen to 5.08% in September, exceeding the government's intended 4.5% cap. Additionally, mounting pressures on interest rates due to the Iran conflict are adding to the difficulties in reaching the 10% growth target.

Despite these challenges, Vietnam remains committed to its double-digit economic growth goal, which has been in place since last year. The government's priority is to ensure sufficient electricity and fuel supplies while addressing the need for more loans to support the growth push.