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Vietnam cuts 2016 GDP growth target to 6.3-6.5 pct: govt

Oct 4th at 13:26
04-10-2016 13:26:33+07:00

Vietnam cuts 2016 GDP growth target to 6.3-6.5 pct: govt

The Vietnamese government on Monday lowered the country's gross domestic product growth target for 2016 to between 6.3-6.5 percent after the economy slowed in the first nine months.

 

The Southeast Asian country's GDP grew an estimated 5.9 percent in January-September, slower than last year, so fourth-quarter growth ought to be in a 7.1-7.3 percent range to bring full-year expansion to 6.3-6.5 percent, the government said in an online report.

"The fourth quarter contains many good conditions, allowing to boost the GDP," it quoted Prime Minister Nguyen Xuan Phuc as saying in a speech at the Monday start of a two-day cabinet meeting.

The government has initially targeted GDP growth this year at 6.7 percent.

Changes to the economic growth target are subject to approval by the National Assembly, the legislative body.

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