HANOI (Reuters) – Vietnam is facing numerous challenges in meeting its economic growth target of 6.5% this year, the Ministry of Planning and Investment said on Monday, after growth in the first quarter slowed.
The Southeast Asian country, a regional manufacturing hub, reported gross domestic product growth of 3.32% in the first quarter of the year, slowing from a 5.92% expansion in the fourth quarter of 2022, with exports falling 11.9% from a year earlier due to weakening global demand.
The ministry, in a statement, forecast this year’s growth at 6.0%-6.5%, and said the country would aim for the higher figure.
“The adverse global conditions have affected domestic growth and business activities, especially industrial production and exports,” the ministry said in the statement.
(Reporting by Khanh Vu; Editing by Martin Petty)
