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(Bloomberg) — Vietnam’s government is targeting annual economic growth of at least 10% over the next five years, even as US tariffs and global trade uncertainty threaten to weigh on exports and investments flows.
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The nation will “continue to prioritize boosting growth with maintaining macroeconomic stability, curbing inflation, ensuring major economic balances, and keeping public debt and the budget deficit within the limits,” Prime Minister Pham Minh Chinh said, speaking to legislators at the National Assembly in Hanoi Monday.
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Chinh said economic expansion will be over 8% this year. The nation, which has been aiming for 8.3-8.5% growth in 2025, saw the economy grow at the fastest pace in three years last quarter, as factories went into overdrive shipping goods to the US before higher tariffs took effect early August.
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The government aims “to strongly develop the domestic market and e-commerce, boost consumer demand, and take tough action against smuggling and trade fraud,” Chinh said. It also aims to “boost exports effectively in traditional markets and expand by signing new free trade agreements with regions such as the Middle East, Latin America, Africa, and Pakistan.”
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Vietnam has been seeking to diversify its export markets as its negotiators continue to hash out the terms of a trade deal with the US. While the initial threatened 46% tariff has been pared back to 20%, the US also set a 40% tariff on goods deemed to be transshipped through the Southeast Asian nation, creating extra uncertainty for businesses and exporters while the details remain unclear.
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The government also vows to remove bottlenecks for the development of key projects including in the renewable energy and industry sectors, Chinh said. There are currently about 3,000 projects that the government is reviewing, and he urged authorities to speed up the process.
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