Vietnam is set to miss its economic growth target this year, according to its rubber stamp legislature.
The south-east Asian country had expected gross domestic product to expand 6.5 per cent this year, down from about 8 per cent in 2022.
However, National Assembly economic committee chair Vu Hong Thanh said in a report delivered on Monday that the country had faced unexpected “headwinds”, affecting “macroeconomic stability”.
The country now expects GDP growth for 2023 to exceed 5 per cent, according to Tuoi Tre, a state-run newspaper.
Thanh said “economic growth decelerated significantly” during 2023, adding: “The manufacturing and processing industry, once considered the driving force for growth for many years, is now in decline.”
