Vietnam targeting 8.3%-8.5% GDP growth this year, PM says

HANOI (Reuters) -The Vietnamese government will aim to raise its gross domestic product by 8.3% to 8.5% for this year, Prime Minister Pham Minh Chinh said on Wednesday, despite challenges.

The target, which compares with growth of 7.09% last year, will "create a firm foundation for double-digit growth in the 2026-2030 period," Chinh said at a meeting in Hanoi, according to a government statement.

Lawmakers in the Southeast Asian industrial hub had earlier approved a GDP growth target of at least 8% for this year.

Chinh said Vietnam will need to renew its traditional growth drivers such as domestic consumption, exports and investment, while adopting new drivers, including green growth and the digital economy, according to the statement.

However, Vietnam is still facing numerous challenges, he said, citing conflicts, geopolitical competition, trade tensions, supply chain disruptions and climate change.

Chinh's statement came hours after U.S. President Donald Trump said that a trade agreement with Vietnam was nearly complete.

Trump said early this month that Vietnamese goods would face a 20% tariff, with trans-shipments from third countries through Vietnam also facing a 40% levy. The rates are lower than the 46% he threatened in April.

Vietnam's GDP in the second quarter accelerated to 7.96% year-on-year, from 6.93% in the first quarter.

(Reporting by Khanh Vu; Editing by John Mair)

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