Asia Economy

Vietnam prime minister says 2019 economic growth to exceed 6.8%

Key Points
  • Vietnam's gross domestic product (GDP) growth is expected to exceed 6.8% this year, backed by robust exports and foreign investment, Prime Minister Nguyen Xuan Phuc says.
Garment factory workers working in a factory in Hanoi, Vietnam on May 24, 2019.
Manan Vatsyayana | AFP | Getty Images

Vietnam's gross domestic product (GDP) growth is expected to exceed 6.8% this year, backed by robust exports and foreign investment, Prime Minister Nguyen Xuan Phuc said on Monday.

The country is targeting a GDP growth of 6.8% and will keep inflation below 4% next year, Phuc said at a meeting of the National Assembly, the country's lawmaking body.

Vietnam's foreign exchange reserves have reached $73 billion, a record high, he added.

Phuc said, however, that Vietnam has an open economy and is exposed to external risks.

The country's pace of privatization of state-owned enterprises and pace of budget spending on infrastructure have been slower than expected, Phuc also said.