Vietnam trims 2016 GDP growth target to 6.3-6.5%

A man rides a scooter next to a bus on a street in Hanoi, Vietnam, on Sept 30, 2016.
A man rides a scooter next to a bus on a street in Hanoi, Vietnam, on Sept 30, 2016.PHOTO: REUTERS

HANOI (REUTERS) - The Vietnamese government on Monday (Oct 3) lowered the country's gross domestic product growth target for 2016 to between 6.3 and 6.5 per cent after the economy slowed in the first nine months.

The government had initially estimated GDP growth this year at 6.7 per cent.

The South-east Asian country's GDP grew an estimated 5.9 per cent in January-September, slower than last year, so fourth-quarter growth ought to be in a 7.1-7.3 per cent range to bring full-year expansion to 6.3-6.5 per cent, the government said in an online report.

"The fourth quarter contains many good conditions, allowing to boost the GDP," it quoted Prime Minister Nguyen Xuan Phuc as saying in a speech at the start of a two-day Cabinet meeting on Monday.

Changes to the economic growth target are subject to approval by the National Assembly, the legislative body.