Vietnam PM: 2023 GDP growth below target due to external factors

HANOI (Reuters): Vietnam's economic growth is seen below target this year, mostly due to external factors, Prime Minister Pham Minh Chinh has announced.

Chinh said this year's gross domestic product growth is around 5%, below a target of 6.5% and down from 8.02% expansion last year, noting that firms are facing difficulties amid weak global demand.

Meanwhile, Vietnam's exports in the first 10 months of this year fell 7.0% from a year earlier to US$291.46 billion, dragged by declines in garment and smartphone shipments, customs data showed on Thursday.

Imports in January-October fell 12.2% to $266.87 billion, resulting in a trade surplus of $24.59 billion, the Customs Department said in a report.

In October, exports rose 5.1% from September to $32.25 billion, while imports were up 3.6% at $29.52 billion, the department said.

Exports of smartphones, its top export earner, fell 12.4% in the first 10 months of this year to $44.13 billion, the report said. Shipments of garments fell 12.9% to $27.7 billion.

Exports to the United States, its largest export market, fell 15% in the January-October period to $79.25 billion. - Reuters