Vietnam may trim growth forecast: report

Published: 30/03/2009 05:00

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Vietnam may lower its 2009 economic growth forecast to 5 percent after posting its weakest first-quarter expansion in a decade, a report quoted the prime minister as saying Monday.

The government may have to ask the National Assembly to reduce the target by 1.5 percentage points from the existing 6.5 percent for this year, VnExpress news website quoted Prime Minister Nguyen Tan Dung as saying.

The National Assembly, Vietnam’s parliament, is to meet in mid-May.

On Friday, official figures revealed Vietnam’s first-quarter growth fell to the lowest level in a decade.

The 3.1-percent growth seen in the first quarter is a “floor level” and the economy should pick up, VnExpress quoted Le Duc Thuy, head of the National Financial Supervision Committee, as saying.

Thuy said gross domestic product (GDP) growth of 5 percent at the end of the year would be good.

Vietnam reported 7.4-percent growth in the first quarter of 2008.

The General Statistics Office has trimmed Vietnam’s full-year 2008 growth figure to 6.18 percent, its lowest level in almost a decade.

Source: AFP

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