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Vietnam lowers economic growth target to 6.3-6.5%

Staff Writer |
Vietnamese Prime Minister Nguyen Xuan Phuc lowered the country's economic growth target to 6.3-6.5 percent in 2016, instead of the earlier one of 6.7 percent.

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Phuc made the remark at a monthly cabinet meeting which opened in Vietnam's capital Hanoi on Monday, reported the government's e-Portal.

The cabinet chief urged sectors, ministries and localities to strive to boost economic growth, improve quality of growth and sustainable development as well as realize the highest possible economic growth planned for the year 2016 at 6.3-6.5 percent.

Despite failing to reach the earlier target of 6.7 percent in 2016, "a tough year with full of obstacles," Phuc said 6.3-6.5 percent is also a high growth.

According to Phuc, Vietnam's gross domestic product (GDP) expanded by 5.93 percent in the first nine months this year, lower than that of the same period last year.

In order to reach GDP growth of 6.3-6.5 percent in 2016, Phuc said GDP expansion in the fourth quarter must be 7.1-7.3 percent.