A El Nino-link drought has hit coffee and pepper production in Vietnam's Central Highland. (Photo: Thanh Nien)
Vietnam’s gross domestic product (GDP
) is expected to slow to 6.2%-6.3% this year as industrial production and export growth are likely to fall short of target, said Le Quoc Phuong, deputy head of the Information Center under the Ministry of Industry and Trade.
Industrial output is projected to increase 8% and exports are seen growing 7% this year, far below the target of 10% growth, Phuong said at a workshop in Hanoi on July 7, local media reported.
The country’s economy expanded 5.52% in the first three quarters of this year, slowing from 6.32% in the comparable period of 2015, as El Nino-related drought in the Central Highlands and Mekong Delta hit rice and coffee production.
To reach the whole-year growth target of 6.8%, Vietnam’s economy needs to grow at least 7.5% in the second half, which is deemed unlikely, Phuong noted.
Sharing the same view, Ngo Tri Long, former director of the Price Management Institute under the Ministry of Finance, reckoned that Vietnam’s 2016 GDP would expand 6% in a pessimistic scenario and less than 6.5% in a brighter scenario.