Vietnam Communist Party targets faster gro wth

Vietnam's ruling Communist Party is targeting faster annual economic growth over the next five years, despite potentially "severe" economic challenges, according to a draft document prepared for its upcoming congress.



The party expects the country's economy to grow by at least 10% a year over the 2026-2030 period.



Vietnam targeted 6.5% to 7.0% annual growth over the 2021-2025 period.



The economy expanded at an annual average of about 5.7% in the 2021-2024 period although growth is on track to be above 8% this year.



The draft document sets the stage for discussions at the party congress, which will define the country's main strategies and policies for the coming five years.



Officials are also aiming to lift gross domestic product per capita to $8,500 by 2030, up from a target of $4,700 to $5,000 for the 2021-2025 period.