HANOI (Reuters) -Vietnam’s gross domestic product is expected to have grown 7.6% in the second quarter from a year earlier, Deputy Prime Minister Nguyen Hoa Binh told parliament on Friday.
Binh said annual growth for the first half is estimated at 7.3%, adding it would be a “big challenge” to reach this year’s growth target of 8%.
He said Vietnam is seeking to maintain harmonious trade relations with the United States and China, its two largest trading partners.
Vietnam has been holding negotiations with the U.S. to strike a deal that would allow Vietnamese goods to avoid a 46% tariff rate, imposed largely as a result of its big trade surplus with Washington.
“Vietnam is doing its best to avoid the U.S.’s 46% reciprocal tariffs on its products,” Binh said. “We don’t assume that the tariff will take effect.”
To meet this year’s GDP target, Vietnam has been seeking to “renew” its existing growth drivers, including exports, manufacturing, public investment and foreign direct investment, Binh said.
He added that Vietnam is also seeking new growth drivers, including green investment as well as high-tech industries like semiconductors.
(Reporting by Khanh Vu; Editing by John Mair)
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