The Vietnamese economy could beat all the forecasts to grow at 7 per cent for the full year if the growth momentum is accelerated, according to the Ministry of Planning and Investment. — VNA/VNS Photo Trần Việt

The Ministry of Planning and Investment has provided updates for economic growth scenarios in the second half of this year, in which the Vietnamese economy could beat forecasts and expand at 7 per cent for the full year.

In the first scenario, the economic growth could reach 6.5 per cent in 2024, equivalent to the National Assembly’s target, with a growth rate of 6.5 per cent in the third quarter and 6.6 per cent in the last quarter.

In the second, the economy could beat all the forecasts to expand at 7 per cent for the full year with a growth rate of 7.4 per cent and 7.6 per cent in the two last quarters, respectively.

The Ministry of Planning and Investment opted for the second scenario on positive growths of economic sectors, more rapid recovery of private investment, State-owned enterprises, positive growth momentum of foreign direct investment (FDI), robust export, improving tourism and consumption and new policies.

Minister of Planning and Investment Nguyễn Chí Dũng said that the focus will be on improving legal frameworks to increase the enforcement of the laws on land, real estate business and housing from August 1.

It is also necessary to promote growth momentum from investment, consumption and export as well as new impetus from digital and green transition, together with speeding up administrative reforms and improving investment climate.

The Vietnamese economy expanded at 6.93 per cent in the first half of this year.

“If the growth momentum is maintained, Vietnamese economy could fulfil or even exceed the National Assembly’s target at 6.5 per cent,” Dũng said. — VNS