This growth target is notably more optimistic than the International Monetary Fund's forecast of 6.1% for 2025.

In the backdrop of these economic plans, the government is managing recovery efforts from Super Typhoon Yagi, which caused hundreds of deaths and approximately $3.3 billion in damages.

In response to the typhoon's impact, the State Bank of Vietnam is considering reducing policy rates to provide more capital support to businesses.

Despite these challenges, Chinh emphasized the importance of attracting foreign investment and expanding export markets.

Chinh also indicated that GDP per capita is expected to reach around $4,900 by 2025.

The economy saw a notable 7.4% expansion in the third quarter, highlighting its reliance on exports amid inflation concerns.

The damage from Typhoon Yagi may pose challenges to future economic growth.

Vietnam's economy is projected to grow between 6.8% and 7.0% in 2023, with ambitions to exceed this range.

Prime Minister Pham Minh Chinh announced these growth targets during a parliamentary session in Hanoi.

Looking ahead, Chinh anticipates a growth rate of 7% in 2024 and an average inflation rate of approximately 4.5% in 2025.

For 2025, Vietnam aims for a GDP growth of 7.0%-7.5%, bolstered by a 15% credit growth target and increased public investment in infrastructure.

Vietnam experienced its strongest economic growth in two years during the September quarter, driven by robust exports and foreign investment.