Vietnam 2010 GDP to grow 6.7 pct, beating target: gov't

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Vietnam's economy is expected to grow 6.7 percent this year, beating a government growth target of 6.5 percent, the government said.

The economic growth would accelerate to 7.18 percent in the third quarter ending September from a year ago, from an annual growth of 6.4 percent in the second quarter, it said.

"The GDP growth in the third and the fourth quarters of 2010 will be higher than the growth rate in the first and the second quarters as domestic production has gathered growth momentum and global trade is rising rapidly," the government said in a statement issued late on Tuesday.

The National Assembly, the parliament, has initially targeted economic growth this year at 6.5 percent, rising from 6.32 percent in 2009.

The growth forecasts were released at a monthly cabinet meeting ending on Tuesday, at which the government set a growth target of 7.5 percent for 2011, the statement said.

The target for next year needs approval from the National Assembly, which will review next year's projections during a month-long autumn session starting on Oct. 20.

Vietnam's industrial output between January and August rose 13.7 percent from a year ago to 69.51 trillion dong ($3.58 billion), more than doubling the annual expansion in the first eight months of 2009, government statistics show.

The Vietnamese government has projected average annual economic expansion of between 7.5 percent and 8.5 percent over the five years from 2011, local media reported in July.

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