HANOI - Vietnam's ruling party estimated on Thursday gross domestic product growth this year would reach 6.7 percent, exceeding the government's official target of 6.5 percent.
Next year's economic growth target would be 7-7.5 percent while exports would be targeted to expand 10 percent, said a report issued after a meeting of the party's ruling Central Committee.
"The economy has recovered quickly. The pace of growth has become more and more stable closer to the end of the year, and GDP for the whole year is estimated to reach 6.7 percent," said the report on the government website, www.chinhphu.vn.
Economic growth accelerated to an annual rate of 7.16 percent in the third quarter from 6.4 percent in the second, the government statistics office said late last month. The economy grew 6.52 percent in the first nine months from a year ago.
Vietnam has been among the fastest growing economies in Asia, and last month the Party forecast GDP growth to average between 7.5 percent and 8 percent for the next five years.
It also forecast exports to rise an average 12 percent annually between 2011 and 2015.
Thursday's report said consumer price inflation would be 7-8 percent this year. The official target is for inflation not to exceed 8 percent, although a Reuters poll of economists put the figure at 8.5 percent.
Vietnam's economy is expected to grow 6.7 percent this year, beating a government growth target of 6.5 percent, the government said.