A crippling drought in Vietnam will probably cause the government to miss its 6.7 percent growth target this year, adding to pressure on new Prime Minister Nguyen Xuan Phuc as he seeks to reassure investors of his economic reforms. That’s putting the brakes on an economy that’s otherwise benefited from a booming export industry as companies such as Samsung Electronics Co. opened factories to build and ship smartphones. Phuc took office in Vietnam in April amid the worst drought in 30 years and falling oil revenue. Rising food prices are also pushing up inflation, which may exceed the government’s 5 percent target this year, Phuc said in the speech. “He accepts the impact of adverse weather events and subdued global demand for not achieving growth targets,” she said.

Source: Thanhnien News July 20, 2016 10:52 UTC