(VOVworld)- Vietnam is likely to achieve an economic growth rate of 6.33% this year as the target of 6.7% is unfeasible.

The Central Institute for Economic Management released the forecast at a seminar in Hanoi on Friday. According to the institute, Vietnam’s economy in the third quarter made significant progress against the previous 2 quarters. Progress was attributed to the government’s efforts to improve the business environment and Vietnam achieved growth of 6.62% in the third quarter. The Institute suggested the government continue with measures to stabilize the macro-economy, focusing on restructuring banks, settling bad debts and promoting fiscal policies.