HANOI, May 20 (Reuters) - Vietnam has revised its target for economic expansion this year to more than last year's 5.03 percent, a deputy prime minister said on Monday, pulling back from its earlier projection of 5.5 percent.
The government will strive to cut interest rates to a 'reasonable level' while containing inflation, Nguyen Xuan Phuc, deputy Prime Minister told the parliament added in a televised session.
The economy grew in 2012 at its slowest pace in 13 years amid high inflation and reduced consumer spending as credit growth weakened and debt-laden banks tightened lending.
The prime minister approved an economic masterplan in February to revive the economy and restructure state firms and banks, but economists say progress has been slow.
(Compiled by Ngo Thi Ngoc Chau; Editing by Martin Petty) Keywords: VIETNAM ECONOMY/GDP
(firstname.lastname@example.org)(+84 4 3825 9623)(Reuters Messaging: email@example.com)
Copyright Thomson Reuters 2013. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.