HANOI, Jan. 16 (Xinhua) – Vietnam's economy will grow 6.13 percent in the first scenario and 6.48 percent in the second, local media reported Tuesday, citing the Central Institute for Economic Management.

The entire year's exports are projected to increase 4.02 percent and 5.19 percent respectively in those two scenarios, the Vietnam News reported.

The country's trade surplus is predicted to hit 5.64 billion U.S. dollars and 6.26 billion dollars respectively, while the average inflation this year is forecast to stand at 3.94 percent and 3.72 percent, said the report.

The institution's head Tran Thi Hong Minh said 2024 is predicted to remain a difficult year for both the Vietnamese and global economy. However, strengthening institutional reforms will help Vietnam accelerate growth.

Vietnam's economy posted a growth of 5.05 percent in 2023, short of the National Assembly's target of 6.5 percent, according to the General Statistics Office.

According to a resolution on the socioeconomic development plan for 2024 approved by Vietnam's top legislature, the country will strive to achieve a growth of 6-6.5 percent this year.