The economy has likely remained resilient after growth picked up in Q2. Exports performed strongly in July and industrial output expanded at a swift pace, although the rate of growth was slightly lower than the previous month. On 12–13 August, in a meeting with ministers and top officials, Prime Minister Nguyen Xuan Phuc stated the government’s aim to boost the credit growth rate to at least 21% this year. The measure is intended to catalyze higher growth to reach the government’s ambitious annual growth target of 6.7% for this year by simulating domestic consumption, stepping up investment in manufacturing and strengthening market confidence. Concerns about the move have been expressed however, amidst the continuing legacy of non-performing loans from the 2011 banking crisis. Moreover, on 15 August, the ministry of finance announced its intention to amend tax rates, which notably includes raising the Value-added Tax (VAT) from 10% to 12% in 2019, as a means to curb the record levels of public debt.