Vietnam's GDP in 2024 to increase by an impressive 7.09%

GDP growth in 2024 is the 4th highest in the 2011-2024 period, only lower than the growth rates in 2018, 2019 and 2022.

GDP per capita increased by 377 USD compared to 2023

According to data released on the morning of January 6, 2025 by the General Statistics Office, GDP in the fourth quarter of 2024 increased by 7.55% over the same period last year.

Thus, GDP in 2024 will increase by 7.09% compared to 2023. This level is only lower than the growth rate in 2018, 2019 and 2022 in the past 15 years, showing a clear economic recovery.

Vietnam's economic growth of over 7% is a bright spot in the context of the global economy still facing difficulties, with many countries experiencing low growth. This level is also higher than the forecasts made by many international organizations.

With this growth momentum, the size of Vietnam's economy at current prices will reach 476.3 billion USD by the end of 2024. GDP per capita will reach 4,700 USD, an increase of 377 USD compared to the same period in 2023. Labor productivity of the entire economy will be about 9,182 USD per person, an increase of 726 USD.

Source: General Statistics Office

Regarding inflation, the average consumer price index increased by 3.63% over the previous year, reaching the target set by the National Assembly (below 4.5%).

Regarding the economic structure in 2024, the agriculture, forestry and fishery sector accounts for 11.86%; the industry and construction sector accounts for 37.64%; the service sector accounts for 42.36%; product taxes minus product subsidies account for 8.14% (The corresponding structure in 2023 is 11.86%; 37.58%; 42.30%; 8.26%).

Trade and tourism activities maintain high growth momentum, contributing positively to the growth of the service sector. The added value of the service sector in 2024 increased by 7.38%, higher than the growth rate of 6.91% in 2023.

Many economic bright spots

Business trends of enterprises also improved. In the fourth quarter of 2024, the rate of enterprises assessing more favorable than the previous quarter increased by 5.1%, while the stable group increased by 0.4% and difficulties decreased by 5.5%.

In 2024, more than 157,200 new businesses will be registered with a total capital of more than 1.5 million billion VND. The whole country will also have nearly 76,200 businesses returning to operation, an increase of 30.4% compared to 2023. Thus, nearly 19,500 businesses will be newly established and return to operation each month. Meanwhile, the number of businesses withdrawing from the market each month is nearly 16,500.

Total registered FDI capital as of December 31, 2024 reached about 38.23 billion USD. Total state budget revenue in 2024 is estimated at 2,037.5 trillion VND, equal to 119.8% of the annual estimate and up 16.2% over the previous year. Meanwhile, total state budget expenditure for the whole year is about 1,830.8 trillion VND.

Source: General Statistics Office

Also in 2024, the total import-export turnover of goods reached about 786.3 billion USD, an increase of 15.4% over the previous year. The trade balance of goods had a surplus of more than 24.7 billion USD.

Ms. Nguyen Thi Huong, Director General of the General Statistics Office, assessed the growth rate in 2024 as "very positive" in the context of unpredictable world fluctuations and the country being affected by natural disasters. "This is an important premise for 2025 to accelerate and reach the finish line," Ms. Huong said.

In 2025, the Government set a growth target of 8%, higher than the target assigned by the National Assembly (6.5%-7%). The General Director of the General Statistics Office commented that this is a big challenge.

Ms. Nguyen Thi Huong said that Vietnam needs to flexibly manage monetary policy, stabilize exchange rates, interest rates, and control prices. It is necessary to limit sudden price increases to minimize the impact on inflation and people's lives. In addition, ministries, branches, and localities must also increase public investment disbursement, attract high-quality foreign capital through competitive incentive policies; have solutions to stimulate domestic consumption and support the small and medium-sized enterprise community to recover and develop...

Source: https://pnvnweb.dev.cnnd.vn/gdp-nam-2024-cua-viet-nam-tang-an-tuong-709-20250106115503461.htm