Vietnam's GDP in 2024 will increase by 7.09%

According to data released on the morning of January 6 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.

In fact, Vietnam is among the few countries with high growth rates in the region and the world and is highly regarded by international organizations. For example, in a report published in the middle of this month, HSBC called Vietnam a "growth star" in Southeast Asia, after the Philippines led the region last year.

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.

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.

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%).

Services are still the group that contributes the most to the added value of the economy, at over 49.46%. According to the General Statistics Office, the added value of this sector reached 7.38% compared to the previous year.

Meanwhile, industry and construction increased by 8.24%, contributing 45.17% to the added value of the economy. Agriculture, forestry and fishery contributed 5.37% to growth.

Along with GDP, last year, Vietnam also completed 15/15 targets set by the National Assembly. Many localities had impressive growth, state budget revenue exceeded estimates, such as Hanoi and Ho Chi Minh City recorded budget revenue exceeding half a million billion VND for the first time.

Along with that, the macro economy remains stable, inflation is controlled, major balances of the economy are ensured. The confidence of businesses, investors, and people is strengthened, according to a previous report of the Ministry of Planning and Investment.

More than 157,200 new businesses were registered with a total capital of more than 1.5 quadrillion VND last year. The country also had nearly 76,200 businesses returning to operation, an increase of 30.4% compared to 2023. Correspondingly, nearly 19,500 businesses were newly established and returned to operation each month. Meanwhile, the number of businesses withdrawing from the market each month was nearly 16,500.

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 2025, the Government set a growth target of 8%, higher than the target assigned by the National Assembly (6.5-7%). This target, according to Ms. Nguyen Thi Huong, is a "big challenge". She 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", said the General Director of the General Statistics Office.

In addition, ministries and localities must also increase public investment disbursement and attract high-quality foreign capital through competitive incentive policies. Authorities also need to have solutions to stimulate domestic consumption and support the small and medium-sized enterprise community to recover and develop.

Source: https://baoquangnam.vn/gdp-viet-nam-nam-2024-tang-7-09-3147140.html