Economic growth in 2024 will recover impressively with many bright spots in industrial production, trade, and import and export; this will be the foundation for the economy to make a breakthrough.
Economic picture with bright colors
Vietnam's economic picture in 2024 is about to end with many positive results, showing that the Government's recent policy and mechanism solutions have been effective.
Evidence, in the context of many fluctuations, but with the efforts of the Government and ministries, branches and localities, Vietnam economy is a bright spot compared to other countries in the region with a growth rate of up to 7%. Previously, the global research group HSBC predicted that Vietnam's economic growth would be the highest among the six largest economies in Southeast Asia (including Indonesia, Malaysia, the Philippines, Singapore and Thailand).
In fact, according to international organizations, Vietnam will experience a period of strong economic growth and is the only Southeast Asian representative in the top 10 fastest growing emerging economies in the world, with a forecast growth of 6.4% from 2024 to 2029.
Fortunately, after many years of missing the deadline, in 2024, Vietnam can achieve and surpass all 15/15 socio-economic targets. GDP growth of over 7% ensures the target of GDP per capita reaching 4,700 USD - 4,730 USD.
According to the General Department of Customs, the total value of Vietnam's import and export of goods in 2024 could reach about 782.33 billion USD, the highest level ever. The trade surplus is estimated at 23.53 billion USD.
In particular, in the global trade competition, the scale of Vietnam's economy has also had many bright spots. Currently, Vietnam ranks 35th and is in the group of 20 countries with the world's leading trade scale, with a trade surplus for nine consecutive years. In addition, Vietnam has also strongly integrated with the world, recognized by 73 countries as a market economy; has signed 16 free trade agreements (CPTPP, EVFTA, RCEP...) with over 60 countries and major partners worldwide.
Vietnam's national brand value ranking has the fastest growth rate in the world since 2019 (74%), and in 2024 it will increase by 1 rank, ranking 32/100 strongest national brand values in the world, reaching 431 billion USD in the ranking of Brand Finance, the world's leading brand valuation and strategy consulting company headquartered in the UK.
Assessing Vietnam's economic growth over the past year, economist Nguyen Minh Phong acknowledged that Vietnam's economic growth has recovered with many highlights, especially in the indicators of industrial production, trade services and import and export. This is a very good foundation for the economy to prepare to enter a new era.
Overcoming many challenges, according to experts, last year, it was the decisive and wise leadership, along with the efforts of the business community, that made GDP accelerate in the last months of the year, with a high possibility of reaching a growth target of over 7%, exceeding the target of 6.5% - 7% set by the National Assembly.
Determined to realize growth targets
Entering 2025, according to the latest forecast of the International Monetary Fund (IMF), Vietnam's economy will reach a scale of 506 billion USD in 2025, ranking 33rd globally. HSBC Vietnam Bank also believes that in 2025, Vietnam's GDP will increase by 6.5% and continue to maintain the highest level in the region.
Not stopping there, the growth target for 2025 assigned by the National Assembly to the Government is from 6.5 - 7% and strive for 7 - 7.5%. In particular, following the determination of the Prime Minister, in the national conference summarizing Resolution No. 18, Prime Minister Pham Minh Chinh set a target of striving for 8% GDP growth for the whole country next year. This is considered a launching pad for the breakthrough period of double-digit growth from 2026 to 2030.
The goal has been set, but this can be considered a big challenge for Vietnam in the context of the domestic and world economies that are forecast to have many advantages and difficulties.
Accordingly, to realize the set goals, many economic experts have recommended that drastic, synchronous, and comprehensive solutions are needed in 2025. For example, Vietnam needs to promote issues related to building supply chains in various industries. industrial processing and application of high-tech content, enhancing digital transformation, green transformation and streamlining the apparatus. Thereby, the economy will consolidate its independence and autonomy, improve the effectiveness of international integration to adapt to the increasingly complex and unpredictable context of global geopolitical competition.
The whole country needs to focus on prioritizing strong economic growth associated with macroeconomic stability, controlling inflation, ensuring large balances and high surpluses; accelerating and breaking through.
At the same time, focus on removing difficulties and promoting growth in the five centrally-run cities, as these are the development locomotives of the regions. In addition, it is necessary to promote domestic market stimulation, personal and household consumption; consider resolving the problem of airfares to stimulate tourism and consumption.
In particular, Vietnam needs to continue to expand industrial development and invest heavily in transport infrastructure, especially new highways, airports, urban railway systems, and the North-South high-speed railway to create momentum for growth.
Along with that, priority is given to removing legal bottlenecks for the real estate market, planning and investment projects, especially promoting large projects of the electricity industry to solve the problem of electricity supply. Attention is paid to investing in waste treatment infrastructure to aim for sustainable development for the future...
Continuing to support businesses, in addition to solutions from the Government, localities also need to roll up their sleeves to remove difficulties for businesses. With the determination and consensus of the entire political system, it will be the premise to realize the economic growth target for 2025, contributing to bringing Vietnam into the era of national development.
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![[Photo] Prime Minister Pham Minh Chinh chairs Government Conference with localities on economic growth](https://vstatic.vietnam.vn/vietnam/resource/IMAGE/2025/2/21/f34583484f2643a2a2b72168a0d64baa)
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