(PLVN) - Surpassing the forecasts of many international organizations, in 2024, Vietnam continues to be a bright spot in growth, belonging to the group of high-growth countries in the region and the world.
Important indicators of endogenous strength
Vietnam continues to be a bright spot in growth, among the group of high-growth countries in the region and the world. GDP growth for the whole year is estimated at 7.09%; economic scale reaches over 470 billion USD. Economic structure continues to shift positively, the proportion of the agricultural sector is about 11%. Growth quality has improved; labor productivity growth is estimated at 5.88%; economic freedom index increased by 13 places (to 59/176 countries and territories).
Vietnam is highly appreciated for controlling inflation and maintaining macroeconomic stability in the context of strong world fluctuations. The average consumer price index in 2024 will increase by about 3.6%.
Analyzing Vietnam's economic data in 2024, economist Dinh Ngoc Thinh commented that a notable point is that along with foreign direct investment (FDI) still playing an important role, the endogenous strength of Vietnam's economy has also grown and made greater contributions, which is very encouraging.
First is the development factor of tourism, when the number of foreign tourists to Vietnam increased by 43%, contributing to bringing the service import-export ratio close to the balance threshold.
Next is the import and export of goods in the domestic sector, which is on the rise, with a growth rate higher than that of the foreign investment sector. “This proportion is increasing every year, which is a bright spot in the process of building and strengthening the internal strength of the economy,” expert Dinh Ngoc Thinh affirmed.
In particular, in 2024, the Vietnamese economy will have a very important growth index, which is labor productivity growth of about 5.88%, exceeding the National Assembly's target of 5.3%. "After many years of the National Assembly assigning this growth target, we have never achieved it. In 2024, we have achieved and exceeded it, although the increase is only 0.4%, but that is a bright spot in terms of internal strength," Mr. Thinh assessed.
This increase has brought Vietnam's labor productivity growth rate in the 2021-2024 period to about 4%, a relatively high level compared to other countries in the region, only after Singapore (5.8%).
The above factors have contributed to the stable development of Vietnam's economy, and one sign that everyone can see is that the value of VND has decreased lower than many countries in the world. In fact, in recent times, the currencies of many countries have decreased sharply compared to USD, but Vietnam is maintaining it at a rate of just over 3%.
Resources from streamlining the apparatus
Another important resource that will be liberated and promoted more effectively in the future is the effectiveness of the "institutional revolution" and streamlining of the apparatus that the Party and State are carrying out.
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Perspective of high-speed railway project on the North-South axis. |
Economist Nguyen Bich Lam assessed that institutions are also resources and internal forces for each country to utilize and exploit. The economy will operate more smoothly and conveniently thanks to institutional reform. The bottlenecks and delays in policy development and implementation will be removed. To give a specific example, in the field of public investment, the paradox of "having money but not being able to spend it due to binding regulations" can soon be ended.
“I think that in some previous periods, our policies were very good but some places were not implemented effectively. Therefore, with drastic institutional reforms, we will have more resources, and our internal strength will be stronger; policies and solutions will be more timely, more accurate, and better implemented,” expert Nguyen Bich Lam analyzed.
Along with streamlining the apparatus, the country will have more abundant resources. When regular expenditures for apparatus operations are cut, spending will be spent on development investment, science and technology, and tasks to promote economic growth.
Sharing the same view, expert Dinh Trong Thinh also stated that streamlining the apparatus and reforming institutions is one of the breakthroughs, increasing resources for the economy: "Institutional reform is to promote increased labor productivity in the state sector, thereby creating more resources for national development."
Expert Nguyen Bich Lam pointed out another important factor: “For any country, political stability is one of the country’s important resources. When the investment environment is stable and the economy grows strongly, it will create confidence and a solid foundation for domestic and foreign investors to invest and conduct long-term production and business.”
With the above analysis and data, experts assess that Vietnam's economy will enter the new year 2025 with many new successes.
Looking back at 2024 and the past years, one of the important factors promoting economic development is that the Party, State and Government leaders have had correct, drastic, timely and practical policies, directions and actions. And when leaders are exemplary, direct and closely follow the problem, there is no reason why everyone should not work together. At key national projects, leaders are often present, visiting, urging, encouraging and directing the removal of problems right at the construction site. Especially the image of Prime Minister Pham Minh Chinh with his familiar gray shirt often soaked with sweat, present at construction sites from North to South. Particularly at Long Thanh International Airport (Dong Nai), he has visited the project site 5 times, of which 3 times in 2024 alone, on the occasion of Tet 2024, September and December 2024.
Source: https://baophapluat.vn/nguon-luc-moi-cho-nen-kinh-te-2025-post538628.html
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