Concerns about the economy being affected by the third historic storm were temporarily put to rest when the General Statistics Office announced data showing that GDP growth in the third quarter of 2024 reached 7.4%, bringing the growth rate for the first nine months to 6.82%.
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| Vietnam's economic situation in the first 9 months of 2024 has achieved high and stable growth. (Photo: Gia Thanh) |
Dr. Le Duy Binh, Director of Economica Vietnam, commented that in nine months, in the context of a volatile global economy and a country severely damaged by the unprecedented Typhoon Yagi, GDP growth of 6.82% was an unexpected result.
Results beyond expectations
During this period, the picture of goods exports was covered with fresh colors. The growth rate of goods export turnover of the domestic economic sector reached 20.7%. Meanwhile, the total export and import turnover of goods of Vietnam reached 578.5 billion USD, up 16.3% over the same period. Exports reached 299.6 billion USD, up 15.4% over the same period in 2023. The trade balance of goods surplus reached 20.8 billion USD.
In addition, consumption continued to recover, tourism increased sharply, with total retail sales of goods and services in the first nine months increasing by 8.8% (higher than the growth rate in the same period in 2020-2021) thanks to a sharp increase in the number of tourists and a recovery in personal consumption. Vietnam welcomed nearly 12.7 million international visitors, up 43% over the same period in 2023 and up 0.8% over the same period in 2019.
According to the General Statistics Office, the continued increase in foreign direct investment (FDI) is a bright spot, supporting production and export development. Specifically, in the first nine months, Vietnam attracted 24.78 billion USD, up 11.6% over the same period in 2023. Of which, the realized investment capital of the FDI sector in the first nine months is estimated to increase by 10.7% over the same period, much higher than the increase of 3.9% in the same period in 2023.
“This shows that the resilience and adaptability of the domestic economy to shocks has improved significantly. In particular, the quality of management by the Government, ministries and localities has quickly and promptly supported production and business, promoting growth in all industries and sectors. If it had not been affected by storm number three and the post-storm circulation, the growth rate in the third quarter would have been much higher,” said Dr. Le Duy Binh.
Sharing with reporters of the World and Vietnam Newspaper, Director General of the General Statistics Office (Ministry of Planning and Investment) Nguyen Thi Huong said that to achieve the above positive results, in addition to the efforts in management and operation of the Government and the consensus and support of the people, it is also thanks to a number of key driving forces such as stable macro-economy, controlling inflation at a reasonable level, ensuring economic balance, creating premises and conditions for development. Vibrant international trade activities continue to be considered an important driving force for economic growth in the first nine months of 2024.
Platform to the finish line
Discussing the economic growth target for the whole year of 2024, according to the Government Resolution of 6.5-7%, Ms. Nguyen Thi Huong realized that with the results of the third quarter and nine months, this growth target is feasible.
However, difficulties and challenges for the economy still exist. The General Director of the General Statistics Office noted that tourism activities have changed positively but are still not commensurate with their potential; businesses still face three major problems regarding markets, capital and law; the financial, monetary, real estate and corporate bond markets have become more stable, but there are still many issues that need to be resolved; climate change and extreme weather events are increasingly becoming serious threats to people, production activities and economic development.
To promote economic growth in the last months of 2024, creating momentum for growth in the following years, Ms. Nguyen Thi Huong proposed the following solutions:
First, ensure macroeconomic stability, control inflation well and stabilize exchange rates.
Second, promote domestic final consumption by effectively implementing stimulus programs such as discounts, promotions, and consumer incentives. Promote the distribution of goods through digital platforms and e-commerce.
Third, promote exports and international integration by enhancing trade promotion activities, supporting businesses to participate in international fairs, finding new partners and expanding export markets.
Fourth, promote public investment disbursement, increase the speed of disbursement of public investment projects, especially transport infrastructure projects to create momentum for related industries such as construction, material production, logistics services as well as promote convenience in the circulation of goods.
Fifth, support businesses to improve their competitiveness through promoting the application of technology and innovation, reducing production costs.
Sixth, improve the business environment, cut administrative procedures, promote administrative reform, minimize barriers and procedures so that businesses can quickly access capital, markets and government support programs.
At the recent Government Conference with localities and regular meeting in September 2024, Prime Minister Pham Minh Chinh requested ministries, branches and localities to continue to prioritize promoting growth to over 7% while maintaining macroeconomic stability.
The Ministry of Planning and Investment has also updated the growth scenario, according to which GDP growth in the fourth quarter will be at 7.6-8%, bringing the whole year's growth to 7%, or even higher than 7%. To achieve this scenario, Deputy Minister of Planning and Investment Tran Quoc Phuong said that we can "rely" on six factors. These are the positive growth trend from economic sectors, agricultural production and tourism in the North to quickly overcome the consequences of storm number three and recover faster; investment from the state sector is promoted more strongly; bright spots in attracting foreign investment and exports maintain positive growth rates. At the same time, we continue to promote and exploit the domestic market more effectively, achieving and exceeding the target of attracting international tourists; promulgating and effectively implementing new policies and legal regulations; the drastic direction and management of the Government and the Prime Minister, as well as the efforts and determination of ministries, branches and localities, especially the two big cities of Hanoi and Ho Chi Minh City.
Vietnam's economy overcame numerous difficulties to accelerate in the third quarter. That is the foundation and important driving force for the whole year's economy to reach the finish line with a growth rate of over 7% and complete all 15/15 socio-economic development targets for 2024.
Source: https://baoquocte.vn/kinh-te-viet-nam-nham-dich-tang-truong-moi-tren-7-290517.html
![[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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