Vietnam's economy in 2024 will make a breakthrough with a GDP growth rate of 7.09%, exceeding the set target, creating an important premise for 2025 towards higher growth.
GDP growth 7.09%
In the context of the unpredictable fluctuations of the world economic and political situation, Vietnam economy Not only has it maintained its long-term growth trajectory, but it has also become one of the fastest growing economies in the region.
GDP growth of 7.09% - this is an impressive figure in the announcement of socio-economic data for the fourth quarter and the whole year of 2024 by the General Statistics Office. Growth Vietnam's GDP far exceeding the target set at the beginning of the year, in the high growth scenario. This is also the highest level among the 6 largest economies in Southeast Asia.
In 2024, the socio-economic situation achieved many important results, including achieving and surpassing all 15/15 main targets. This is truly a year of breakthrough growth for the Vietnamese economy.
With a growth rate of 7.09%, Vietnam is among the countries with high growth in the region and the world. This is also an outstanding growth rate in the past 13 years.
Ms. Nguyen Thi Huong - General Director of the General Statistics Office said: "This is a figure that proves to the world and the region about our country's very strong recovery in economic development in 2024."
The above achievements were made in the context that Vietnam had to face many challenges affected by the instability of the world economy and internal difficulties. At the same time, it had to cope with natural disasters, especially the consequences of Typhoon Yagi in the third quarter, which reduced GDP by 0.82%. However, in the fourth quarter, the economy grew remarkably at 7.55%, helping to achieve and exceed the set target for the whole year.
This is also an attractive point in the eyes of foreign investors when last year, the investment capital flow in the world decreased, but Vietnam still welcomed many large technology corporations in the world. And the capital that FDI enterprises disbursed in 2024 reached 25.35 billion USD - the highest level ever.
"Vietnam has many opportunities to boost its economy. The Government's open and outstanding policies, the stable political context, and you are also increasing investment in transport and logistics infrastructure. We see a wave of FDI moving into Vietnam. This is something we evaluate very positively. Vietnam also has a trade network with extensive FDI free trade agreements, you can take advantage of this strength to become a commercial center for industries," said Ms. Mariam Sherman - World Bank Country Director for Vietnam, Laos, and Cambodia.
In 2024, for the first time, the state budget revenue reached over 2 million billion VND, while about 200 thousand billion VND of tax and fee deferrals were implemented for people and businesses. The labor productivity target is a difficult target that has not been achieved in the past 3 years, but this year it has increased dramatically. These results are the result of the tireless efforts of the entire political system and people and businesses over the past year.
The foundation for growth
To achieve such results requires great effort. One of the difficult times was when storm No. 3 swept away many development achievements from the beginning of the year, dragging down the country's GDP, but immediately after that, the entire economy quickly regained growth momentum and broke out in the last months of the year, helping to maintain growth momentum in the following quarter higher than the previous quarter.
More importantly, the foundation for growth is quite sustainable with strong drivers. The macro economy is stable, the consumer price index is under control, and sectors such as industry, services and exports continue to have breakthroughs and are bright spots leading to growth in 2024.
Ms. Nga - a consumer said, currently beef tenderloin is still 280 thousand/kg, and although there are times throughout the year when prices fluctuate, it is mainly temporary, but from now until Tet, less than 1 month away, prices will be stable.
Some prices of medicine groups, medical services and education increased according to the roadmap, but were also tightly controlled, so the consumer price index for the whole year only increased by 3.63%, much lower than the target set by the National Assembly of 4.5%.
From eggs, to pork, to tuition fees at all levels, medical expenses are all relatively well controlled in price, so people can consume fully in a variety of spending levels.
Controlled price indexes create a stable macroeconomic foundation, combined with the VAT reduction policy that encourages domestic consumption.
Ms. Dinh Thi Thuy Phuong - Director of the Department of Trade and Service Statistics, General Statistics Office said: "Total retail sales of goods and consumer service revenue is estimated at 6.4 million billion VND and an increase of 9% compared to 2023. This is the result of the very strong direction of the Government and local ministries and branches in promoting the domestic market and stimulating consumption".
If domestic consumption is an important driving force, import and export also have a significant impact on the economy. Total import and export turnover reached over 786 billion USD, of which the trade surplus was 24.77 billion USD. Notably, looking at the import and export structure, we can see the sustainability of import and export when 88.0% of export goods are processed industrial goods, while in the opposite direction, up to 93.6% of imported goods are materials for production.
Last year, PetroVietnam Fertilizer and Chemicals Company achieved its largest export volume ever, especially exploring new markets.
Mr. Nguyen Pham Trung Kien - Deputy Head of Business Department, PetroVietnam Fertilizer and Chemicals Corporation said: "Our export output increased by 62% in 2024, compared to 2023. The export market is also more diverse when approaching many demanding markets such as Australia, New Zealand, East Asia...".
In 2024, Vietnam will not only overcome challenges but also create miracles when the entire political system takes action, bringing the spirit of daring to think, daring to do, daring to break through for the common good. The Party has directed, the Government has agreed, the National Assembly has agreed, the People have supported, the Fatherland has expected, so we only discuss action, not retreat.
The year 2024 is of special importance in successfully implementing the Socio-Economic Development Plan for the period 2021 - 2025. This result is the foundation for continuing to carry out new tasks of 2025 - a special year with many important events of the country.
The growth target of over 8% by 2025 is not easy when the economy still faces many challenges, but the pressure is also the driving force for the entire political system and businesses to strive for this common goal. The indicators have shown positive signs of the recovery of Vietnam's economy and society.
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