In 2024, the Vietnam economy showed remarkable resilience, marked by a positive GDP growth of 7.09 percent. Despite facing external challenges and the adverse impact of Typhoon Yagi, the country’s economic rebound highlighted its robust recovery and adaptability.
With a steadily increasing per capita GDP and strong trade dynamics, Vietnam is a standout performer in the ASEAN region.
Sector Contributions:
- Services: This sector was the primary growth driver, expanding by 7.38% and contributing 49.46% to overall GDP growth.
- Industry and Construction: Grew by 8.24%, accounting for 45.17% of GDP growth.
- Agriculture, Forestry, and Fisheries: Increased by 3.27%, representing 5.37% of GDP growth.
Trade Performance:
Vietnam’s trade sector remained a cornerstone of its economy, with total trade turnover reaching US$786.29 billion, marking a 15.4% year-on-year increase. The trade surplus stood at US$24.77 billion, underscoring the country’s growing global competitiveness.
- Exports: Total export value surged by 14.3% to US$405.53 billion. Notably, 37 export items each exceeded US$1 billion in revenue, with eight products crossing the US$10 billion mark, contributing 69% of total export value.
- Imports: Total imports grew by 16.7% to US$380.76 billion.
Foreign Direct Investment (FDI):
FDI inflows into Vietnam reached nearly US$15.2 billion during the first six months of 2024, marking a 13.1% annual increase. Disbursed capital was US$10.842 billion, an 8.2% annual increase and the highest record over the past five years.
Inflation Control:
The Consumer Price Index (CPI) rose by 3.63% in 2024, staying within the National Assembly’s target range, indicating effective economic management.
Challenges and Outlook:
Despite the positive indicators, challenges such as global economic uncertainties, climate-related risks, and overdependence on key export markets persist. However, opportunities abound with a young, tech-savvy workforce, a growing middle class, and Vietnam’s strategic position in global supply chain realignment.
Looking ahead to 2025, the positive momentum and recovery efforts present a promising investment outlook for Vietnam.
Cre: Vietnam’s Economic Performance in 2024: GDP, Trade, FDI
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