AsemconnectVietnam - Vietnam’s economy demonstrated remarkable resilience in 2024 and was estimated to achieve a growth rate of 7.09% despite global uncertainties, according to the General Director of the General Statistics Office (GSO) Nguyen Thi Huong.

According to Ms. Huong, this growth rate showed the remarkable recovery and positioned the country as a regional economic bright spot.
She said that the nation's economic recovery gained momentum throughout the year, with each quarter showing progressive improvement. The fourth quarter saw an 7.55% expansion, maintaining an upward trajectory from 5.98% in the first quarter, 7.25% in the second quarter, and 7.43% in the third quarter.
The service sector emerged as the primary growth driver for the whole year, contributing 49.46% to the overall GDP growth with a 7.38% expansion, while the industrial and construction sector and agro-forestry-fishery sector contributed 45.17% and 5.37% to the country's GDP growth, with increases of 8.24% and 3.27%, respectively.
Vietnam's GDP reached more than 11.51 quadrillion VND (476.3 billion USD) in 2024, with per capita GDP rising to 114 million VND (4,700 USD), marking a 377 USD rise from 2023. Labour productivity also improved significantly, reaching 221.9 million VND (9,182 USD) per worker, up 726 USD from the previous year.
The economic structure in 2024 showed the dominance of the service sector, which accounted for 42.36% as compared to 42.3% in 2023. The industrial and construction sector made up 37.64% of the GDP, slightly increasing from the previous year’s figure of 37.58%, while the agro-forestry-fishery sector maintained a stable share of 11.86%.
Ms. Huong acknowledged that 2024 witnessed complicated global challenges with unprecedented factors, including military conflicts, increasingly strategic competition among powers, intensified trade protectionism, and supply chain disruptions. Besides, extreme weather patterns left disastrous impacts on the livelihoods and socio-economic development in many countries. However, she noted that the global economy showed signs of stabilisation with better trade, easing inflationary pressure, as well as improvements on the financial and labour markets.
The rosy economic achievements in 2024 created an important foundation for Vietnam to accelerate growth in 2025 and complete the targets in the five-year socio-economic development plan for the 2021-2025 period, Huong stressed, adding this will be a huge challenge that requires concerted efforts of the entire political system, business community, and people./.
Vietnam’s CPI in 2024
Vietnam’s consumer price index (CPI) in 2024 rose 3.63% year-on-year, meeting the target set by the National Assembly (NA), according to the General Statistics Office (GSO).
According to Ms. Nguyen Thi Huong, head of the GSO, the country’s CPI in the fourth quarter went up 2.87% from the corresponding time last year, and that in December increased 2.94% year-on-year.
She attributed the increase to the rising prices of food and services, particularly rice prices following export trends, the impact of natural disasters, and growing demand during holidays and celebrations.
Specifically, food prices grew by 12.19% year-on-year, rice prices up 15.93%, and catering services up 3.99%.
The prices of housing, electricity, water, fuels, and construction materials expanded by 5.2% year-on-year. In addition, the prices of drugs and medical services increased by 7.16%; educational services up by 5.37%, and transportation up by 0.76%.
Meanwhile, the prices of the post and telecommunications group in 2024 contracted by 1.02% compared to 2023 due to the decrease in the prices of old-generation phones as businesses launched discount programmes to stimulate demand for smartphones.
Domestically, in December, the gold price decreased by 1.38% compared to the previous month, but rose 31.07% over the same period last year. For the whole year, it increased by 28.64%.
The average US dollar price in the free market was around 25,488 VND, representing a rise of 4.91% year-on-year.
Vietnam’s trade revenue in 2024
Vietnam's total trade revenue reached 786.29 billion USD in 2024, up by 15.4% year-on-year, with a trade surplus of 24.77 billion USD, according tothe General Statistics Office (GSO).
The December value was 70.53 billion USD, up by 6.2% month-on-month and up 15.9% compared to the same period last year, according to the agency.
In 2024, the country's exports expanded by 14.3% to 405.53 billion USD, while imports grew by 16.7% to 380.76 billion USD. Of the total export value, the domestic sector contributed 114.59 billion USD, a 19.8% increase, accounting for 28.3%. The foreign-invested sector, including crude oil, generated 290.94 billion USD, up 12.3% and making up 71.7%.
As many as 37 key export items generated over 1 billion USD, collectively accounting for 94.3% of the total exports. Among them, eight exceeded the 10 billion USD mark, contributing a substantial 69% of the combined value.
Meanwhile, of the accumulative import value, the domestic sector went up by 19.5% to 140.11 billion USD, and the foreign-invested sector recorded 240.65 billion USD, a 15.1% increase.
To promote export in 2025, Deputy Minister of Industry and Trade Phan Thi Thang said that her ministry continues to identify institutional building as one of the three strategic breakthroughs.
This year, it will focus on implementing the revised Electricity Law, play a role in building documents guiding the implementation of the law, and perfecting the draft Law on Chemicals for submission to the National Assembly for approval at its 9th session.
It will also make efforts to enhance the operational efficiency and competitiveness of industrial manufacturing enterprises, actively summarising mechanisms and policies related to international economic integration. In addition, Vietnam will optimise the existing Free Trade Agreements (FTAs) and seek to sign new ones to expand and diversify markets, import and export items, and supply chains.
Deputy Minister of Agriculture and Rural Development Vo Van Hung said that the ministry will closely coordinate with the Ministry of Industry and Trade and parties to promote the production and consumption of domestic agricultural products, and negotiate to open up and promote export markets for agro-forestry-aquatic products in 2025 and the following years.
CK
Source: VITIC/vietnamplus.vn