Hanoi (VNA) – Amidst a volatile global economy, Vietnam has had impressive GDP growth of 7.09% in 2024, surpassing forecasts and emerging as a bright spot for growth in the region.
Vietnam's economic landscape in 2024 was one of robust recovery and relentless efforts by the people, and the entire political system, heard a press conference held by the General Statistics Office (GSO) on January 6.
Impressive GDP growth
According to GSO General Director Nguyen Thi Huong, Vietnam's economy has continued its clear recovery trend, with growth steadily improving month by month and quarter by quarter.
Specifically, GDP in the fourth quarter was estimated to grow by 7.55% compared to the same period of 2023. This impressive figure is second only to the same quarters of 2017 and 2018, showing the strong economic recovery in the final months of the year.
Huong revealed 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 Q1, 7.25% in Q2, and 7.43% in Q3.
According to the GSO, Vietnam's GDP growth in 2024 was driven by contributions from all three economic sectors.
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. Meanwhile, 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%. 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-fisheries sector maintained a stable share of 11.86%. Huong acknowledged that 2024 witnessed complicated global challenges with unprecedented events, including military conflicts, increasingly strategic competition among powers, intensified trade protectionism, and supply chain disruptions. 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.
Flexible monetary policies prioritised
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.
She added that this will be a huge challenge that requires concerted efforts of the entire political system, business community, and people.
To sustain growth momentum and overcome upcoming challenges, the GSO has proposed several key solutions, focusing on proactively and flexibly managing monetary policies, stabilising exchange rates and interest rates, thus controlling prices and markets while ensuring major economic balances.
Authorities are advised to keep close watch on global developments and the fiscal and monetary policies of countries which are key trade and investment partners of Vietnam, enabling timely responses to emerging situations.
Attention should also be paid to accelerating the implementation and disbursement of public investment, promptly and effectively performing large-scale investment projects, and enhancing the attraction of high-quality foreign investment, Huong said, noting that efforts should focus on expediting the construction progress of national priority projects and key infrastructure works.
Huong also underlined the need to promote domestic consumption, saying that trade promotion programmes, and the expansion of goods distribution through digital platforms and e-commerce activities should be strengthened to widen domestic consumption channels.
Authorities must take more measures to support businesses, particularly small- and medium-sized enterprises, in accessing preferential loans with reasonable interest rates, Huong said.
She added that it is necessary to create breakthroughs for new growth motivations, speed up green and circular economic development, e-commerce, and new-style business models. It is also important to have policies to support businesses in accessing and applying AI, and promoting digital transformation and green transition./.
