Vietnam has the highest growth among the six largest economies in Southeast Asia.

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 a higher growth rate.

GDP growth of 7.09%

In the context of the unpredictable fluctuations in the world economic and political situation, Vietnam's 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 will achieve 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."

Việt Nam tăng trưởng cao nhất trong 6 nền kinh tế lớn nhất Đông Nam Á - Ảnh 1. — The capital disbursed by FDI enterprises in 2024 reached 25.35 billion USD. Illustrative photo.

The above achievements were achieved 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. With open and outstanding policies from the Government, a stable political context, and increasing investment in transport and logistics infrastructure, we are seeing a wave of FDI moving into Vietnam. This is something we appreciate very positively. Vietnam also has a trade network with extensive FDI free trade agreements, and you can take advantage of this strength to become a commercial hub for industries," said 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, pulling down the country's GDP, but immediately after that, the whole 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.

Prices of some groups of medicines, 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 school fees and medical expenses, prices are relatively well controlled, so people can consume fully at a variety of spending levels.

Việt Nam tăng trưởng cao nhất trong 6 nền kinh tế lớn nhất Đông Nam Á - Ảnh 2. — Import and export have a significant impact on the economy. Illustrative photo.

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. That 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 groups, 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 has 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 has many challenges, but the pressure is also the driving force for the entire political system and people and businesses to work together for this common goal. The indicators have shown positive signs of the recovery of Vietnam's economy and society.

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