The GDP per capita increased by 377 USD.
In 2024, despite facing numerous challenges both domestically and internationally, Vietnam’s economy has shown remarkable resilience and growth. The global economy went through significant uncertainty, and within the country, challenges included addressing long-standing internal issues and dealing with the unexpected consequences of Typhoon No. 3 (Yagi).
However, Vietnam has persistently and diligently overcome each challenge to strive for economic recovery and growth. The positive signs of the economy are clearly evident as the Gross Domestic Product (GDP) in the fourth quarter of 2024 is estimated to increase by 7.55% compared to the same period last year, only slightly lower than the fourth quarters of 2017 and 2018 in the period from 2011 to 2024. The trend of each subsequent quarter performing better than the previous one is maintained (Q1 increased by 5.98%, Q2 by 7.25%, Q3 by 7.43%).
Overall, the GDP in 2024 is estimated to increase by 7.09% compared to the previous year, only lower than the growth rates in 2018, 2019, and 2022 in the period from 2011 to 2024. The services sector continues to be the largest contributor to the added value of the economy, accounting for over 49.46%. According to the General Statistics Office, the added value of this sector has increased by 7.38% compared to the previous year. Meanwhile, the industrial and construction sector grew by 8.24%, contributing 45.17% to the added value of the economy, while agriculture, forestry, and fisheries contributed 5.37% to the growth.
AN SƠNThe LNG Thị Vải Terminal, located in Bà Rịa – Vũng Tàu province. Photo: AN SƠN.
Notably, the GDP size at current prices in 2024 is estimated to reach VND 11,511.9 trillion, equivalent to USD 476.3 billion. The GDP per capita in 2024, at current prices, is estimated to be VND 114 million per person per year, equivalent to USD 4,700, an increase of USD 377 compared to 2023. In terms of constant prices, labor productivity increased by 5.88%, due to improvements in the skill levels of the workforce (the proportion of labor force with formal training and certification is estimated to be 28.3% in 2024, an increase of 1.1 percentage points compared to 2023). Additionally, the average consumer price index in 2024 increased by 3.63% compared to 2023, achieving the goal set by the National Assembly. Exports have been a key highlight in the growth trend. In 2024, goods exports grew by 14.3%, largely supported by the recovery of consumer demand and shopping in major markets such as the United States, the European Union (EU), and ASEAN. In 2024, the import-export turnover reached a historic milestone of approximately USD 800 billion, with a trade surplus for the ninth consecutive year, amounting to nearly USD 25 billion..
An important achievement in 2024 is that Vietnam continues to be recognized as an attractive investment destination. Nearly USD 40 billion in foreign direct investment (FDI) has been registered for investment in Vietnam, including major technology companies such as NVIDIA, which has made a historic entry, and Google, which has also planned investments in Vietnam. Notably, FDI disbursement in 2024 reached USD 25.35 billion, a 9.4% increase compared to the previous year. This demonstrates the confidence of foreign investors in Vietnam’s business and investment environment, as well as evidence of the growing direct contributions of the FDI sector to economic growth.
Mrs. Nguyễn Thị Hương, Director General of the General Statistics Office, assessed that the growth rate in 2024 is very positive amidst unpredictable global fluctuations and domestic impacts from natural disasters. This serves as an important foundation for the economy to accelerate in 2025, achieving the highest possible goals in the 5-year socio-economic development plan for the 2021-2025 period.
Build a plan to concretize the goal of achieving a growth rate of over 8%.
In 2025, the National Assembly has assigned the Government a target economic growth rate of 6.5-7%, with a strive for 7-7.5%. The Prime Minister has issued a strong message in Official Dispatch No. 137/CĐ-TTg, emphasizing the need to accelerate and break through towards a growth rate of over 8%, with the expectation of achieving double-digit growth in the upcoming period. This goal requires a significant effort from the entire political system, as achieving double-digit growth will require solutions to rejuvenate traditional growth drivers alongside measures to promote new growth drivers.
Forecasts from reputable international organizations such as the World Bank, the International Monetary Fund, and the Asian Development Bank indicate a consensus on Vietnam’s development potential, with an expected GDP growth rate of around 6.5-6.6% driven by a strong recovery in manufacturing, trade, and supportive fiscal measures.
According to experts, although there are still many challenges, key drivers such as public investment, private investment, and import-export activities are expected to maintain Vietnam’s growth momentum in 2025. Additionally, the recent trend of global supply chain shifts presents a significant opportunity for Vietnam. If Vietnam can leverage this advantage while accelerating digital transformation and green transition to meet the evolving requirements of international markets, it could lead to a breakthrough in industrial growth in 2025 and beyond. Furthermore, promoting administrative reforms, streamlining the state apparatus, and improving the efficiency and effectiveness of state management will also create new momentum for the economy. In this context, Dr. Nguyễn Quốc Việt, Deputy Director of the Institute for Economic and Policy Research (VEPR) at the University of Economics, Vietnam National University, Hanoi, pointed out that, in 2025, there are emerging risks to growth, such as geopolitical conflicts, trade wars, increased protectionist policies, and technological warfare that may fragment the global economy. However, Vietnam could also find opportunities within these challenges, proactively adapt to the volatile international context, and maximize market opportunities to enhance its competitiveness and accelerate international economic integration.
Speaking about the economic growth target of over 8% in 2025, Deputy Minister of Planning and Investment Trần Quốc Phương stated that we have a solid foundation to aim for this target, thanks to the continuation of the growth momentum from 2024. There are also many new factors with fundamental changes, particularly in institutional reforms, as the National Assembly has passed several important laws. The significant change in these laws is the breakthrough mindset, aiming to remove obstacles and simplify administrative procedures. The main philosophy behind these laws is to eliminate bottlenecks and stimulate growth by unlocking long-standing blocked resources. “We are not discussing whether the target is too ambitious or not; once it is set, we must be determined to achieve it,” expressed Deputy Minister Trần Quốc Phương.
To specify the GDP growth target for 2025, Prime Minister Phạm Minh Chính issued Official Dispatch No. 137/CĐ-TTg, requesting the Ministry of Planning and Investment to take the lead, in coordination with other ministries, agencies, and localities, in developing a national economic growth scenario for 2025 aiming for over 8%. This includes proposing specific targets, tasks, and solutions for each sector, ministry, agency, and locality. The goal is for localities to achieve a minimum GRDP (Gross Regional Domestic Product) growth target of 8-10% in 2025, with major cities such as Hanoi, Ho Chi Minh City, and other key growth areas aiming for even higher growth rates to further strengthen their role as the driving forces of national growth in 2025.
