GDP GROWTH BEATS FORECASTS TO REACH 7.09 PER CENT IN 2024

Vietnam's gross domestic product (GDP) grew 7.09 per cent in 2024, surpassing the growth target of 6.5 per cent for the full year, according to the General Statistics Office (GSO) on January 6.

In the fourth quarter of 2024, Vietnam's GDP climbed 7.55 per cent against the same period last year.

With the economic growth surpassing 7 per cent, Vietnam remains a bright spot in the challenging global economic environment. The growth is higher than forecasts of many international organisations.

Vietnam is among the few countries posting high growth rates globally. According to HSBC, Vietnam is once again "ASEAN’s growth star" after giving the position to the Philippines last year.

With this growth momentum, Vietnam's economy will reach $476.3 billion by the end of 2024. GDP per capita in Vietnam amounted to $4,700, up $377 against 2023. Labour productivity stood at $9,182 per person, up $726 from a year ago.

As a regional manufacturing hub, Vietnam has benefited from a rebound in global consumption, despite being hit hard by Typhoon Yagi.

In 2024, exports jumped 14.3 per cent from the previous year to $405.53 billion, led by shipments of electronics, smartphones, garments, and farm produce. Meanwhile, imports rose 16.7 per cent to $380.76 billion last year, according to the GSO.

Vietnam's average consumer price index increased by 3.63 per cent from a year earlier, meeting the target set by the National Assembly (below 4.5 per cent).

Services contributed over 49.46 per cent to the added value of the economy. Meanwhile, industry and construction expanded by 8.24 per cent, contributing 45.17 per cent to the added value of the economy. Agriculture, forestry, and fishery contributed 5.37 per cent to the growth.

Source: VIR