In 2024, Vietnam’s economy expanded 7.09% to $476.3 billion, much faster than 2023’s 5.05%, driven by solid exports and an influx of investment from abroad, according to government data released on Monday.
In the General Statistics Office’s report, gross domestic product rose 7.55% during 4Q24, the fastest in no less than two years.
Vietnam, which has become a manufacturing hub of Southeast Asia, received a huge boost from a recovery in global consumption despite suffering from Typhoon Yagi the previous year.
In the same report, Vietnam’s exports have expanded 14.3% to $405.53 billion, spearheaded by exports of electronics, smartphones, clothing, and agricultural produce.
The government’s decision to further coal imports for its power plant and prevent the electricity shortage that had plagued the previous year also helped boost the rebounding growth. In 2024, coal imports climbed 24.8% from last year to 63.8 million metric tons, reinforcing electricity output by 9.6% to 293.3 billion kilowatts per hour.
Foreign investment into the country surged 9.4% to $25.35 billion a year earlier. In the same year, industrial production output widened by 8.4%, while average consumer prices rose by 3.63%. The benchmark stock index also increased 0.13% during mid-day on Monday after the data was released.
Vietnam’s official GDP growth target was set to 6.5-7.0% for this year. Prime Minister Pham Minh Chinh said in the past month that he aims to push GDP growth to 8.0% this year.
Nguyen Thi Huong, head of the General Statistic Office, said that Vietnam was concerned over Donald Trump’s new tariffs policy, and Vietnam needed to be vigilant and adapt its policy accordingly.
Oxford Economics is forecasting Vietnam’s GDP growth at 6.5% in 2025 but has cautioned that the momentum of services exports may be slowing down.
