Vietnam’s gross domestic product (GDP) grew 7.09% in 2024, reaching $476.3 billion, up from a 5.05% increase in 2023, according to government data released on Monday. The growth was fueled by strong exports and robust foreign investment inflows.
GDP growth in the fourth quarter was 7.55%, marking the fastest quarterly expansion in over two years, the General Statistics Office (GSO) reported.
The Southeast Asian country, known as a regional manufacturing hub, capitalized on a recovery in global consumption despite enduring Asia’s strongest typhoon last year.
“This is a positive result amid challenges, including natural disasters, and lays a good foundation for growth in 2025,” Nguyen Thi Huong, head of the Statistics Office, stated during a press conference. The GSO report highlighted that exports in 2024 increased by 14.3% year-on-year, reaching $405.53 billion, driven by electronics, smartphones, clothing, and agricultural products.
Conversely, imports grew by 16.7% to $380.76 billion, resulting in a trade surplus of $24.77 billion.
The strong economic rebound was also supported by government efforts to boost coal imports for power generation, preventing electricity shortages seen in prior years. Coal imports rose 24.8% year-on-year to 63.8 million tonnes, while electricity generation grew 9.6%, reaching 293.3 billion kilowatt-hours.
Foreign investment inflows into Vietnam increased 9.4%, totaling $25.35 billion in 2024. Industrial production output rose 8.4%, while average consumer prices increased by 3.63%.
Vietnam has set an ambitious GDP growth target of 6.5% to 7.0% for 2025, with Prime Minister Pham Minh Chinh expressing optimism for an 8.0% growth rate.
“Going forward, Vietnam will actively monitor monetary policies, stabilize exchange rates, and closely watch major trading partners to implement timely measures,” Huong added.
