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.<\/p>\n
GDP growth in the fourth quarter was 7.55%, marking the fastest quarterly expansion in over two years, the General Statistics Office (GSO) reported.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
Conversely, imports grew by 16.7% to $380.76 billion, resulting in a trade surplus of $24.77 billion.<\/p>\n
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.<\/p>\n
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%.<\/p>\n
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.<\/p>\n
“Going forward, Vietnam will actively monitor monetary policies, stabilize exchange rates, and closely watch major trading partners to implement timely measures,” Huong added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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, […]<\/p>\n","protected":false},"author":1,"featured_media":7106,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[4],"tags":[4593,4594,4590,4596,4595,4597,4592,4589,4591,4588],"class_list":["post-7105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia","tag-coal-imports-vietnam","tag-electricity-generation-vietnam","tag-foreign-investment-in-vietnam","tag-gdp-growth-targets-vietnam","tag-industrial-production-vietnam","tag-southeast-asia-manufacturing-hub","tag-trade-surplus-vietnam","tag-vietnam-economic-growth-2024","tag-vietnam-exports-2024","tag-vietnam-gdp-growth"],"yoast_head":"\n