Vietnam's Economic Growth in 2024

In 2024, Vietnam's GDP expanded by 7.09%, showcasing a significant recovery and positioning the country as a regional economic bright spot. Nguyen Thi Huong, the General Director of the GSO, highlighted this achievement at a press conference on Monday, noting the progressive improvement throughout the year.

Quarterly Growth Analysis

The fourth quarter saw a 7.55% expansion, maintaining an upward trajectory from 5.98% in Q1, 7.25% in Q2, and 7.43% in Q3. This consistent growth underscores the resilience and dynamism of Vietnam's economy amidst global challenges.

Sector Contributions

The service sector emerged as the primary growth driver, contributing 49.46% to the overall GDP growth with a 7.38% expansion. Meanwhile, the industrial and construction sector and agro-forestry-fishery sector contributed 45.17% and 5.37%, respectively, showcasing a balanced economic structure.

Economic Structure and Challenges

Despite facing complicated global challenges, including military conflicts and supply chain disruptions, Vietnam's economy showed signs of stabilization. The economic achievements in 2024 have laid a solid foundation for accelerating growth in 2025 and completing the targets in the five-year socio-economic development plan.