Vietnam’s GDP growth estimated at 7.09% in 2024: GSO

At a press conference in Hanoi, Huong stated that this growth rate, while slightly below those of 2028, 2019, and 2022, showed the remarkable recovery and positioned the country as a regional economic bright spot.

Huong revealed that the nation's economic recovery gained momentum throughout the year, with each quarter showing progressive improvement. The fourth quarter saw an 7.55% expansion, maintaining an upward trajectory from 5.98% in Q1, 7.25% in Q2, and 7.43% in Q3.

The service sector emerged as the primary growth driver for the whole year, 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% to the country's GDP growth, with increases of 8.24% and 3.27%, respectively.

Vietnam's GDP reached more than 11.51 quadrillion VND (476.3 billion USD) in 2024, with per capita GDP rising to 114 million VND (4,700 USD), marking a 377 USD rise from 2023. Labour productivity also improved significantly, reaching 221.9 million VND (9,182 USD) per worker, up 726 USD from the previous year.

The economic structure in 2024 showed the dominance of the service sector, which accounted for 42.36% as compared to 42.3% in 2023. The industrial and construction sector made up 37.64% of the GDP, slightly increasing from the previous year’s figure of 37.58%, while the agro-forestry-fishery sector maintained a stable share of 11.86%.

Huong acknowledged that 2024 witnessed complicated global challenges with unprecedented factors, including military conflicts, increasingly strategic competition among powers, intensified trade protectionism, and supply chain disruptions. Besides, extreme weather patterns left disastrous impacts on the livelihoods and socio-economic development in many countries. However, she noted that the global economy showed signs of stabilisation with better trade, easing inflationary pressure, as well as improvements on the financial and labour markets.

The rosy economic achievements in 2024 created an important foundation for Vietnam to accelerate growth in 2025 and complete the targets in the five-year socio-economic development plan for the 2021-2025 period, Huong stressed, adding this will be a huge challenge that requires concerted efforts of the entire political system, business community, and people.