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According to the Conference on Summarizing the Work in 2024 and Deploying Tasks for the Industry and Trade Sector in 2025, despite numerous difficulties, Vietnam’s economy continued to show a clear recovery, with each month and quarter performing better than the previous one.
The country’s economic growth rate in 2024 is expected to reach and exceed 7%, placing Vietnam among the few high-growth nations in the region and the world. This is a very positive result, especially considering the implementation of wage increases from July 1, 2024, and the adjustment of prices for some goods and services towards the end of the year, while still keeping inflation under control at below 4%.
Major balances were ensured, especially energy security and the balance of supply and demand for essential goods and raw materials for production…
Along with this, the Vietnamese economy recorded many remarkable achievements and historical records.
Trade Turnover Reaches Historic Milestone of Approximately $800 Billion
Foreign trade activities in 2024 witnessed a strong recovery. Total export turnover is expected to reach $800 billion, an increase of 15%, nearly 2.5 times higher than the government’s target of about 6%. Of this, exports are estimated at over $400 billion, up 14.4%, while imports increased by 16.4%. The trade balance maintained a high surplus of about $25 billion, marking the 9th consecutive year of trade surplus.
The country had 36 export commodities with a turnover of over $1 billion (compared to 33 in the same period last year), accounting for 94.1% of total export turnover (including 7 export commodities with a turnover of over $10 billion, accounting for 66.5%). There were 44 import commodities with a value of over $1 billion, accounting for 92.6% of total import turnover (including 5 import commodities with a turnover of over $10 billion, accounting for 51.4%).
The 500kV Line 3 Project Sets Multiple Records
The 500kV Line 3 Quang Trach – Pho Noi project, with a total length of about 519 km and consisting of 1,177 towers, presented numerous challenges. The tallest tower stands at 145 meters, while the heaviest weighs a massive 415 tons. Construction took place in harsh weather conditions and traversed treacherous terrain.
However, after just over 6 months of construction and an enormous amount of work, the project set records in terms of construction time, workload, resource mobilization, and problem-solving mechanisms. This is a remarkable achievement not only for the electricity industry but also for Vietnam, as it marks the swift completion of a difficult project in an extremely short period. Especially considering the adverse weather conditions and complex, treacherous terrain.
E-commerce Surpasses $25 Billion
Despite the challenges faced by the global and regional economies, Vietnam’s e-commerce continued to maintain an impressive growth rate of 18-25% annually.
In 2024, the e-commerce market is expected to surpass $25 billion, an increase of 20% compared to 2023, and account for about 9% of the country’s total retail sales of goods and services. Currently, the e-commerce market accounts for two-thirds of the country’s digital economy and has helped Vietnam enter the top 10 countries with the fastest-growing e-commerce in the world, driving economic development and leading digital transformation in businesses.
Breakthrough in Opening Up Potential Large Markets
On October 28, 2024, after more than a year of negotiations, Vietnam and the UAE successfully concluded the Vietnam-UAE Comprehensive Economic Partnership Agreement (CEPA). This is the first FTA that Vietnam has signed with an Arab country, opening a new chapter in economic and trade cooperation between the two countries.
The conclusion of the Agreement after just over a year of negotiations also sets a new record, reflecting the proactive and leading role of the Ministry of Industry and Trade in international economic cooperation. With the signing of this Agreement, Vietnam now has a total of 19 FTAs, further expanding its global trade integration.
This Agreement opens up numerous opportunities for Vietnamese businesses to enter the Halal market. Currently, the Halal industry is growing rapidly, serving over 2 billion Muslims worldwide. The global Halal economy is valued at over $7 trillion in 2024 and is expected to reach approximately $10 trillion by 2028.
Establishing Halal standards from production to distribution is becoming an important trend, creating significant opportunities for Vietnamese enterprises. As agricultural products are the main focus of the Halal market, tapping into this market will fundamentally solve the issue of agricultural exports from Vietnam.
Industry Rebounds Strongly with Spectacular Growth
In 2024, domestic industrial production for the first 11 months of the year is estimated to have increased by 8.4%, a significant improvement compared to the 0.9% growth rate in the same period last year.
Among the industries, manufacturing and processing increased by 9.7% (compared to 1.0% in the same period last year), contributing 8.5 percentage points to the overall growth and regaining its role as the main driver of economic growth. Industrial production also recovered and grew across the board, with industrial production growth recorded in 60 out of 63 provinces and centrally-run cities.
In addition, agricultural, forestry, and fishery production and export witnessed a breakthrough in 2024. Production value grew by over 3.2%, and for the first time, agricultural exports surpassed $60 billion (estimated at $62.7 billion in 2024), an increase of over 18% compared to 2023, with 11 commodities maintaining an export turnover of over $1 billion.
Furthermore, the domestic market grew steadily (nearly 9%). Trade promotion was innovated with the largest series of events to date, and Vietnam’s country brand value surpassed $500 billion, ranking 32nd in the world.
