According to Mrs. Nguyen Thi Huong, Director General of the General Statistics Office, despite the complex international situation with many risks, especially in the first months of 2024, the Vietnamese economy has continued its recovery trend with remarkable growth.
“As a result, Vietnam is a bright spot in economic growth in the region and the world, with a higher growth forecast than many countries in the region. The forecast was also upgraded in the last months of the year as the economic context gradually stabilized,” said Mrs. Huong.
According to the General Statistics Office, GDP in Q4 2024 is estimated to increase by 7.55% compared to the same period last year, second only to Q4 of 2017 and 2018 in the 2011-2024 period. Thus, the economy continued the trend of higher growth in the latter quarters (Q1 2024 increased by 5.98%, Q2 2024 by 7.25%, and Q3 2024 by 7.43%).
Agriculture, forestry, and fisheries grew by 2.99%, contributing 4.86% to the total increase in added value of the entire economy; the industry and construction sector rose by 8.35%, contributing 44.03%; and the service sector expanded by 8.21%, contributing 51.11%.
In the total increase in added value of the entire economy, agriculture, forestry, and fisheries rose by 3.27%, contributing 5.37%; the industry and construction sector climbed by 8.24%, contributing 45.17%; and the service sector expanded by 7.38%, contributing 49.46%.
The agriculture, forestry, and fisheries sector achieved a positive growth rate of 3.27% in 2024 despite natural disasters and floods. Many agricultural products saw increased output, stable livestock production, and a significant rise in aquaculture. Specifically, the added value of the agricultural sector in 2024 increased by 2.94% compared to the previous year, contributing 0.26 percentage points to the total increase in added value of the entire economy; the forestry sector rose by 5.03%, but its low proportion meant a contribution of only 0.03 percentage points; and the fisheries sector climbed by 4.03%, contributing 0.10 percentage points.
In the industry and construction sector, industry recovered positively and grew strongly compared to 2023. The added value of the industry in 2024 increased by 8.32% compared to the previous year, second only to the 8.52% growth rate in 2022 in the 2019-2024 period, contributing 2.70 percentage points to the total increase in added value of the entire economy.
Manufacturing and processing industry increased by 9.83%, contributing 2.49 percentage points. Water supply, waste management, and treatment activities rose by 9.43%, contributing 0.06 percentage points. Electricity production and distribution climbed by 10.05%, contributing 0.37 percentage points. Mining decreased by 7.24%, reducing the growth rate by 0.21 percentage points. Construction expanded by 7.87%, contributing 0.57 percentage points.
Commercial and tourism activities maintained high growth, positively contributing to the growth of the service sector. The added value of the service sector in 2024 increased by 7.38%, higher than the 6.91% growth rate in 2023. Some market services with large proportions made important contributions to the total increase in added value of the entire economy, such as wholesale and retail sales, which increased by 7.96% compared to the previous year, contributing 0.80 percentage points; transportation and warehousing, which rose by 10.82%, contributing 0.68 percentage points; financial, banking, and insurance activities, which climbed by 7.11%, contributing 0.43 percentage points; and accommodation and catering services, which expanded by 9.76%, contributing 0.26 percentage points.
In terms of economic structure in 2024, the agriculture, forestry, and fisheries sector accounted for 11.86%; the industry and construction sector for 37.64%; the service sector for 42.36%; and taxes on products minus subsidies on products for 8.14% (The corresponding structure in 2023 was 11.86%; 37.58%; 42.30%, and 8.26%).
Regarding the use of GDP in 2024, final consumption increased by 6.57% compared to 2023; asset accumulation rose by 7.20%; exports of goods and services climbed by 15.45%; and imports of goods and services expanded by 16.10%.
The scale of GDP at current prices in 2024 is estimated at VND 11,511.9 trillion, equivalent to USD 476.3 billion. GDP per capita in 2024 at current prices is estimated at VND 114 million per person, equivalent to USD 4,700, an increase of USD 377 compared to 2023.
The productivity of the entire economy in 2024 at current prices is estimated at VND 221.9 million per labor (equivalent to USD 9,182 per labor, up by USD 726 compared to 2023); in comparative prices, labor productivity increased by 5.88% due to improved labor quality (the rate of trained labor with certificates in 2024 is estimated at 28.3%, 1.1 percentage points higher than in 2023).
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