ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
078
079
Following prolonged economic challenges in 2023, Vietnam's economy demonstrated a robust recovery, driven by timely government support policies and the dedicated efforts of various economic sectors. According to data from the GSO, GDP growth rate in 2024 reached 7.09%, surpassing the projected target range of 6-6.5%. Vietnam Business Landscape in 2024
Industry sector
The year 2024 also witnessed a robust recovery in the industrial and service sectors, with growth rates of 8.24% and 7.38%, respectively, making significant contributions to the total value added to the economy. In the industrial and construction sectors, last year performance continued to face substantial challenges from declining global demand. However, thanks to decisive measures to address these difficulties, the added value of the entire industrial sector recorded a growth of 4.15%, an improvement compared to the low growth rate of 2023. Notably, the manufacturing and processing industries grew by 4.75%, signaling positive recovery despite ongoing pressures. Commercial and service activities remained a highlight of the economy in 2024, with vibrant growth across multiple sectors. The added value of the service sector recorded a 7.25% increase, surpassing the 6.82% growth achieved in 2023. The total retail sales of goods and consumer service revenue at current prices were estimated at VND 6,800.5 trillion, an 11.2% increase compared to the previous year. In the final months of 2024, Vietnam's export turnover showed a marked recovery after facing challenges during the first half of the year. The total export turnover for 2024 is estimated at USD 730 billion, reflecting a 6.9% growth compared to the previous year. This improvement was driven by the effective utilization of FTAs and diversification of export markets. These positive signs highlight Vietnam's swift adaptability in the context of ongoing global economic fluctuations. With an estimated USD 42.3 billion in registered FDI for 2024, which represented a 15.6% increase compared to 2023, Vietnam solidified its position as a safe and attractive destination for international investors. This surge in investment reflected the strong confidence of foreign investors in Vietnam's business environment, particularly due to the effective implementation of government policies aimed at streamlining administrative procedures and enhancing investment incentives.
GDP Growth(%)
Source: GSO
8.02
7.09
Trade and services sector
5.05
2.91
2.58
2020
2021
2022
2023
2024
Export sector
Agro-forestry and fishery sector
Agriculture, forestry, and fisheries played a crucial role in maintaining economic stability. This sector recorded a growth rate of 3.27%, contributing 5.37% to the total value added to the economy. Agricultural export turnover sustained stable growth, while livestock farming and aquaculture developed further through the adoption of advanced technological models, yielding significant economic efficiency.
Foreign Direct Investment (FDI)
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