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| GDP in the fourth quarter of 2024 grows by 7.55 percent year-on-year__Photo: VNA |
The positive socio-economic results of 2024 lay a crucial foundation for Vietnam to enter 2025, when the economy is expected to accelerate and achieve the highest goals outlined in the 5-year socio-economic development plan for the 2021-25 period, according to General Director of the General Statistics Office (GSO) Nguyen Thi Huong.
GDP growing quarter on quarter
Speaking at a press briefing on January 6, Huong stated that despite complex situations around the world with many risk factors, especially in the early months of 2024, Vietnam’s economy has shown a clear recovery trend, with growth gradually improving month on month and quarter on quarter.
Thanks to this, it has become a bright spot for economic growth in the region and the world, with a forecast growth rate higher than many countries in the region and an upward revision for the final months of the year as the economic situation gradually stabilizes.
The gross domestic product (GDP) in the fourth quarter of 2024 grew by 7.55 percent compared to the fourth quarter of 2023, and maintained the upward trend from the previous quarters. It expanded by 5.98 percent in the first quarter, 7.25 percent in the second and 7.43 percent in the third.
For the entire year, the country’s GDP grew by 7.09 percent compared to 2023, exceeding the 6.5 percent target set by the National Assembly.
The service sector emerged as the primary growth driver for the whole year, contributing 49.46 percent to the overall GDP growth with a 7.38 percent expansion. Meanwhile, the industrial and construction and agro-forestry-fishery sectors contributed 45.17 percent and 5.37 percent to the country's GDP growth, with respective increases of 8.24 percent and 3.27 percent.
Vietnam's GDP reached more than VND 11.51 quadrillion (USD 453.4 billion) in 2024, with per capita GDP rising to VND 114 million (USD 4,490), marking a USD 377 rise from 2023. Labor productivity also improved significantly, reaching VND 221.9 million (USD 8,740) per worker, up USD 726 from the previous year.
The economic structure in 2024 showed the dominance of the service sector, which accounted for 42.36 percent as compared to 42.3 percent in 2023. The industrial and construction sector made up 37.64 percent of the GDP, slightly increasing from the previous year’s figure of 37.58 percent, while the agro-forestry-fishery sector maintained a stable share of 11.86 percent.
Economy to accelerate, reach the finish line in 2025
To achieve the set goals, the GSO proposed the State Bank of Vietnam actively manage the monetary policy flexibly, stabilize the exchange rate and interest rates; control prices and the market, and ensure the major balances of the economy.
Huong emphasized the importance of closely monitoring global developments, as well as the fiscal and monetary policies of Vietnam's main trade and investment partners, and proactively preparing timely response plans for emerging situations.
In addition, attention should be paid to continuously updating forecast scenarios on growth and inflation to have timely responses to maintain stability and growth of the economy in the coming year; closely monitoring price developments of essential goods, especially petrol; developing plans to regulate supply sources, and limit sudden price hikes to minimize the impact on inflation and people's lives.
In the context of a globally complex and unpredictable situation with many risks and uncertainties, Vietnam needs to continue maintaining macroeconomic stability, as this is a crucial foundation for achieving the expected growth targets," noted Huong.- (VNA/VLLF)
