Vietnam's economic development indicators are all improving.

CPI increased by 3.63%, achieving the target set by the National Assembly.

According to the General Statistics Office, the average consumer price index (CPI) in 2024 increased by 3.63% compared to 2023, achieving the target set by the National Assembly. Of the 11 main consumer goods groups, 5 groups increased in price and 1 group decreased in price. The price index of the food and catering services group increased by 4.03% compared to the previous year, causing the overall CPI to increase by 1.35 percentage points.

The price index of housing, electricity, water, fuel and construction materials increased by 5.2% compared to the previous year, causing the overall CPI to increase by 0.98 percentage points, mainly due to the price index of household electricity increasing by 7.68% due to increased demand for electricity, along with EVN adjusting the average retail electricity price, causing the overall CPI to increase by 0.25 percentage points; the price index of rented houses and owner-occupied houses increased by 4.6% due to increased demand for rental houses, causing the CPI to increase by 0.48 percentage points. In addition, the price index of household water in 2024 increased by 8.33% compared to the previous year.

The price index of the group of drugs and medical services increased by 7.16%, causing the overall CPI to increase by 0.39 percentage points due to the adjustment of medical service prices according to Circular No. 22/2023/TT-BYT from November 17, 2023 and Circular No. 21/2024/TT-BYT from October 17, 2024 of the Ministry of Health.

The education group price index increased by 5.37% because in the 2023-2024 and 2024-2025 school years, some localities increased tuition fees, causing the overall CPI to increase by 0.33 percentage points. The transportation group price index increased by 0.76%, causing the overall CPI to increase by 0.07 percentage points. In particular, the postal and telecommunications group price index in 2024 decreased by 1.02% compared to 2023 due to the decrease in the price of old-generation phones when businesses applied discount programs to stimulate demand for smartphones introduced to the market after a period of time.

On average, core inflation in 2024 will increase by 2.71% compared to 2023, lower than the average CPI increase (3.63%), mainly due to the prices of food, foodstuffs, electricity, education services, and medical services, which are factors affecting the CPI increase but are excluded from the list of core inflation calculations.

Import and export of goods reached 786.29 billion USD

In 2024, the total import and export turnover of goods reached 786.29 billion USD, an increase of 15.4% over the previous year, of which exports increased by 14.3%; imports increased by 16.7%. The trade balance of goods had a surplus of 24.77 billion USD. The United States is Vietnam's largest export market with a turnover of 119.6 billion USD. China is Vietnam's largest import market with a turnover of 144.3 billion USD.

In 2024, the trade surplus with the US will reach 104.6 billion USD, up 25.6% over the previous year; the trade surplus with the EU will be 35.4 billion USD, up 23.2%; the trade surplus with Japan will be 3.2 billion USD, up 91.9%; the trade deficit with China will be 83.7 billion USD, up 69.5%; the trade deficit with South Korea will be 30.7 billion USD, up 5.9%; and the trade deficit with ASEAN will be 9.9 billion USD, up 18.9%.

Realized FDI capital reached 25.35 billion USD

Total registered foreign investment (FDI) in Vietnam as of December 31, 2024, including newly registered capital, adjusted registered capital, and capital contribution and share purchase value of foreign investors, reached 38.23 billion USD, down 3.0% over the same period last year.

Among the 80 countries and territories with newly licensed investment projects in Vietnam in 2024, Singapore is the largest investor with 6.26 billion USD, accounting for 31.7% of the total newly registered capital; followed by South Korea with 2.89 billion USD, accounting for 14.6%; China with 2.84 billion USD, accounting for 14.4%; Hong Kong Special Administrative Region (China) with 2.17 billion USD, accounting for 11.0%.

Notably, foreign direct investment realized in Vietnam in 2024 is estimated at 25.35 billion USD, up 9.4% over the previous year. Of which, the processing and manufacturing industry reached 20.62 billion USD, accounting for 81.4% of the total realized foreign direct investment; real estate business activities reached 1.84 billion USD, accounting for 7.2%; production and distribution of electricity, gas, hot water, steam and air conditioning reached 1.07 billion USD, accounting for 4.2%.

International visitors reached nearly 17.6 million arrivals

According to the General Statistics Office, favorable visa policies, enhanced tourism promotion programs, and prestigious tourism awards presented by international organizations have attracted an increase in international visitors to Vietnam in 2024.

In 2024, international arrivals to Vietnam will reach nearly 17.6 million, an increase of 39.5% over the previous year and equal to 97.6% of 2019, the year before the COVID-19 pandemic. Of which, arrivals by air will reach more than 14.8 million, accounting for 84.4% of international arrivals to Vietnam and an increase of 35.6% over the previous year; by road will reach nearly 2.5 million, accounting for 14.2% and an increase of 63.3%; by sea will reach nearly 248,100, accounting for 1.4% and an increase of 96.7%.

According to General Director of the General Statistics Office Nguyen Thi Huong, the positive results of 2024 are an important premise for 2025, when the economy will accelerate and reach the finish line, completing the highest targets in the 5-year Socio-Economic Development Plan for the 2021-2025 period. To complete this important task, according to the General Statistics Office, ministries, branches and localities need to proactively and flexibly manage monetary policies, stabilize exchange rates and interest rates; control prices and markets; ensure major balances of the economy; promote the implementation and disbursement of public investment capital, quickly and effectively deploy large-scale investment tasks and projects, and increase the attraction of high-quality foreign investment capital.

In addition, it is necessary to boost consumption, focus on developing the domestic market; strengthen solutions to support businesses; promote and create breakthroughs for new growth drivers, promote the development of green economy, circular economy, e-commerce, new business models and strengthen disease prevention; proactively develop plans to prevent natural disasters, etc.