Exceeding the set target, GDP in 2024 increased by 7.09%

According to Ms. Nguyen Thi Huong, Director General of the General Statistics Office, in the context of the world situation continuing to develop complicatedly with many risk factors, especially in the first months of 2024, Vietnam's economy continues to show a clear recovery trend, with growth gradually improving month by month and quarter by quarter.

“Thanks to that, Vietnam is a bright spot in economic growth in the region and the world with a growth forecast higher than many countries in the region and the forecast is raised in the last months of the year when the economic context gradually becomes more stable,” said Ms. Huong.

According to the General Statistics Office, GDP in the fourth quarter of 2024 is estimated to increase by 7.55% over the same period last year, only lower than the fourth quarter of 2017 and 2018 in the period 2011-2024. Thus, the economy continues to maintain the trend of each quarter being higher than the previous quarter (the first quarter of 2024 increased by 5.98%, the second quarter of 2024 increased by 7.25%, and the third quarter of 2024 increased by 7.43%).

Of which, the agriculture, forestry and fishery sector increased by 2.99%, contributing 4.86% to the total added value of the whole economy; the industry and construction sector increased by 8.35%, contributing 44.03%; the service sector increased by 8.21%, contributing 51.11%.

In the total added value growth of the entire economy, the agriculture, forestry and fishery sector increased by 3.27%, contributing 5.37%; the industry and construction sector increased by 8.24%, contributing 45.17%; the service sector increased by 7.38%, contributing 49.46%.

The agriculture, forestry and fishery sector in 2024 achieved a positive growth rate of 3.27% despite being affected by natural disasters and floods. In particular, the output of many agricultural products increased, livestock developed stably, and aquaculture output increased quite well. Specifically, the added value of the agricultural sector in 2024 increased by 2.94% over the previous year, contributing 0.26 percentage points to the total added value of the entire economy; the forestry sector increased by 5.03% but accounted for a low proportion, so it only contributed 0.03 percentage points; the fishery sector increased by 4.03%, contributing 0.10 percentage points.

In the industrial and construction sector, the industry recovered positively and grew strongly compared to 2023. The added value of the industry in 2024 increased by 8.32% over the previous year, only lower than the increase of 8.52% in 2022 in the 2019-2024 period, contributing 2.70 percentage points to the growth rate of total added value of the whole economy.

Of which, the processing and manufacturing industry increased by 9.83%, lower than the increase in 2011, 2016, 2017, 2018 in the period 2011-2024, contributing 2.49 percentage points. The water supply, waste and wastewater management and treatment industry increased by 9.43%, contributing 0.06 percentage points. The electricity production and distribution industry increased by 10.05%, contributing 0.37 percentage points. The mining industry decreased by 7.24%, decreasing by 0.21 percentage points. The construction industry increased by 7.87%, contributing 0.57 percentage points.

Trade and tourism activities maintained high growth momentum, contributing positively to the growth of the service sector. The added value of the service sector in 2024 increased by 7.38%, higher than the growth rate of 6.91% in 2023. Some market service sectors with large proportions, making important contributions to the growth rate of total added value of the whole economy such as: Wholesale and retail increased by 7.96% over the previous year, contributing 0.80 percentage points; transportation and warehousing increased by 10.82%, contributing 0.68 percentage points; finance, banking and insurance activities increased by 7.11%, contributing 0.43 percentage points; accommodation and catering services increased by 9.76%, contributing 0.26 percentage points.

Regarding the economic structure in 2024, the agriculture, forestry and fishery sector accounts for 11.86%; the industry and construction sector accounts for 37.64%; the service sector accounts for 42.36%; product taxes minus product subsidies account for 8.14% (The corresponding structure in 2023 is 11.86%; 37.58%; 42.30%; 8.26%).

Regarding GDP use in 2024, final consumption increased by 6.57% compared to 2023; asset accumulation increased by 7.20%; exports of goods and services increased by 15.45%; imports of goods and services increased by 16.10%.

GDP scale at current prices in 2024 is estimated at 11,511.9 trillion VND, equivalent to 476.3 billion USD. GDP per capita in 2024 at current prices is estimated at 114 million VND/person, equivalent to 4,700 USD, an increase of 377 USD compared to 2023.

Labor productivity of the entire economy in 2024 at current prices is estimated at VND 221.9 million/worker (equivalent to USD 9,182/worker, an increase of USD 726 compared to 2023); at comparable prices, labor productivity increased by 5.88% due to improved qualifications of workers (the rate of trained workers with degrees and certificates in 2024 is estimated at 28.3%, 1.1 percentage points higher than in 2023).