Vietnam's economy to grow dramatically in 2024

On the morning of January 6, the General Statistics Office held a press conference to announce socio -economic statistics for the fourth quarter and 2024. Ms. Nguyen Thi Huong, Director General of the General Statistics Office chaired the press conference.

Director General of the General Statistics Office Nguyen Thi Huong (middle) chaired the press conference to announce socio-economic statistics for the fourth quarter and 2024. (Photo: Hai Phuong)

Opening the press conference, General Director Nguyen Thi Huong emphasized that in 2024, the world situation will continue to develop in a complicated and unpredictable manner with many risky and uncertain factors. However, with the joint efforts and consensus of the entire Party, National Assembly, Government, Prime Minister, ministries, branches and localities, the People and the business community, Vietnam's socio-economic situation has shown a clear recovery trend, with growth gradually improving month by month and quarter by quarter.

Vietnam's economy to flourish in 2024

Regarding the economic situation, Vietnam has achieved positive economic growth, Vietnam's gross domestic product (GDP) in the fourth quarter of 2024 is estimated to increase by 7.55%, maintaining the trend of each quarter being higher than the previous quarter (the first quarter increased by 5.98%, the second quarter increased by 7.25%, the third quarter increased by 7.43%).

In the whole year of 2024, Vietnam's GDP is estimated to increase by 7.09% compared to 2023. This increase is only lower than the growth rate of 2018, 2019, 2022 in the period 2011-2024. In the total added value increase of the whole economy, the agriculture, forestry and fishery sector increased by 3.27%; the industry and construction sector increased by 8.24%; the service sector increased by 7.38%.

Regarding the economic structure in 2024, data shows that the agriculture, forestry and fishery sector accounts for 11.86%, the industry and construction sector accounts for 37.64% and the service sector accounts for 42.36%. 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%.

At current prices, the GDP scale in 2024 is estimated at 11,511.9 trillion VND, equivalent to 476.3 billion USD. GDP per capita in 2024 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 is estimated at 221.9 million VND/worker (equivalent to 9,182 USD/worker, an increase of 726 USD compared to 2023).

In 2024, thanks to flexible and proactive monetary policy, tax and fee support policies, and benefits from reduced inflation in the world, Vietnam's consumer price index (CPI) will reach the target set by the National Assembly .

Specifically, the average CPI in the fourth quarter of 2024 increased by 2.87% over the same period last year, the average CPI in 2024 increased by 3.63% over 2023, achieving the target set by the National Assembly. Core inflation in December 2024 increased by 0.25% over the previous month, up 2.85% over the same period last year. On average in 2024, core inflation increased by 2.71% over 2023, lower than the average CPI increase (3.63%).

In 2024, Vietnam's GDP will grow by 7.09%, with an estimated scale of 11,511.9 trillion VND. (Source: baodautu)

Determined to achieve socio-economic goals by 2025

The positive results in 2024 create an important premise for Vietnam to enter the new year, with the goal of even stronger growth, striving to complete the socio-economic development goals for the period 2021-2025. To do this, General Director Nguyen Thi Huong affirmed that Vietnam needs to join hands, unite, and focus on implementing the following key tasks:

Firstly , flexibly manage monetary policy, exchange rate and interest rate, effectively control the market, ensure balance in the economy by closely monitoring developments in the world situation, especially the fiscal and monetary policies of major countries to proactively respond to arising fluctuations.

Second , promote public investment and attract investment capital, prioritize the development of key transport infrastructure projects, promote resources from large economic groups, state-owned enterprises, the private sector and foreign countries; create favorable conditions for business operations, especially high-tech projects and strategic international corporations investing in Vietnam.

Third, continue to promote domestic consumption through trade promotion programs, encourage consumption of Vietnamese goods; modernize the distribution system in rural and mountainous areas to expand product consumption; improve the quality of food, tourism and local services.

Fourth , support small and medium enterprises to access preferential loans with reasonable interest rates; continue to simplify administrative procedures, reduce costs for businesses, provide market information, and provide legal support in international trade and investment.

Fifth , sustainable economic development: green economy, circular economy, new business models; support businesses in applying artificial intelligence, digital transformation and saving resources; promote the export of environmentally friendly products.

Sixth, proactively respond to and strengthen work with natural disasters and climate change, especially floods, landslides, droughts, and saltwater intrusion, and proactively develop plans to minimize damage to production and people's lives.

Source: https://baoquocte.vn/kinh-te-viet-nam-tang-truong-vuot-bac-nam-2024-299939.html