Concerns about the economy being affected by the historic third typhoon were temporarily set aside when the General Statistics Office announced figures showing that GDP growth in the third quarter of 2024 reached 7.4%, bringing the growth rate for the first nine months to 6.82%.
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| Vietnam's economy achieved high and stable growth in the first nine months of 2024. (Photo: Gia Thanh) |
Dr. Le Duy Binh, Director of Economica Vietnam, commented that, given the volatile global economic context and the severe domestic damage caused by the unprecedented Typhoon Yagi , the 6.82% GDP growth in the first nine months exceeded expectations.
The results exceeded expectations.
During this period, the picture of goods exports showed a fresh, vibrant color. The growth rate of goods exports from the domestic economic sector reached 20.7%. Meanwhile, Vietnam's total import and export turnover reached US$578.5 billion, an increase of 16.3% compared to the same period. Exports reached US$299.6 billion, an increase of 15.4% compared to the same period in 2023. The trade balance for goods showed a surplus of US$20.8 billion.
In addition, consumption continued to recover, and tourism saw strong growth, with total retail sales of goods and services in the first nine months increasing by 8.8% (higher than the growth rate in the same period of 2020-2021) thanks to a strong increase in tourist numbers and a recovery in personal consumption. Vietnam welcomed nearly 12.7 million international visitors, an increase of 43% compared to the same period in 2023 and an increase of 0.8% compared to the same period in 2019.
According to the General Statistics Office, the continued increase in foreign direct investment (FDI) is a bright spot, supporting the development of production and exports. Specifically, in the first nine months, Vietnam attracted $24.78 billion, an increase of 11.6% compared to the same period in 2023. Of this, the realized investment capital of the FDI sector in the first nine months is estimated to have increased by 10.7% compared to the same period, which is much higher than the 3.9% increase in the same period of 2023.
“This shows that the resilience and adaptability of the domestic economy to shocks have improved significantly. In particular, the quality of governance by the Government, ministries, and localities has been excellent, providing timely support to production and business, and promoting growth in all sectors. If it hadn't been for Typhoon No. 3 and its aftermath, the growth rate in the third quarter would have been much higher,” Dr. Le Duy Binh observed.
Speaking to reporters from the World and Vietnam Newspaper, Nguyen Thi Huong, Director General of the General Statistics Office (Ministry of Planning and Investment), stated that to achieve these positive results, in addition to the government's management and administration efforts and the people's consensus and support, several key factors contributed to the positive outcome, including stable macroeconomic conditions, reasonable inflation control, and the maintenance of economic balances, creating the foundation and conditions for development. Vibrant international trade continued to be considered a crucial driver of economic growth in the first nine months of 2024.
The foundation for reaching the finish line.
Regarding the economic growth target for the whole year of 2024, set at 6.5-7% according to the Government Resolution, Ms. Nguyen Thi Huong noted that, based on the results of the third quarter and the first nine months, this growth target is achievable.
Nevertheless, difficulties and challenges for the economy remain. The Director General of the General Statistics Office noted that while tourism has seen positive changes, it has not yet reached its full potential; businesses still face three major issues: market access, capital, and legal matters; the financial, monetary, real estate, and corporate bond markets have become more stable, but many problems still need to be addressed; and climate change and extreme weather events are increasingly becoming a serious threat to people, production, and economic development.
To boost economic growth in the final months of 2024 and create momentum for growth in the following years, Ms. Nguyen Thi Huong proposed the following solutions:
Firstly, ensure macroeconomic stability, effectively control inflation, and stabilize the exchange rate.
Secondly, boost domestic final consumption by effectively implementing demand-stimulating programs such as price reductions, promotions, and consumer incentives. Promote the distribution of goods through digital platforms and e-commerce.
Thirdly, promote exports and international integration by strengthening trade promotion activities, supporting businesses in participating in international trade fairs, seeking new partners, and expanding export markets.
Fourth, accelerate the disbursement of public investment, increasing the disbursement rate of public investment projects, especially transportation infrastructure projects, to create momentum for related sectors such as construction, materials production, and logistics services, as well as promote the smooth flow of goods.
Fifth, support businesses in enhancing their competitiveness by promoting the application of technology and innovation, and reducing production costs.
Sixth, improve the business environment, reduce administrative procedures, accelerate administrative reforms, and minimize barriers and procedures so that businesses can quickly access capital, markets, and government support programs.
At the recent Government Conference with localities and the regular September 2024 meeting, Prime Minister Pham Minh Chinh requested ministries, sectors, and localities to continue prioritizing promoting growth to over 7% while maintaining macroeconomic stability.
The Ministry of Planning and Investment has also updated its growth scenario, predicting GDP growth in the fourth quarter at 7.6-8%, bringing the annual growth to 7%, or even higher. To achieve this scenario, Deputy Minister of Planning and Investment Tran Quoc Phuong believes six factors can be relied upon. These include: positive growth trends from economic sectors, agricultural production, and tourism in the North, with faster recovery from Typhoon No. 3; stronger promotion of state-owned sector investment; sustained positive growth in attracting foreign investment and exports; continued promotion and more effective exploitation of the domestic market, achieving and exceeding the target for attracting international tourists; and the effective issuance and implementation of new policies and legal regulations. This is due to the decisive leadership and management of the Government and the Prime Minister, as well as the efforts and determination of ministries, sectors, and localities, especially the two major cities of Hanoi and Ho Chi Minh City.
The Vietnamese economy overcame numerous difficulties to accelerate in the third quarter. This is a crucial foundation and driving force for the economy to achieve a growth rate of over 7% for the whole year and complete all 15/15 socio-economic development targets for 2024.
Source: https://baoquocte.vn/kinh-te-viet-nam-nham-dich-tang-truong-moi-tren-7-290517.html
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