Exceeding the set target, GDP growth in 2024 is projected at 7.09%.

Vietnam's GDP is projected to grow by 7.09% in 2024. Photo: Huu Thang

According to Ms. Nguyen Thi Huong, Director General of the General Statistics Office, amidst the continuing complex global situation with many risk factors, especially in the first months of 2024, the Vietnamese economy continues its clear recovery trend, with growth gradually improving month by month and quarter by quarter.

"Thanks to this, Vietnam is a bright spot in economic growth in the region and the world , with a projected growth rate much higher than many countries in the region, and the forecast was raised in the last months of the year as the economic context gradually stabilized," Ms. Huong said.

According to the General Statistics Office, GDP in the fourth quarter of 2024 is estimated to increase by 7.55% compared to the same period last year, only lower than the fourth quarters of 2017 and 2018 in the period 2011-2024. Thus, the economy continues to maintain the trend of each quarter increasing compared to the previous one (Q1 2024 increased by 5.98%, Q2 2024 increased by 7.25%, Q3 2024 increased by 7.43%).

Specifically, the agriculture, forestry, and fisheries sector increased by 2.99%, contributing 4.86% to the overall increase in added value of the economy; the industry and construction sector increased by 8.35%, contributing 44.03%; and the service sector increased by 8.21%, contributing 51.11%.

In the overall increase in the total value added of the economy, the agriculture, forestry, and fisheries sector increased by 3.27%, contributing 5.37%; the industry and construction sector increased by 8.24%, contributing 45.17%; and the service sector increased by 7.38%, contributing 49.46%.

Overview of the press conference

The agriculture, forestry, and fisheries sector achieved positive growth of 3.27% in 2024 despite the impact of natural disasters, storms, and floods. Specifically, the output of many agricultural products increased significantly, livestock production remained stable, and aquaculture production increased considerably. In particular, the added value of the agricultural sector in 2024 increased by 2.94% compared to the previous year, contributing 0.26 percentage points to the overall increase in added value of the entire economy; the forestry sector increased by 5.03% but accounted for a low proportion, contributing only 0.03 percentage points; and the fisheries 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 industrial value added in 2024 increased by 8.32% year-on-year, only slightly lower than the 8.52% increase in 2022 during the 2019-2024 period, contributing 2.70 percentage points to the overall economic growth rate.

Specifically, the manufacturing industry grew by 9.83%, lower than the growth rates in 2011, 2016, 2017, and 2018 during the 2011-2024 period, contributing 2.49 percentage points. The water supply, waste management, and wastewater treatment sector grew by 9.43%, contributing 0.06 percentage points. The electricity production and distribution sector grew by 10.05%, contributing 0.37 percentage points. The mining sector decreased by 7.24%, reducing the overall growth by 0.21 percentage points. The construction sector increased by 7.87%, contributing 0.57 percentage points.

Trade and tourism activities maintained high growth momentum, making a positive contribution to the growth of the service sector. The value added of the service sector in 2024 increased by 7.38%, higher than the 6.91% growth rate of 2023. Several market-oriented service sectors made significant contributions to the overall growth rate of the economy, such as: Wholesale and retail trade increased by 7.96% year-on-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 food services increased by 9.76%, contributing 0.26 percentage points.

Regarding the economic structure in 2024, the agriculture, forestry, and fisheries sector accounted for 11.86%; the industry and construction sector accounted for 37.64%; the service sector accounted for 42.36%; and product taxes less product subsidies accounted for 8.14% (The corresponding structure in 2023 was 11.86%; 37.58%; 42.30%; 8.26%).

Regarding GDP utilization 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%; and imports of goods and services increased by 16.10%.

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

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

PV (compiled)

Source: https://baohaiduong.vn/vuot-muc-tieu-dat-ra-gdp-nam-2024-tang-7-09-402344.html