Vietnam’s economy achieved success in 2024, with a growth rate of 7.09%, surpassing the target of 6.5% to 7% set by the National Assembly. According to the General Statistics Office (GSO), the agriculture, forestry, and fisheries sector grew by 3.27%, contributing 5.37% to the overall growth; the industry and construction sector increased by 8.24%, contributing 45.17%; and the services sector 7.38% and 49.46%, respectively. Traditional growth drivers The success in 2024 continued to hinge on traditional growth drivers. For the aggregate demand, the GSO figures show that exports reached a record high of US$405.53 billion, up 14.3% over 2023. The achievement was contributed mainly by the foreign direct investment (FDI) sector, with US$290.8 billion, including crude oil revenue, rising 12.2% over 2023 and accounting for 71.8% of the total exports. The trade surplus was US$24.77 billion. The FDI sector gained a trade surplus of US$47.5 billion, excluding crude oil, according to figures from the Foreign Investment Agency under the Ministry of Planning and Investment. According to the GSO, the domestic sector incurred a trade deficit of US$25.4 billion. The trade surplus of US$17.9 billion in the agriculture, forestry, and fisheries sectors partly compensated for the deficit. With an import-export turnover […]
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