HCMC – Vietnam’s Consumer Price Index (CPI) picked up by 3.63% on average in 2024 compared to the previous year, meeting the target set by the National Assembly, according to the General Statistics Office (GSO).
Core inflation, which excludes the items with volatile prices like food and energy, rose by 2.71% year-on-year.
Of the 11 main groups of goods and services included in the CPI, five recorded price increases, while only one saw a decline.
Food and food services rose by 4.03%, contributing 1.35 percentage points to the overall CPI growth. Housing, utilities, and construction materials saw the highest increase at 5.2%, making them the largest contributors to the CPI rise.
Electricity tariffs climbed by 7.68%, driven by tariff adjustments and rising demand, adding 0.25 percentage point to the CPI. Rental costs grew by 4.6%, contributing an additional 0.48 percentage point.
Healthcare costs advanced by 7.16%, while education fees increased by 5.37% due to adjustments in service pricing policies. Transportation service prices also edged higher, adding 0.76 percentage point to the overall CPI.
Despite these increases, core inflation remained subdued, suggesting controlled underlying price pressures.
Vietnam’s Index of Industrial Production (IIP) grew by 8.4% in 2024. Manufacturing added 9.6%, contributing significantly to the overall growth. Electricity production and distribution increased by 9.5%, and water supply and waste management expanded by 10.7%. However, mining output fell by 6.5%, dampening the overall industrial growth rate.
Trade terms also improved, with export prices rising faster than import prices. The trade terms index advanced by 3.15%, supported by gains in rubber, seafood, and agricultural products. Declines in wood, fuel, and petroleum prices moderated the overall rise.
Retail sales and consumer service revenue reached VND6.39 quadrillion in 2024, up by 9% from the previous year. When adjusted for inflation, the increase was 5.9%.
Vietnam welcomed 17.6 million international visitors in 2024, up by 39.5% against 2023, nearing pre-pandemic levels. Outbound trips by Vietnamese residents rose by 5.5% to 5.3 million.
