(Chinhphu.vn) – Over the past year, industrial production has rapidly recovered on a large scale, expanding continuously and playing a driving role in the economy's overall growth. The industrial production index recorded its highest growth since 2020. Alongside the growth in industrial production, total import-export turnover for 2024 has reached a new record.
At the 2024 annual review and 2025 planning conference of the Ministry of Industry and Trade on the afternoon of December 23, Deputy Minister Phan Thi Thang highlighted significant achievements in the sector.
Industrial growth reaches a high point since 2020
Industrial production has recovered quickly and broadly, consistently expanding and driving overall economic growth. The industrial production index for the first 11 months of 2024 increased by 8.4% compared to the same period in 2023 (when the growth rate was only 0.9%), marking the highest growth since 2020.
“With this momentum, the industrial production index is projected to grow by over 8% for 2024, exceeding the set target,” stated Deputy Minister Phan Thi Thang.
The industrial structure has been positively shifting towards modernization, high-tech applications, value addition, and sustainable development. Manufacturing and processing industries have become the main growth drivers for the sector and the broader economy, with an impressive growth rate of 9.7% over 11 months in 2024 (compared to 1.0% in the same period in 2023), contributing 8.5 percentage points to the overall growth.
Key industries such as oil and gas exploration and processing, mineral extraction, power, electronics, telecommunications, information technology, metallurgy, steel, cement, construction materials, textiles, footwear, machinery, automobiles, and motorbikes continued to grow. These sectors form a solid foundation for long-term growth and propel the country’s industrialization and modernization process.
Record-breaking exports
Alongside industrial production, exports capitalized on opportunities arising from the recovery of major traditional markets to boost trade. Total import-export turnover for 2024 is expected to surpass 700 billion USD, setting a new record at an estimated 783 billion USD (including 403 billion USD in exports and 380 billion USD in imports). This figure exceeds the 681 billion USD achieved in 2023 by more than 100 billion USD.
Export turnover grew at a robust double-digit rate, thanks to the strong recovery of key export groups. Exports are projected to reach 403 billion USD (far exceeding the 354.7 billion USD of 2023), a 13.6% increase compared to 2023 (when exports declined by 4.6%). This growth rate is relatively high compared to other ASEAN and Asian countries.
Notably, the structure of export goods has continued to improve positively, with reduced reliance on raw exports and increased exports of processed and industrial products. This shift has enabled Vietnamese goods to integrate deeper into global production and supply chains.
Exports to most regional markets have grown strongly, particularly in markets with free trade agreements (FTAs) with Vietnam. The U.S. remains Vietnam's largest export market, accounting for nearly 30% of total export turnover, driven by recovering demand. Other major markets, such as China and the EU, also posted favorable growth.
2024 marks the ninth consecutive year of trade surplus for Vietnam, a significant contributor to the economy's growth momentum. Efforts across the economy, particularly from businesses and households, have bolstered overall demand, as evidenced by the trade surplus figure.
