According to the latest socio-economic report from the General Statistics Office (GSO), the GDP growth rate for Q4 2024 is estimated at 7.55% compared to the same period last year. This growth rate is only surpassed by Q4 of 2017 and 2018 in the 2011–2024 period. It also continues the trend of sequential quarterly increases: 5.98% in Q1, 7.25% in Q2, and 7.43% in Q3.  

The robust growth in Q4 has brought Vietnam’s estimated GDP growth for 2024 to 7.09%, making it the fourth-highest annual growth rate in the 2011–2024 period, after 2018, 2019, and 2022.  

Vietnam's GDP in 2024 grows by 7.09%

“Vietnam’s GDP at current prices in 2024 is estimated at 11,511.9 trillion VND, equivalent to 476.3 billion USD. Per capita GDP at current prices is estimated at 114 million VND (4,700 USD), an increase of 377 USD compared to 2023,” said Nguyen Thi Huong, Director General of the GSO.  

Ms. Huong also highlighted that labor productivity in 2024, at current prices, is estimated at 221.9 million VND per worker (equivalent to 9,182 USD, up 726 USD from 2023). At constant prices, labor productivity grew by 5.88%, driven by improved worker qualifications, with the percentage of trained workers holding certificates rising to 28.3% in 2024, 1.1 percentage points higher than in 2023.  

Industrial production remains a key driver of the economy. The GSO reported that businesses ramped up production in Q4 to meet year-end consumer demand, resulting in an industrial production index increase of 7.9% year-on-year. For the entire year, the industrial production index grew by 8.4%, marking the highest annual growth rate since 2020.  

In terms of business activity, over 233,000 enterprises registered for new establishments or resumed operations in 2024. On the other hand, more than 197,000 enterprises exited the market.  

Regarding business performance in Q4 compared to Q3, 77.3% of enterprises reported that their operations improved or remained stable, while 22.7% found conditions more challenging. Compared to Q3, the proportion of businesses finding the quarter more favorable increased by 5.1%, those reporting stability rose by 0.4%, and those facing difficulties decreased by 5.5%.  

Foreign investment was another bright spot for the economy. Total registered foreign investment as of December 31, 2024, including new registrations, adjustments, and share purchases, reached 38.23 billion USD. Realized foreign direct investment in Vietnam for 2024 is estimated at 25.35 billion USD, up 9.4% from the previous year.  

In foreign trade, total import-export turnover reached 786.29 billion USD for the year, up 15.4% compared to 2023. Of this, imports accounted for 380.76 billion USD, a 16.7% increase, while exports totaled 405.53 billion USD, up 14.3%. Vietnam achieved a trade surplus of 24.77 billion USD in 2024.