Vietnam's 2024 GDP Growth Accelerates to 7.09% Amid Strong Exports
VIETNAM: Exports in 2024 surged by 14.3% year-on-year to $405.53 billion, driven by strong shipments of electronics, smartphones, clothing, and agricultural products, according to the report. Imports increased by 16.7% to $380.76 billion, resulting in a trade surplus of $24.77 billion. The robust economic rebound was further supported by the government’s efforts to boost coal imports for power generation, aiming to prevent a recurrence of electricity shortages experienced in previous years.
"This is a positive result amid difficulties including natural disasters and is a good foundation for 2025 growth," Nguyen Thi Huong, head of the GSO, said at a press conference after the report was released.
Coal imports rose by 24.8% compared to the previous year, reaching 63.8 million metric tons, while electricity production increased by 9.6%, totalling 293.3 billion kilowatt-hours. Foreign investment inflows into Vietnam grew by 9.4% to $25.35 billion in 2024. Meanwhile, average consumer prices rose by 3.63%, and industrial production output climbed by 8.4%.
"Looking forward, Vietnam will actively monitor monetary policies, stabilize exchange rates, and monitor closely big trade partners to have timely policies," Huong said.
Vietnam has set its official GDP growth target for this year at 6.5% to 7.0%. However, Prime Minister Pham Minh Chinh stated last month that the country would aim for an even higher growth rate of 8.0%.
Source: Reuters