Vietnam’s 2024 GDP progress accelerates pushed by robust exports

By Khanh Vu and Phuong Nguyen

HANOI (Reuters) -Vietnam’s gross home product grew 7.09% final yr to $476.3 billion, sooner than the 5.05% growth in 2023, pushed by robust exports and strong overseas funding inflows, authorities information confirmed on Monday.

GDP grew 7.55% within the fourth quarter, the quickest quarterly progress in additional than two years, the Basic Statistics Workplace mentioned in a report.

The Southeast Asian nation, a regional manufacturing hub, has benefited from a restoration in international consumption regardless of being badly affected by Asia’s strongest storm final yr.

“This can be a constructive outcome amid difficulties together with pure disasters and is an efficient basis for 2025 progress,” Nguyen Thi Huong, head of the GSO, mentioned at a press convention after the report was launched.Exports in 2024 grew 14.3% from a yr earlier to $405.53 billion, led by shipments of electronics, smartphones, clothes and farm produce, the GSO report mentioned.

Imports grew 16.7% to $380.76 billion in 2024, leading to a commerce surplus of $24.77 billion.

The robust rebound in progress in 2024 was additionally helped by the federal government growing coal imports for energy era to keep away from a repeat of the electrical energy shortages of earlier years.

Coal imports in 2024 rose 24.8% from a yr earlier to 63.8 million metric tons, whereas electrical energy output within the yr rose 9.6% to 293.3 billion kilowatt hours.

International funding inflows into Vietnam rose 9.4% final yr to $25.35 billion.

Common shopper costs in 2024 have been up 3.63% whereas industrial manufacturing output rose 8.4%.

Vietnam has set an official GDP progress goal of 6.5% to 7.0% for this yr. Prime Minister Pham Minh Chinh final month mentioned Vietnam would goal for progress of 8.0%.

“Trying ahead, Vietnam will actively monitor financial insurance policies, stabilise alternate charges, and monitor intently huge commerce companions to have well timed insurance policies,” Huong mentioned.