The growth rate, while slightly below those of 2028, 2019, and 2022, showed a remarkable recovery and positioned the country as a regional economic bright spot, Nguyen Thi Huong, GSO’s general director, said at a press conference on Monday.
Huong said the nation’s economic recovery gained momentum throughout the year, with each quarter showing progressive improvement. The fourth quarter saw a 7.55% expansion, maintaining an upward trajectory from 5.98% in Q1, 7.25% in Q2, and 7.43% in Q3.
The service sector emerged as the primary growth driver for the whole year, contributing 49.46% to the overall GDP growth with a 7.38% expansion. Meanwhile, the industrial and construction sector and agro-forestry-fishery sector contributed 45.17% and 5.37% to the country’s GDP growth, with increases of 8.24% and 3.27%, respectively.
Vietnam’s GDP amounted to more than VND11.51 quadrillion (US$476.3 billion) in 2024, with per capita GDP hitting $4,700, a $377 rise from 2023. Labor productivity also improved significantly, reaching $9,182 per worker, up $726 from the previous year.
The economic structure in 2024 showed the dominance of the service sector, which accounted for 42.36% as compared to 42.3% in 2023. The industrial and construction sector made up 37.64% of the GDP, slightly higher than the previous year’s figure of 37.58%, while the agro-forestry-fishery sector maintained a stable share of 11.86%.
Huong acknowledged that 2024 witnessed complicated global challenges with unprecedented factors, including military conflicts, increasingly strategic competition among powers, intensified trade protectionism, and supply chain disruptions. Besides, extreme weather patterns left disastrous impacts on livelihoods and socio-economic development in many countries. However, she noted that the global economy showed signs of stabilization with better trade, easing inflationary pressure, as well as improvements in the financial and labor markets.
The rosy economic achievements in 2024 created an important foundation for Vietnam to accelerate growth in 2025 and complete the targets in the five-year socio-economic development plan for the 2021-2025 period, Huong stressed, adding this will be a huge challenge that requires concerted efforts of the entire political system, business community, and people.
