Vietnam GDP 2024 +7.1%

According to the latest data released by the General Statistics Office, Vietnam’s economy expanded by 7.1 per cent in 2024 to USD 476.3 billion, faster than the 5 per cent growth recorded in 2023, and exceeding the growth target set by the government.

Gross domestic product (GDP) grew by 7.5 per cent in the fourth quarter of 2024, marking the fastest quarterly growth in more than two years.

The service sector was the primary growth driver for the year, contributing 49.5 per cent to overall GDP growth. The industrial and construction sector contributed 45.2 per cent, while the agro-forestry-fishery sector accounted for 5.4 per cent of the economy’s total growth.

Exports in 2024 rose by 14.3 per cent year-on-year to USD 405.5 billion, driven by shipments of electronics, smartphones, clothing, and farm produce. Imports grew by 16.7 per cent to USD 380.8 billion, resulting in a trade surplus of USD 24.7 billion.

The Association of Southeast Asian Nations (ASEAN), a political and economic union of ten member states, has a population of 667 million and spans a territory of 4.5 million square kilometers. It is currently the third-largest economy in Asia-Pacific and the fifth-largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.