Brian Jeffrey
During a press event on January 6, the General Statistics Office (GSO) Director General Nguyen Thi Huong emphasized the importance of Vietnam’s economic growth, particularly in light of uncertainties both globally and domestically, including challenges from natural disasters.
“This remarkable growth provides a solid groundwork for Vietnam to advance in 2025. Despite facing various difficulties, the economy is showing signs of revival, marked by low inflation, stable macroeconomic conditions, and favorable trends in essential sectors. Vietnam shines as a leader in economic growth in both the region and worldwide,” Huong stated.
In the fourth quarter of 2024, GDP growth was primarily fueled by:
Agriculture, forestry, and fisheries: growing by 2.99%, contributing 4.86% to the overall growth.
Industry and construction: increasing by 8.35%, contributing 44.03%.
Services: expanding by 8.21%, contributing 51.11%.
For the complete year:
Agriculture, forestry, and fisheries recorded a growth of 3.27%, contributing 5.37%.
Industry and construction advanced by 8.24%, representing 45.17% of the contribution.
Services increased by 7.38%, contributing 49.46%.
In 2024, Vietnam’s GDP at current prices reached roughly 11.5 quadrillion VND ($476.3 billion), with a per capita GDP rising to 114 million VND ($4,700), an uplift of $377 from 2023.
The Consumer Price Index (CPI) escalated by 3.63% in 2024, which aligns with the National Assembly’s objectives. In December, the CPI went up by 0.29% compared to November, primarily due to rising costs in healthcare services, rental housing, and gas.
Major factors contributing to the CPI rise in December included:
Healthcare services: +2.19%.
Transportation: +0.57%.
Housing, electricity, water, and construction materials: +0.53%.
Clothing and footwear: +0.28%.
However, two categories experienced price declines:
Postal and telecommunications services: -0.03%.
Food and beverage services: -0.13%.
Core inflation, which excludes unpredictable components like food and energy, increased by 2.71% in 2024, below the general CPI rise.
Gold prices were notably volatile, dropping by 1.38% in December 2024, yet rising by 31.07% year-on-year. The average gold price index for 2024 surged by 28.64%.
The USD price index climbed by 0.09% in December and 4.31% year-on-year, with the annual average USD price index also increasing by 4.91%.
