Business recovery, economic growth

Updated: 21:45, 24/12/2024

Vietnam’s economy has recovered and grown strongly in 2024, gradually regaining the growth momentum seen before the Covid-19 pandemic, with many positive signs, especially in exports and foreign direct investment (FDI) attraction, according to statistics from the Vietnam Chamber of Commerce and Industry (VCCI).

In this context, the total import-export turnover in the first 11 months of 2024 is estimated to reach 715.55 billion USD, including 369.93 billion USD in export revenue, up by 15.4% and 14.4% compared to last year. Meanwhile, the trade surplus reached USD 24.31 billion.

Vietnam’s economy has recovered and grown strongly in 2024.

FDI inflows into Vietnam in the first 11 months of 2024 also reached nearly USD 31.38 billion, a 1% increase compared to the same period in 2023. Disbursed capital reached the highest level in recent years, estimated at 21.68 billion USD in 11 months, up 7.1% compared to last year.

The GDP for the whole year is forecasted to reach 6.8-7%, higher than the target set by the National Assembly (6-6.5%). As a result, Vietnam is ranked among the countries with high growth rates in the region and the world, receiving praise from many large, reputable international organisations.

In addition, one of the economy’s bright spots is the positive transformation in manufacturing and business activities. The industrial production index (IIP) for the first 11 months of 2024 is estimated to increase by 8.4% compared to last year, with the processing and manufacturing sector growing by 9.7%, contributing 8.5 percentage points to the overall increase.

The number of workers employed in industrial enterprises increased by 4.4% compared to last year. At the same time, the number of business registrations showed a more positive trend, with more than 218,500 businesses registered for establishment or resumed operations in the first 11 months of 2024, up 7.4% compared to the same period in 2023.

On average, nearly 19,900 businesses were established or resumed operations each month, higher than the number of businesses leaving the market by about 4,200.

To achieve these results, in addition to the significant contributions of the business community, we recognise the government's continuous efforts in leadership and management.

It has also implemented strong measures to accelerate public investment disbursement and effectively utilise the growth drivers of the services and export sectors.

Additionally, the timely issuance of policies to support and remove obstacles for businesses has contributed to overall positive economic and social development.

In 2025, with several factors supporting growth through the passage of many laws, it is anticipated to help Vietnam overcome difficulties and clear bottlenecks in the economy, creating momentum for Vietnam’s growth to potentially reach 8%, as set out in the National Assembly’s resolution.

However, to achieve the set goals, the government must focus on promoting the renewal of the growth model, restructuring the economy, and allocating resources for developing science, technology, and innovation.

More importantly, the government must continue to prioritise resources to complete the legal framework, creating a favourable and transparent environment suitable for the new context and situation to attract large-scale and high-tech investment projects, improve labour productivity, and attract and utilise talent domestically and internationally.

Although there are still challenges in controlling inflation, stabilising the macro economy, and economic management, it is believed that with the government’s determination and the proactive participation of ministries, sectors, and localities, a solid foundation will be created for economic and social growth in 2024 and the following years.