Vietnam economy grows 5.66% in Q1/2024, highest in 5 years
Vietnam has recorded GDP growth of 5.66% in the first quarter of 2024, the highest figure for the same period since 2020, the General Statistics Office reported on Friday.
The pace is higher than 3.21% posted in Q1/2020, 4.85% in Q1/2021, 5.12% in Q1/2022, and 3.41% in Q1/2023, the General Statistics Office added.
The 5.66% growth is lower than Standard Chartered Bank's projection of 6.1%.
Vietnam's GDP growth in first quarter through years. Chart by The Investor/Tri Duc.
The service sector grew 6.12% in Q1/2024, accounting for 52.23% of the overall growth; followed by the industry-construction sector with 6.28%, or 41.68% of the total; and the agriculture-forestry-fisheries sector with 2.98%, or 6.09% of the total.
Overall, as of end-Q1/2024, the agriculture-forestry-fisheries sector made up a 11.77% portion of the economy, following the industry-construction sector with 35.73%, the service sector with 43.48%, and taxes-subsidies with 9.02%.
The 5.66% growth is a remarkable result amid the sluggish performance of many countries in the region and the world due to rising tensions around the world such as the Russia-Ukraine conflict, the Gaza strip conflict, and the Red Sea conflict that are all affecting maritime transport, the GSO said.
Approaching Q2/2024, the GSO expects the Vietnamese economy to continue facing challenges due to global hardships, such as political tension and natural disasters. To reach the target of 6-6.5% for 2024, further efforts are needed, the GSO stressed.
The GSO proposed continuing macroeconomic stability with controlled inflation and fulfilled supply of goods, boosting the domestic market, improving exports, enhancing the disbursement of public investment, and preparaing to cope with natural disasters.
Vietnam’s GDP grew 5.05% year-on-year to $430 billion in 2023. The figure is higher than 2.91% in 2020 and 2.58% in 2021, the two peak years of the Covid-19 pandemic; but lower than 8.02% in 2022, the post-pandemic period, and 7.02% in 2019, the pre-pandemic period. The growth missed the target of 6.5%, set by the National Assembly, Vietnam's highest legislative body.
- Related News
- Read More
Real estate, gold markets to be fully established by 2026: Prime Minister
Vietnam plans to complete a comprehensive legal framework for its financial, real estate, and gold markets by 2026 as part of a broader effort to modernize market infrastructure and accelerate economic growth, said Prime Minister Pham Minh Chinh.
Finance - Mon, October 20, 2025 | 3:33 pm GMT+7
Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province
Vietnam’s Ministry of Public Security has broken ground on a 60,000-seat domed stadium in the northern province of Hung Yen, set to become the country’s most technologically advanced sports venue.
Society - Mon, October 20, 2025 | 2:48 pm GMT+7
Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts
Businesses and online shop owners in Vietnam should pay greater attention to human resources and logistics, considering these factors “keys” to competitive advantage in the increasingly volatile e-commerce market, according to experts.
Economy - Mon, October 20, 2025 | 10:54 am GMT+7
Construction stocks ignite Vietnam’s market rally by year-end
FDI inflows into Vietnam are hitting record highs, while faster public investment disbursement and stable construction material costs are fueling a late-year surge in construction stocks, analysts said.
Finance - Mon, October 20, 2025 | 10:44 am GMT+7
Vietnam's central bank struggles to rein in cross-ownership
Cross-ownership and bank manipulation in Vietnam have eased, yet control remains elusive as shareholders and related parties conceal ownership through nominees, the State Bank of Vietnam (SBV) said in a report to the country’s legislature.
Banking - Mon, October 20, 2025 | 8:34 am GMT+7
Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam
Viettel Post, a subsidiary of military-run Viettel Group, has broken ground on an over VND722 billion ($27.41 million) logistics center project in Danang city, which is expected to enhance the logistics capacity of Vietnam's central and Central Highlands regions.
Industries - Sun, October 19, 2025 | 7:35 pm GMT+7
Vietnam's stock market regulator introduces green bond disclosure handbook
By enhancing transparency and standardizing disclosures, the Green Bond Disclosure Handbook that the State Securities Commission of Vietnam (SSC) introduced will build investor trust, reduce greenwashing risks, and support the growth of a credible and resilient green finance market in Vietnam.
Finance - Sun, October 19, 2025 | 2:11 pm GMT+7
Central Vietnam province Lam Dong seeks investment for 72 projects
The Lam Dong province People's Committee has called for investment in 72 projects across various sectors which are set for implementation in 2025 and the 2026-2030 period.
Industries - Sun, October 19, 2025 | 1:31 pm GMT+7
Vietnam's leading conglomerate Vingroup ventures into senior living market
Vingroup JSC (HoSE: VIC) has unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.
Industries - Sun, October 19, 2025 | 12:28 pm GMT+7
Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years
Vietnam’s agri major Hoang Anh Gia Lai JSC's (HAGL) return to real estate is an accident, after discovering a plot of land the company had “forgotten for 15 years” during its boom years, said chairman Doan Nguyen Duc.
Companies - Sun, October 19, 2025 | 10:02 am GMT+7
REE to set up 2 subsidiaries for wind projects in southern Vietnam
Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has decided to establish two wholly-owned subsidiaries to develop two wind power projects in Vinh Long province, expanding its renewable energy portfolio in southern Vietnam.
Energy - Sun, October 19, 2025 | 8:00 am GMT+7
Australian CEO detained, NSH Petro’s recovery hopes collapse
The recovery prospects of NSH Petro (PSH) have dimmed after its Australian CEO was detained on allegations of fraud involving false promises of billion-dollar financing that led to the misappropriation of nearly $4.9 million.
Companies - Sat, October 18, 2025 | 6:53 pm GMT+7
Maintaining market status upgrade a bigger challenge: official
Vietnam's stock market status will be upgraded by FTSE Russell from "frontier" to "secondary emerging" from September 21 next year, but continued reform is critical as the bigger challenge is to maintain the new classification, said a market watchdog official.
Finance - Sat, October 18, 2025 | 1:30 pm GMT+7
HCMC partners with Nasdaq to develop int’l financial center
The Finance Department of Vietnam’s southern metropolis Ho Chi Minh City has signed an MoU with the U.S.-based stock exchange Nasdaq on the development of an international financial center (IFC).
Top News - Sat, October 18, 2025 | 11:56 am GMT+7
Vingroup plans $325 mln issuance of international bonds
Vietnam's leading private conglomerate Vingroup (HoSE: VIC) has announced a board of directors resolution to issue $325 million worth of international bonds, with a five-year term and a yield of 5.5% per year.
Companies - Sat, October 18, 2025 | 10:26 am GMT+7
Vietnam raises personal income tax deductions by over 40%
The Standing Committee of Vietnam’s National Assembly, the country's legislature, on Friday approved a resolution on adjusting personal income tax (PIT) deductions, marking a significant increase of over 40% from current levels.
Economy - Sat, October 18, 2025 | 9:11 am GMT+7
