Vietnam GDP grows 7.09% in 2024, above parliament target
Vietnam’s GDP growth reached 7.09% in 2024, higher than the National Assembly’s target of 6-6.5%, the General Statistics Office (GSO) announced on Monday.
The figure is higher than the 5.05% in 2023 and the results of the three years heavily impacted by Covid-19 (2.58% in 2021, 2.91% in 2020, 7.02% in 2019).
The 2024 outcome was less than 7.08% in 2018 and 8.02% in 2022.
As of end-2024, the agriculture, forestry and fishery sector accounted for 11.86% of Vietnam’s economy, the industry-construction sector with 37.64%, the service sector with 42.36%, and others with 8.14%.
As a result, Vietnam's economy reached $476.3 billion as of end 2024. The GDP per capita was approximately $4,700.
For 2025, Vietnam targets a GDP growth 8%, in order to prepare for an annual growth beyond 10% in 2026-2030, Prime Minister Pham Minh Chinh said in December. In November, the National Assembly, Vietnam's legislature, set a target of 6.5-7% for 2025.
The 8% figure is higher than global agency’s predictions, such as the Asian Development Bank (ADB) with 6.6% and Oxford Economics with 6.5%.
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