1. Total import and export turnover of goods exceeds 700 billion USD
In the 11 months of 2024, the total import-export turnover of goods reached 715.55 billion USD, up 15.4% over the same period last year. Of which, exports increased by 14.4% and imports increased by 16.4%, helping Vietnam maintain a trade surplus for the 9th consecutive year with a figure of 24.31 billion USD. This result not only shows the competitiveness of the economy but is also a positive signal about the ability to reduce dependence on imports and increase domestic production.
2. Vietnam leads ASEAN-6 in GDP growth
According to statistics, in the third quarter of 2024, Vietnam was the country with the highest GDP in the ASEAN-6 region (including Vietnam, Malaysia, Singapore, Indonesia, the Philippines and Thailand) with an increase of 7.4%. In the first 9 months, GDP is estimated to increase by 6.82% over the same period last year.
Of which, the agriculture, forestry and fishery sector increased by 3.20% (contributing 5.37%); the industry and construction sector increased by 8.19% (contributing 46.22%), of which the processing and manufacturing industry was the growth driver with a growth rate of 9.76%. The service sector increased by 6.95% (contributing 48.41%).
Based on the results of the third quarter and nine months, the Ministry of Planning and Investment continues to report to the Government and the Prime Minister to maintain the target of striving for 7% growth for the whole year, and if conditions permit, it can strive for higher than 7%.
3. VinFast becomes the number 1 best-selling car brand in the Vietnamese market
In 2024, VinFast - a domestic car manufacturer of Vietnam - made its mark when electric vehicle sales dominated the market share in Vietnam, surpassing many international brands such as Toyota, Hyundai and Kia. This is the first time a domestic car manufacturer has led the automobile market, especially in the rapidly growing electric vehicle segment. The reason comes from the fact that electric vehicle models such as VF e34, VF8 and VF9 are highly appreciated by consumers for their modern design, smart technology and economical and sustainable operation. VinFast has built a charging station system covering all provinces and cities, creating a great advantage over international car manufacturers. In addition, VinFast offers a flexible battery rental program, long-term warranty and competitive price support, helping to increase the attractiveness of electric vehicles. Finally, Vietnamese consumers increasingly favor electric vehicles due to the Government's policy of encouraging the use of clean energy, tax reduction and preferential vehicle registration fees.
4. The National Assembly passed a Resolution on investment in the North-South high-speed railway project.
On November 30, 2024, the National Assembly officially approved the Resolution on the investment policy of the North-South high-speed railway project with a total length of 1,541km, passing through 20 provinces and cities. The project has a total preliminary investment capital of about 67 billion USD, using modern technology with a design speed of 350km/h, expected to be completed in 2035.
5. Passing 3 laws to remove difficulties for the real estate market
In January 2024, the National Assembly passed three important laws (Land Law, Real Estate Business Law, Housing Law) with synchronous adjustments and effective from August 1, 2024.These laws create a more transparent and open legal framework, removing bottlenecks in land management and real estate development.
The Land Law focuses on land valuation close to the market, reducing speculation; the Real Estate Business Law supports businesses in raising capital; while the Housing Law focuses on developing social housing.These regulations contribute to increasing transparency, ensuring the rights of investors and people.
6. 500kV line circuit 3: Symbol of will and aspiration for development
The 500kV line 3 project from Quang Trach (Quang Binh) to Pho Noi (Hung Yen) is a symbol of Vietnam's solidarity and will to develop, implemented to solve the power shortage and ensure national energy security.
Approved for investment in October 2020 with a capital of more than VND 23,000 billion, the project achieved a miracle in construction speed thanks to the participation of 15,000 engineers and workers, along with many technical initiatives to save time and costs. Completed on schedule in May 2023, the project not only meets urgent electricity needs but also affirms the capacity and aspiration of the Vietnamese people in building a prosperous country.
7. Vietnam cooperates with NVIDIA to establish 2 AI development centers
On December 5, 2024, Vietnam and NVIDIA announced their cooperation to establish the AI Research and Development Center (VRDC) and the AI Data Center. These centers will focus on developing AI applications in healthcare, education, transportation and finance, and training AI talent for Vietnam. This is an important milestone to help Vietnam "catch up, keep up and surpass" in the field of AI, creating momentum to attract more high-tech investors.
8. The stock market takes another important step in the upgrading process
On September 18, 2024, the Ministry of Finance issued Circular No. 68/2024/TT-BTC, which removed the requirement for pre-transaction deposits for foreign investors. This makes the market more transparent and attractive, while increasing the opportunity for upgrading to an emerging market by the end of 2025.
9. Banking industry pushes biometric authentication
From July 1, 2024, the State Bank of Vietnam requires banks to implement biometric authentication for online transactions. As of December 2024, 38 million customers have completed biometric authentication, helping to reduce 50% of fraud cases and over 70% of fraudulent accounts. This is a major step forward in applying technology to protect users and improve the safety of financial transactions.
10. Stabilize the gold market, reduce gold price difference
In 2024, the State Bank has implemented measures to stabilize the gold market by organizing gold bar auctions and selling gold directly through major commercial banks such as Vietcombank, BIDV, Agribank, VietinBank and SJC. Thanks to that, the difference in gold prices between domestic and international markets has decreased sharply from VND 15-18 million/tael to VND 3-4 million/tael. In the long term, to stabilize the gold market, many opinions have proposed that the State Bank should abolish the monopoly on importing, producing and trading gold bars, ensuring connectivity between the domestic and international gold markets.
