A series of bright spots bring the economy to the "finish line"
In 2024, in the context of the world economy gradually recovering, global trade is still unstable, facing many risks and uncertainties, our country's economy gradually recovers, with signs of improvement every quarter and reaching the finish line with GDP growth for the whole year of 2024 reaching 7.09%.
In particular, industrial production has made a remarkable development with the highest growth rate since 2020, although it was partly damaged by the impact of Typhoon Yagi. The added value of the industry increased by 8.32%, higher than 2023 at 5.34%.
This result was supported by the recovery of major economies such as the US, EU, Japan and South Korea, increasing demand for goods, creating favorable conditions for product exports. Large FDI corporations invested in Vietnam, expanding production to meet the increasing demand for electronic equipment in the context of digital transformation. Along with that, support and incentive policies from the government encouraged domestic production and consumption of products.
On the demand side, merchandise exports are an important highlight in the growth trend. In 2024, merchandise exports will grow by 14.3%, supported by the recovery of consumer and shopping demand in major markets such as the US, EU, and ASEAN.
Foreign direct investment (FDI) continues to be a bright spot, supporting production and export development, and is a driving force contributing to economic growth in 2024. Realized investment capital of the FDI sector in 2024 increased by 10.6% over the same period, much higher than the 5.4% increase in 2023.
Investment is likely to pick up as exports recover and investors become more optimistic about investing in projects, reflecting investors’ confidence in Vietnam’s business environment. Stable domestic consumption will be an important contributor to growth in 2024.
Many advantages for economic growth
According to Ms. Nguyen Thi Mai Hanh - Director of the Department of National Accounts System (General Statistics Office), economic growth in 2024 achieved positive results thanks to many favorable factors. For example, political and macroeconomic stability, flexible and effective application of fiscal and monetary policies have helped control inflation in a safe zone, and the gradual decrease in operating interest rates is the basis for reducing lending interest rates to support production.
The business investment environment continues to improve strongly, with many policies to support businesses and attract foreign investment; Policies to stimulate consumption, reduce and extend taxes have supported businesses and people in production and consumption.
Transport and logistics infrastructure has made great strides to facilitate the movement of goods and connect regions. The system of seaports, roads, and railways has been upgraded, helping to reduce transportation costs and increase the competitiveness of Vietnamese goods in the international market. These improvements not only support exports but also create favorable conditions for domestic and foreign investors, promoting regional economic development.
"The successful signing of free trade agreements (FTAs) in previous years is a premise and opportunity to help Vietnam's exports exceed the set target, affirming our country's position as an attractive destination for investment and production. Vietnam's export markets are increasingly diverse, not only focusing on a few large markets but also expanding to many emerging markets" - Ms. Hanh assessed.
In particular, according to Ms. Nguyen Thi Mai Hanh, anticipating and promoting the application of digital economy and strong digital transformation creates breakthroughs in many areas such as finance, e-commerce, information technology services, and state management. The application of digital technology helps boost labor productivity and expand opportunities for small and medium enterprises, helping them access the global market more easily.
