By Khanh Vu and Phuong Nguyen
HANOI (Reuters) -Vietnam’s economic system expanded 7.09% final 12 months to $476.3 billion, sooner than the 5.05% growth in 2023, pushed by sturdy exports and sturdy international funding inflows, authorities knowledge confirmed on Monday.
Gross home product grew 7.55% within the fourth quarter, the quickest quarterly progress in additional than two years, the Normal Statistics Workplace stated in a report.
The Southeast Asian nation, a regional manufacturing hub, has benefited from a restoration in world consumption regardless of being badly affected by Asia’s strongest hurricane final 12 months.
“This is a positive result amid difficulties including natural disasters and is a good foundation for 2025 growth,” Nguyen Thi Huong, head of the GSO, stated at a press convention after the report was launched.Exports in 2024 grew 14.3% from a 12 months earlier to $405.53 billion, led by shipments of electronics, smartphones, clothes and farm produce, the report stated.
Imports grew 16.7% to $380.76 billion in 2024, leading to a commerce surplus of $24.77 billion.
The sturdy rebound in progress was additionally helped by the federal government growing coal imports for energy era to keep away from a repeat of the electrical energy shortages of earlier years.
Coal imports in 2024 rose 24.8% from a 12 months earlier to 63.8 million metric tons, whereas electrical energy output within the 12 months rose 9.6% to 293.3 billion kilowatt hours.
International funding inflows into Vietnam rose 9.4% final 12 months to $25.35 billion.
Common shopper costs in 2024 had been up 3.63% whereas industrial manufacturing output rose 8.4%.
The benchmark inventory index was up 0.13% as of mid-day on Monday after the discharge of the 2024 knowledge.
Vietnam has set an official GDP progress goal of 6.5% to 7.0% for this 12 months. Prime Minister Pham Minh Chinh final month stated it will purpose for progress of 8.0%.
“Looking forward, Vietnam will actively monitor monetary policies, stabilise exchange rates, and monitor closely big trade partners to have timely policies,” Huong stated.
She added that Vietnam was amongst nations involved over Donald Trump’s plans for his second time period as U.S. President beginning on Jan. 20. Trump has talked of imposing new tariffs on imports into the U.S.
“When Trump takes office, his messages will be much clearer, and we will have preparations for the changes under his term accordingly,” Huong stated.
Oxford Economics stated in a observe on Monday it anticipated Vietnam’s GDP to develop 6.5% this 12 months, however warned that the momentum of providers exports gave the impression to be slowing.
“Despite the positive growth data, challenges from the banking and real estate sectors remain, and credit growth has been below-trend,” Oxford Economics added.
