Recent forecasts from international organizations have revised Vietnam’s 2024 growth projections upward, reflecting stronger-than-expected performance.

According to Deputy Minister of Planning and Investment Tran Quoc Phuong, barring significant disruptions like natural disasters or external shocks, Vietnam is on track to achieve a 7% GDP growth rate for the year.

“We now see opportunities to exceed this growth target as we review all potential growth drivers for the final months of the year,” Phuong remarked, emphasizing the groundwork being laid for double-digit growth targets in the near future.

Vietnam’s foreign trade has been a cornerstone of its economic success. In 2024, the country’s total import-export turnover reached a new record, surpassing $783 billion - well above the $681 billion recorded in 2023.

Export revenues alone are estimated at $403 billion, marking a 13.6% year-on-year increase and far exceeding the 4.6% decline experienced in 2023.

This growth rate places Vietnam ahead of several regional peers, including China, South Korea, Thailand, and Indonesia, which reported export growth rates ranging from 1.33% to 12.7% over the same period.

Agricultural exports lead the way

Despite facing natural disasters, pandemics, and volatile global markets, Vietnam’s agriculture sector delivered record-breaking results in 2024. Agricultural, forestry, and fishery exports hit $62.4 billion, an 18.5% increase from 2023, contributing to a record trade surplus of $18.6 billion.

Key agricultural products, including coffee, rice, fruits, and cashews, reached unprecedented milestones. Coffee exports stood out with revenues of $5.5 billion, a 28.9% year-on-year increase, fueled by a 50% rise in average export prices. Coffee bean prices ranged from 100,000 to 134,000 VND/kg, providing farmers with lucrative incomes.

Rice exports also achieved historic highs, with 9.01 million tons exported at a value of $5.8 billion, reflecting a 10.9% increase in volume and a 23.1% rise in value. These figures mark the highest levels since Vietnam began exporting rice in 1989.

Fruit and vegetable exports surged to $7.2 billion, significantly surpassing the $5.6 billion recorded in 2023. Durian alone contributed $3.5 billion, up from $2.3 billion the previous year, solidifying Vietnam’s position as a leading exporter in the Chinese market, closely competing with Thailand.

With an average monthly export turnover of approximately $30 billion in 2024, Vietnam’s strong performance across multiple sectors underscores its potential to achieve even greater economic milestones.

The country’s ability to sustain growth amid global uncertainties highlights its resilience and adaptability, paving the way for ambitious growth targets in the coming years.

Tam An