At a press conference on January 6 to announce the 2024 economic and social statistics, GSO Director General Nguyen Thi Huong highlighted the significance of this growth amidst global uncertainties and domestic challenges such as natural disasters.

"This impressive growth lays a strong foundation for Vietnam to accelerate in 2025. Despite global and domestic difficulties, Vietnam's economy shows clear signs of recovery, with low inflation, stable macroeconomic balances, and positive outcomes across key sectors. Vietnam remains a standout performer in economic growth within the region and globally," said Huong.

In Q4 2024, Vietnam's GDP growth was driven by:

Agriculture, forestry, and fisheries: 2.99% growth, contributing 4.86% to the overall increase.

Industry and construction: 8.35% growth, contributing 44.03%.

Services: 8.21% growth, contributing 51.11%.

For the entire year:

Agriculture, forestry, and fisheries grew by 3.27%, contributing 5.37%.

Industry and construction grew by 8.24%, contributing 45.17%.

Services grew by 7.38%, contributing 49.46%.

Vietnam’s GDP at current prices reached approximately 11.5 quadrillion VND ($476.3 billion) in 2024. GDP per capita also rose to 114 million VND ($4,700), an increase of $377 compared to 2023.

Inflation remains under control

The Consumer Price Index (CPI) in 2024 rose by 3.63%, aligning with the National Assembly’s target. December’s CPI increased by 0.29% from the previous month, driven by higher prices for healthcare services, rental housing, and fuel.

Key contributors to December's CPI increase included:

Healthcare services: +2.19%.

Transportation: +0.57%.

Housing, electricity, water, and construction materials: +0.53%.

Clothing and footwear: +0.28%.

Two groups saw price decreases:

Postal and telecommunications services: -0.03%.

Food and beverage services: -0.13%.

Core inflation, which excludes volatile items like food and energy, rose by 2.71% in 2024, lower than the average CPI increase.

Gold and USD price trends

Gold prices saw significant fluctuations, decreasing by 1.38% in December 2024 but increasing by 31.07% year-on-year. The average gold price index for 2024 rose by 28.64%.

The USD price index increased by 0.09% in December and 4.31% year-on-year. The annual average USD price index rose by 4.91%.

Nguyen Le