Vietnam’s gross domestic product (GDP) in the fourth quarter of 2024 grew by an estimated 7.55 percent compared to the same period in 2023, according to the General Office of Statistics. This marks the highest fourth-quarter growth since 2018, continuing a quarterly upward trend throughout the year with growth of 5.98 percent in Q1, 7.25 percent in Q2, and 7.43 percent in Q3.
For the full year, GDP in 2024 is estimated to have grown by 7.09 percent.
In terms of contributions to total added value in Q4, the agriculture, forestry, and fishery sector increased by 3.27 percent, accounting for 5.37 percent of total economic growth. The industry and construction sector rose by 8.24 percent, contributing 45.17 percent, while the service sector grew by 7.38 percent, contributing 49.46 percent.
Vietnam’s GDP at current prices is estimated at VND 11,511.9 trillion, equivalent to US$476.3 billion with GDP per capita at current prices for 2024 projected to come in at around VND 114 million, or US$4,700, reflecting an increase of US$377 compared to 2023.
These numbers, however, only tell a part of the story with Vietnam’s economy and economic policy far more complicated and nuanced that these GDP figures let on. With this in mind, a detailed breakdown of Vietnam’s Q3 performance can be found here: Vietnam’s Economy in Q3 Beyond GDP Growth: Unpacked.