(MPI) - Amid global uncertainties, thanks to the participation of the entire political system, the drastic direction and management of the Government, and the efforts of all levels, Vietnam’s economy was estimated to achieve a growth rate of 7.09%, exceeding the set target of 6-6.5%, exceeding the National Assembly’s target of 6-6.5%, General Director of the General Statistics Office (GSO) Nguyen Thi Huong said at a conference to announce the socio-economic statistics on January 6.

Photo: MPI

Accordingly, the agro-forestry-fishery sector, the industrial and construction sector, and the service sector contributed 5.37%, 45.17% and 49.46% to the country’s GDP growth, with increases of 3.27%, 8.24% and 7.28%, respectively.

The GDP in the fourth quarter was estimated to grow by 7.55% compared to the same period of 2023, maintaining an upward trajectory from 5.98% in Q1, 7.25% in Q2, and 7.43% in Q3. Of which, the agriculture, forestry and fishery sector increased by 2.99%, contributing 4.86% to the total added value of the entire economy; the industry and construction sector increased by 8.35%, contributing 44.03%; the service sector increased by 8.21%, contributing 51.11%. Regarding GDP use in the fourth quarter of 2024, final consumption increased by 7.54% over the same period last year; accumulated assets increased by 7.98%; exports of goods and services increased by 11.35%; imports of goods and services increased by 13.49%.

Regarding the economic structure in 2024, the agriculture, forestry and fishery sector maintained a stable proportion of 11.86%; the industrial and construction sector made up 37.64%; the service sector accounted for 42.36%; and taxes less subsidies on products accounted for 8.14%. The respective figures in the same period of 2023 were 11.86%, 37.58%, 42.30% and 8.26%.

Regarding GDP use in 2024, final consumption, accumulated assets, exports of goods and services, and imports of goods and services rose by 6.57%, 7.20%, 15.45%, and 16.10% as compared to the 2023 figure, respectively.

Vietnam’s GDP in was estimated at 11,511.9 trillion VND at current price (476.3 billion USD), with GDP per capita rising to 114 million VND (4,700 USD), marking an increase of 377 USD from 2023. Labor productivity of the entire economy in 2024 reached 221.9 million VND (9,182 USD) per worker up 726 USD from the previous year (the rate of trained workers with degrees and certificates in 2024 was estimated at 28.3%, 1.1 percentage points higher than in 2023).

The positive growth rate in 2024 demonstrated the high determination, great efforts, and drastic, timely and effective actions of the entire political system in implementing socio-economic development tasks amid complicated global challenges with unprecedented factors as well as natural disasters causing great damage to production, business and people’s livelihoods in the country./.

Bao Linh

Ministry of Planning and Investment