Owing to the robust recovery of key economic sectors and the effective implementation of synchronized financial policies, Vietnam’s economy achieved noteworthy growth in the third quarter of 2024.
Despite the challenges posed by natural disasters, particularly the impact of Typhoon Yagi, Vietnam’s economy has maintained stability and demonstrated sustainable resilience.
REGISTER TO RECEIVE VIETNAM’S ECONOMY REPORT IN Q3/2024
Vietnam’s economy achieved growth with a balanced structure.
In the first nine months of 2024, Vietnam’s GDP is estimated to have increased by 6.82% compared to the same period last year. This figure reflects the stability and resilience of Vietnam’s economy in the face of challenges.
High GDP growth in Q3/2024 and the first nine months of the year
In Q3/2024, Vietnam’s GDP grew by 7.4% compared to the same period last year. This result is regarded as a remarkable achievement, demonstrating the economy’s ability to sustain growth amid challenges.
Notably, the industrial and construction sectors, led by manufacturing and processing industries, significantly contributed to this growth. Specifically, the manufacturing and processing industry recorded a growth rate of 11.41% – the highest in the past six years – highlighting the strength and potential of this sector in driving economic growth.
GDP growth rate for the first nine months compared to the same period in previous years (2020-2024) (Source: GSO)
As of the end of the first three quarters of 2024, Vietnam’s economy recorded a growth rate of 6.82% compared to the same period last year, reflecting a clear and stable recovery trend. However, the agriculture, forestry, and fishery sector was significantly impacted by Typhoon Yagi in September, resulting in a growth rate of only 3.2%, which is lower than in previous years.
The economic structure continues to shift positively
In the first nine months of 2024, Vietnam’s economic structure continued to shift towards enhancing the role of industry and services, while maintaining the proportion of agriculture, forestry, and fishery at a stable level.
The service sector accounted for 42.8% of total GDP, a slight increase compared to the same period last year. The industry and construction sector made up 37.1%, reflecting the growth momentum of the manufacturing and processing industries. Meanwhile, the agriculture, forestry, and fishery sector remained at 11.64%.
This shift indicates that the economy is progressing toward a modern and sustainable structure, with a focus on the development of industry and services.
Economic structure in the first nine months of 2024 ( Source: GSO)
Agriculture and its contribution to Vietnam’s economy
The agricultural sector remains a cornerstone of Vietnam’s economy. Despite challenges posed by Typhoon No.3, agricultural production in Q3 2024 achieved positive results.
Stable rice and fruit crop production
In Q3/2024, summer-autumn rice production remained stable, estimated at approximately 11.1 million tons, adequately meeting domestic consumption needs. The yield of summer-autumn rice held steady, with an estimated productivity of 58.1 quintals per hectare, slightly higher than the same period last year.
The summer-autumn rice production is estimated at approximately 11.1 million tons
(Image source: Tạp chí Thương hiệu điện tử)
The expansion of cultivation areas and optimized export markets boosted growth in key fruit crops. Durian production reached nearly 985 thousand tons, mango 858.4 thousand tons, and orange over 1 million tons, reflecting the vital role of crop cultivation in enhancing Vietnam’s export value.
Stable growth in livestock and fisheries
The livestock and fisheries sectors have maintained steady growth, meeting domestic consumption and export demands. Livestock production saw a slight increase compared to the same period last year, with poultry meat output reaching 1.82 million tons.
Meanwhile, aquaculture production totaled approximately 4.04 million tons, including over 1.25 million tons of pangasius fish. These results highlight the continued importance of the livestock and fisheries sectors in stabilizing the economy, even amidst challenges.
Fiscal policies and inflation control support Vietnam’s economy
In Q3/2024, the Vietnamese government implemented flexible and effective financial measures to maintain economic stability. Adjustments to interest rates and support for businesses in accessing capital facilitated favorable conditions for production and business activities.
As a result, the Consumer Price Index (CPI) in September increased by 2.63% year-on-year, reflecting the effectiveness of inflation control measures in ensuring a stable business environment and boosting investor confidence.
REGISTER TO RECEIVE VIETNAM’S ECONOMICY REPORT IN Q3/2024
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