In the third quarter of 2024, Vietnam’s GDP continued its impressive growth, estimated to increase by 7.4% compared to the same period in 2023. This growth is mainly concentrated in the service, industrial, and construction sectors. The GDP for the entire year of 2024 is projected to reach between 6.8% and 7%.

Vietnam’s Q3 2024 GDP growth exceeds expectations

Vietnam’s GDP in Q3 2024 continued its impressive growth, surpassing many economists’ forecasts. Specifically, Q3 2024 GDP increased by 7.4% compared to Vietnam’s GDP in the same period of 2023, primarily driven by strong growth in the service, industrial, and construction sectors. For the first nine months of 2024, the country’s GDP rose by 6.82% year-over-year.

Regarding Q3 2024 GDP usage, the General Statistics Office reported that final consumption grew by 7.02%, contributing 59.78% to Vietnam’s overall economic growth. Asset accumulation also saw significant growth, increasing by 7.08% and contributing 39.03%. Exports of goods and services rose by 15.68%, while imports of goods and services increased by 15.84%, with the net balance between exports and imports contributing 1.19%.

Exports and Imports of Goods and Services Experience Strong Growth

Industrial and service sectors show positive growth

In the third quarter of 2024, the industrial and construction sectors recorded impressive growth, reaching 9.11% and contributing 48.88% to Vietnam’s total GDP. Among these, the manufacturing and processing industry continued to show strong momentum, achieving a growth rate of 11.41%—the highest rate for the same period in the past six years. Additionally, the service sector maintained its growth trajectory with a rate of 7.51%, contributing 47.04% to the GDP.

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Meanwhile, the agriculture, forestry, and fisheries sector posted a more modest growth rate of 2.58%, contributing 4.08% to Vietnam’s current GDP. The slowdown in this sector was largely due to the impact of Typhoon Yagi, which caused significant damage to agricultural and fisheries areas. However, thanks to timely recovery measures, this sector maintained a certain level of growth, contributing to the steady growth of Vietnam’s economy.

Vietnam GDP growth forecast for 2024 – 2035

Despite positive results in Q3 2024, Vietnam’s economy still faces several challenges. For the first nine months of 2024, core inflation increased by 2.69%, while the Consumer Price Index (CPI) rose by 3.88% compared to the same period last year. This increase is mainly due to rising input material costs and high transportation expenses.

Nonetheless, Vietnam’s economic growth outlook for Q4 and the entire year of 2024 remains optimistic. The World Bank forecasts Vietnam’s 2024 GDP growth at 6.1%, comparatively high within the region—surpassing countries like China at 4.8%, Malaysia at 4.9%, and Indonesia at 5.0%. S&P Global further projects that Vietnam’s average annual GDP growth rate for the 2024 – 2025 period will reach 6.2%, the highest worldwide, outpacing other nations such as India, the Philippines, and Indonesia. S&P Global also anticipates Vietnam becoming one of the fastest-growing emerging markets by 2035, driven by trade development policies, investment attraction, and deeper integration into global supply chains.