Vietnam's GDP in 2024 will grow impressively by 7.09%, total import and export turnover of goods will increase, inflation will be controlled... These are important premises for the economy to accelerate and reach the finish line in 2025.

Renewing traditional growth drivers

Ms. Nguyen Thi Huong - General Director of the General Statistics Office - informed that in the context of the unpredictable fluctuations in the world economic and political situation, with the participation of the entire political system, the timely, drastic and close direction and management of the Government, the Prime Minister and the efforts of all levels, sectors, localities, the business community and people nationwide, in 2024, our country's economy will achieve a growth rate of 7.09%, exceeding the set target of 6-6.5%.

Growth has gradually improved month by month and quarter, inflation is lower than the target, major balances are ensured, results in many important areas have reached and exceeded the set targets, are bright spots in economic growth in the region and the world.
According to data released by the General Statistics Office on January 6, GDP in the fourth quarter of 2024 is estimated to increase by 7.55% over the same period last year. GDP in 2024 is estimated to increase by 7.09% over the previous year, only lower than the growth rates of 2018, 2019 and 2022 in the 2011-2024 period.

Director General Nguyen Thi Huong said that the positive results of 2024 are an important premise for the economy to accelerate and reach the finish line in 2025, completing the highest goals in the 5-year socio-economic development plan for the 2021-2025 period.

Speaking to Lao Dong, Dr. Nguyen Quoc Viet - Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR) - said that the Government has clearly recognized that in the remaining period of this term (until 2025) and in the next term, it is necessary to focus on strongly promoting these growth drivers, especially focusing on investment. In particular, promoting public investment will be a solid foundation for growth.

“Despite many difficulties, promoting private investment will play an important role, helping to create momentum for sustainable economic development. I believe that private investment will become a key factor in Vietnam's economic development policy in 2025 and the following years, bringing great opportunities for the country's prosperity. To promote private investment, in the context of difficulties and limitations in economic stimulus packages, the Government needs to implement price stabilization programs, promote high-quality Vietnamese goods and meet international standards. These policies will help Vietnamese enterprises improve their competitiveness, not only serving the domestic market but also exporting. Policies to support private enterprises need to be substantial, both promoting supply and supporting demand, helping to reduce product costs and increase domestic value in exports,” Dr. Nguyen Quoc Viet assessed.

Removing institutional bottlenecks

According to experts, to continue the growth momentum of 2024 and accelerate strongly in 2025, in addition to promoting public investment and private investment and maintaining the development momentum of import-export activities, it is necessary to continue to promote the removal of institutional "bottlenecks" and have flexible and timely response policies to the domestic situation.

Dr. Can Van Luc said that it is necessary to be determined to quickly, neatly and effectively implement two major policies of the Party and the State: institutional breakthrough and revolution in streamlining the organizational apparatus. There must be a real breakthrough, from the stage of law making to the stage of law enforcement and supervision.

"International experience shows that when we have good institutional reforms, economic growth will be very positive. Therefore, I think we also need to better exploit this new growth resource," Dr. Can Van Luc suggested.