Businesses accelerate digital transformation to enhance competitiveness - photo: Quynh Nga

Vietnam achieved remarkable economic milestones in 2024. Decisive and insightful leadership, combined with the efforts of the business community, drove GDP growth to exceed 7 percent by year-end, surpassing the National Assembly’s 2024 target of 6.5-7 percent.

While agriculture maintained its role as a cornerstone of the economy, private investment showed signs of improvement, and foreign trade value is expected to reach unprecedented US$800 billion in 2024, with exports exceeding US$400 billion, up 14.4 percent from 2023. The industrial sector experienced a robust recovery, growing by an impressive 8.4 percent, including a nearly 10 percent rise in the manufacturing and processing sector (compared to less than 1 percent in 2023), providing strong momentum for macroeconomic growth.

Ambitious goals for 2025

The Government has set a goal of achieving an economic growth rate of 8 percent plus in 2025, higher than the 7-7.5 percent target set by the National Assembly. Reaching this target will lay the foundation for the 2026-2030 period and years until 2045.

Deputy Minister of Planning and Investment Tran Quoc Phuong highlighted several transformative factors, particularly institutional reforms approved during the National Assembly’s 8th session. These reforms, effective from early 2025, are expected to unlock constrained resources and significantly contribute to growth.

National Assembly deputy Truong Xuan Cu from Hanoi emphasized that 2025 has been designated as a year of acceleration, with a strong focus on bold, innovative thinking and decisive actions. The aim is to make 2025 a memorable year for socioeconomic and development achievements.

Despite ongoing geopolitical instability and uncertainties globally, the world economy is expected to see improved growth in 2025 due to a rebound in trade and better inflation control. Domestically, Vietnam has solid grounds for optimism.

Industrial production experiences a strong recovery in 2024 - photo: Quynh Nga

Vietnam experienced robust performance in 2024, with its GDP growth rate exceeding the National Assembly’s target and positioning the country among Southeast Asia’s top-6 economies, alongside Indonesia, Malaysia, the Philippines, Singapore, and Thailand. This highlights the recovery of Vietnam’s economy, driven by key factors such as robust trade activities, with exports of processed and manufactured goods continuing to grow strongly.

The domestic economy, supported by the increasing consumer demand, provides a solid foundation for sustainable growth. The processing industries, agricultural exports, and tourism are also expected to maintain strong momentum in 2025.

The business sector is expected to flourish as orders in 2025 are anticipated to surpass those of 2024, driven by the recovering global market demand. The rebound of major markets, such as the US and the EU will serve as a key driver for exports, particularly electronics, consumer goods and textile exports. New growth drivers, including digital transformation, innovation, and the simultaneous implementation of development plans across 63 provinces and cities based on leveraging their unique advantages, will also contribute significantly to growth.

Streamlining the administrative and personnel apparatus to enhance efficiency could serve as a long-term economic catalyst, not only for 2025 but also for future development phases.

National Assembly deputy Nguyen Thi Viet Nga from the Hai Duong Province believes that Vietnam has numerous opportunities to achieve its 2025 GDP growth target. Exports are expected to continue growing, supported by the implementation of free trade agreements (FTAs), especially new-generation ones, she said. The Government is promoting the attraction of high-quality foreign direct investment (FDI) in such new industries as semiconductors and artificial intelligence (AI), while digital transformation and AI will be key drivers of growth, Nga added.