VIETNAM'S ECONOMIC
STORY IN FIRST HALF
OF 2024
Dive deeper into the exciting
performance of Vietnam
Vietnam's strong economic growth
outpaced regional peers the first half
of 2024.
Exhibit 1: GDP growth rates of Southeast Asian countries H1/2024 (%)*
*The data is estimated from reports in Q1/2024 and forecast from IMF, World Bank, UOB, etc.
Vietnam's economy demonstrated resilience in the first half of 2024, making the
country stand out compared to the region. While runner-ups like Philippines and
Indonesia expect growth rates of 5.8% and 5.1% respectively, Vietnam's robust economy
rose by 6.4%, which is likely fueled by strong export and industrial production.
The first half of 2024 saw Vietnam economy
expanding quickly with some sectors
experiencing 2-digit growth rates.
Others
8.7%
Agriculture
11.6%
Import of goods and services
17%
3.4%
Export of goods and services
14.5%
Services
43.4%
6.6%
7.5%
Industry & Construction
36.4%
Final consumption
5.8%
Government capital investment
Exhibit 2: Vietnam’s GDP, by sectors
4.8%
Buoyed by a surge in manufacturing and utilities,
Vietnam's industrial production delivered a robust first half in 2024.
Index of Industrial Production
7.5%
80,482
New companies
Exhibit 3: Growth of industrial production, by products
Vietnam recorded an increase in newly established enterprises in 10 out of 17 sectors in the first
six months of 2024 compared to the same period in 2023.
Source: GSO Vietnam & MPI Vietnam
Vietnam's trade scene witnessed double-digit
growths in the first half of 2024
14.5%
17%
190.1
Vietnam’s trade surplus amounted to 11.63 billion
USD. The US remained Vietnam's largest export
market, with an estimated turnover of 54.3 billion
USD. China retained its position as Vietnam's top
import market, accounting for 67 billion USD.
178.5
Exhibit 4: Vietnam’s trade volume (Billion USD)
Main exports
Processed industrial goods dominated exports, generating an estimated
turnover of 166.79 billion USD.
Electronics, computers and
components
Phones and
components
11.3%
28.6%
Main imports
Raw materials for production were the leading import category, accounting for
a significant 94% share with a value of 167.7 billion USD.
Electronics, computers and
components
26.7%
Source: GSO Vietnam & MPI Vietnam
Machinery, equipments and
spare parts
14.6%
Vietnam's foreign direct investment (FDI)
scene enjoyed a strong first half in 2024
13.1%
1538
New projects
8.2%
Foreign investors registered nearly 9.54 billion USD
in 1,538 new projects, up 47% in capital and 18.9% in
the project numbers as compared to the same
time last year.
15.2
10.8
Registered
Disbursed
Exhibit 5: Vietnam’s FDI inflow first half 2024 (Billion USD)
The processing and manufacturing industry attracting the
largest investment of 10.69 billion USD.
Others
8.5%
5.58
Billion USD
Real estate
19.9%
450
New projects
83
more foreign investors
Source: GSO Vietnam & MPI Vietnam
Manufacturing
71.6%
Exhibit 6: Vietnam’s FDI inflow first half 2024, by sectors
Vietnam’s growth is
forecast to rank 20th
in the world in 2024.
Economic growth expanding
6.5%
In the medium term, the IMF expects Vietnam to have many opportunities from
digitalization, green transformation
Exhibit 7: Vietnam’s forecast economic indicators
5%
5.5%
3.5%
The World Bank forecast recoveries of exports and the real estate market, bringing
along domestic demand and consumers’ confidence
Source: International Monetary Fund and The World Bank
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