In 2024, Vietnam experienced remarkable growth across all fronts, from the economy and culture to social development. For the first time in history, the country hit a historic milestone with record-breaking import and export turnover, alongside groundbreaking advancements in Artificial Intelligence (AI) and semiconductor industry, an abundant influx of investment capital from countries worldwide, and various vibrant cultural events. These achievements made 2024 a truly memorable and successful year for Vietnam. Below are the Top 10 highlights of 2024, carefully selected by B&Company.

1. Vietnam’s GDP Growth Rank 1st in the ASEAN 6 Group[1]

Vietnam’s GDP in 2024 is projected to reach 476 billion USD, representing a 7% increase compared to 2023[2], placing 1st as the fasting growing country in the ASEAN 6 group[3]. Looking ahead, Vietnam’s GDP is forecasted to grow at a CAGR of 5.8% from 2025 to 2030 and is expected to surpass 1.4 trillion USD by 2039, ranking 25th worldwide[4].

In the first nine months of 2024, significant growth was observed across key economic sectors. The agriculture, forestry, and fisheries sector achieved 3% growth, while the industrial and services sectors expanded by 8%, contributing significantly to the country’s economic value and overall performance in 2024[5].

Source: GettyImages

Vietnam’s Total Import and Export turnover Reached the Highest in History, nearly 800 billion USD

Vietnam’s total import-export turnover by the end of 2024 is estimated to reach around 785 billion USD, the highest figure in history and a 17% increase compared to 2023. The total exports accounted for 405 billion USD, while imports totaled 380 billion USD, resulting in a trade surplus of 25 billion USD[6]. Vietnam’s key export sectors included electronics, textiles, footwear, and agriculture, forestry, and fisheries, with the electronics sector alone generating over 120 billion USD. Major export markets in 2024 included the USA, China, South Korea, Japan, Taiwan, Thailand, etc[7].

Source: The Ministry of Industry and Trade

The year 2024 marked significant success in Vietnam’s cross-national cooperation as the country elevated its bilateral relations to comprehensive strategic partnerships with three nations: Australia (March 2024), France (October 2024), and Malaysia (November 2024). With these additions, Vietnam now has comprehensive strategic partnerships with nine countries, including four permanent members of the United Nations Security Council, alongside strategic partnerships with dozens of other nations.

Source: ICT Vietnam

3. Vietnam’s Processing and Manufacturing Industry Remains a Major Attraction for International Investors

In 2024, the total new foreign direct investment (FDI) into Vietnam reached around 38 billion USD, marking a 4% increase compared to the same period last year[8]. The processing and manufacturing industry led the way with total investment nearing 20 billion USD, followed by the real estate sector, which attracted nearly 6 billion USD. Singapore was the largest investor in Vietnam, contributing over 9 billion USD, followed by South Korea, China, Hong Kong, and Japan, among others. These figures underscore Vietnam’s continued appeal as a prime destination for foreign investment[9].

Vietnam’s new FDI by industry in 2024

100% = 38 billion USD

Source: The Ministry of Planning and Investment

Among the 55 provinces and cities receiving FDI in 2024, Bac Ninh led the nation with registered investment surging threefold compared to 2023, reaching over 5 billion USD and accounting for 16% of total FDI. Quang Ninh and Ho Chi Minh City followed closely, each attracting more than 2 billion USD, making up 7% of the total[10].

Source: The General Department of Taxation

4. Technological Breakthrough in Artificial Intelligence and Semiconductor in Vietnam

By the end of 2024, NVIDIA Group and the Vietnamese government signed a cooperation agreement to establish NVIDIA’s AI Research and Development Center and an AI Data Center in Vietnam. Additionally, NVIDIA partnered with FPT Group to build Vietnam’s first AI factory and available to service starting from January 2025[11], with an estimated investment of 200 million USD from FPT and the deployment of thousands of H100 graphic processing units (GPUs), each valued at approximately 40 thousand USD. This AI factory is expected to provide a robust cloud computing platform to support AI research and development, marking a significant step forward in Vietnam’s technological and AI infrastructure capabilities[12].

Vietnam’s semiconductor industry is experiencing rapid growth, with domestic revenue projected to reach 18 billion USD by the end of 2024. The sector is expected to achieve a compound annual growth rate (CAGR) of nearly 12% from 2024 to 2029, pushing revenue to 31 billion USD by 2029. Companies like Samsung, Hana Micron Vina, and Hanmi Semiconductor have established facilities to manufacture packaging substrates, printed circuit boards, and semiconductor packaging equipment. Meanwhile, Intel and Amkor have set up semiconductor packaging and testing plants in Vietnam, solidifying the country’s position as an emerging hub in the global semiconductor supply chain[13].

Source: The Government News

The government also enacted the Decision No. 1018/QĐ-TTg in September 2024, to further promote the development of semiconductor technology in Vietnam. The Decision set plan to achieve more than 25 billion USD per year in revenue for the semiconductor industry and 225 billion USD per year for the electronics industry with a value-added rate of 10-15% by 2030[14].

5. Digital Transformation and E-commerce on the Rise

Vietnam’s digital economy was recognized as the fastest growing in Southeast Asia, achieving an impressive 19% growth rate in 2023, outpacing GDP growth by 3.5 times[15]. By January 2024, approximately 79% of Vietnamese people had internet access, and mobile connections had reached 170% of the population, driven by increasing smartphone penetration and expanding digital infrastructure[16]. In line with its digital transformation goals, Vietnam has deployed 5G networks in 55 provinces and cities, boosting innovation and productivity across industries[17].

E-commerce has also seen exponential growth, fueled by advancements in Vietnam’s digital landscape. The sector’s revenue is projected to reach 14 billion USD in 2024, with an annual growth rate of 11%, potentially climbing to 24 billion USD by 2029[18]. Vietnam’s B2C e-commerce exports are expected to grow 1.7 times, reaching roughly 6 billion USD by 2028, with Micro, Small, and Medium-sized Enterprises (MSMEs) contributing 25% of this growth[19]. Recognizing this potential, the government has set ambitious goals for the digital economy to contribute 20% of GDP by 2025 and 30% by 2030[20].

Source: The Investment Electronic Newspaper

6. The 67 billion USD North-South Railway Invesment and Various Other Infrastructure Projects

On November 30, 2024, the National Assembly approved the investment policy for the Ninh Thuan Nuclear Power Project, with a total capacity of 4 GW and an estimated investment of 12 billion USD. The project includes two plants, Ninh Thuan 1 and 2, and aims to diversify Vietnam’s electricity supply while supporting the nation’s commitment to achieving net-zero emissions by 2050, as pledged at COP26.

In August 2024, the 500 kV Quang Trach–Pho Noi transmission line was inaugurated. Spanning 519 km across nine provinces, this national priority project was completed in just six months, with a total investment of nearly 1 billion USD. Its completion significantly enhances Vietnam’s power transmission capacity and grid reliability.

Additionally, on November 30, 2024, the National Assembly approved the investment policy for the North-South High-Speed Railway Project. With a total investment exceeding 67 billion USD, the railway will span 1,540 km from Hanoi to Ho Chi Minh City, passing through 20 provinces. Designed for speeds of up to 350 km/h, this unprecedented mega-project marks a milestone in Vietnam’s infrastructure development. Construction is scheduled to begin in 2027 and is expected to be completed by 2035.

Source: Voice of Vietnam

7. The Rise of Green Transformation

Vietnam made significant strides toward sustainable development in 2024, marked by the approval of Power Development Plan 8 (PDP8) in the Decision No. 262/QĐ-TTg, targeting 6GW of offshore wind power by 2030[21]. Additionally, the government promoted electric vehicle (EV) adoption through subsidies for charging stations, aligning with the nation’s carbon neutrality goals by 2050.

At the COP29 conference in Azerbaijan in November 2024, Vietnam committed to reducing greenhouse gas emissions by 30–40% by 2030 compared to the BAU (Business as Usual) scenario in the energy sector[22]. Furthermore, under Decision No. 01/2022/QĐ-TTg, 100% of greenhouse gas-emitting facilities will be required to conduct emissions inventories[23]. These initiatives reinforce Vietnam’s position as a regional leader in renewable energy and green transformation.

Source: Vietnam Trade and Industry Review

8. The Approval and Revised of Land and Real Estate Law

On January 18, 2024, during its 5th extraordinary session, the 15th National Assembly passed the Land Law (amended) No. 31/2024/QH15[24]. Scheduled to take effect on January 1, 2025, the new law includes annual land price lists to reflect market conditions, improved land valuation methods, and clear guidelines for land recovery and certification of land use rights. Together with the revised Housing Law and Real Estate Business Law, stated in the law No. 43/2024/QH15[25], will ensure a stable and sustainable real estate market, and to manage and utilize land resources effectively.

Source: Vietnam Pictorial

9. Revitalizing and Investing in the Cultural Industry

On November 27, 2024, the National Assembly approved a resolution on investment policy for the National Target Program for Cultural Development for the 2025–2035 period. The assembly allocated a minimum budget of nearly 5 billion USD to develop and innovate Vietnam’s national culture.

This year also witnessed a surge of major concerts by both international and domestic artists, drawing tens of thousands of fans. Notable performances included Blackpink, 2NE1, Baekhyun, and others, marking a vibrant and dynamic year for the entertainment industry.

Source: Tien Phong Newspaper

10. The Aftermath of Typhoon Yagi in Vietnam

Super Typhoon Yagi, the strongest storm in 30 years in the South China Sea and the most powerful in 70 years in Vietnam, made landfall and caused catastrophic devastation in the northern region. For the first time in history, Quang Ninh province recorded inland winds of level 14 (150–166 km/h), with gusts reaching level 17 (184–201 km/h). Widespread flooding affected 21 out of 25 northern provinces and cities. Flash floods and landslides occurred in many areas, leading to heartbreaking consequences. The storm left 318 people dead, 26 missing, and 1,978 injured, with material damage exceeding 3 billion USD[26].

Despite the immense challenges, the solidarity of the Vietnamese people, combined with international support, enabled timely and effective disaster recovery efforts. These initiatives helped residents stabilize their lives and restore production, showcasing resilience in the face of adversity.

Source: Thanh Nien Newspaper

[1] ASEAN 6 Group including: Vietnam, Malaysia, Singapore, Indonesia, Philippines and Thailand

[2] Lao Dong Newspaper (2025). Vietnam’s GDP in 2024 <Access>

[3] Figures and Events Journal (2024). Vietnam Economic Ranked 1st in ASEAN 6 Group <Access>

[4] The Vietnamnet Newspaper (2024). Vietnam Economic Situation in 2024 <Access>

[5] General Statistics Office of Vietnam (2024). Vietnam Social-economic Situation in the 3rd quarter and the 9 months of 2024 <Access>

[6] General Statistics Office of Vietnam (2024). Vietnam Social-economic in 2024 <Access>

[7] The government Inspectorate of Vietnam (2025). Vietnam Total Import-Export Turnover in 2024 <Access>

[8] Government News (2025). Vietnam’s FDI in 2024 Reached High Record <Access>

[9] The Ministry of Planning and Development (2024). Vietnam’s FDI Situation up to November 2024 <Access>

[10] VietnamPlus Newspaper (2024). Foreign Investment Attraction in 2024 <Access>

[11] FPT News (2025). Inside FPT’s first AI Factory in Vietnam <Access>

[12] Government News (2024). NVIDIA Invest Thousands of High-Performance Chip for AI Factory in Vietnam <Access>

[13] Vietnam Economic Times (2024). Vietnam’s Semiconductor Industry: Entering a New Era of Prosperity <Access>

[14] Government News (2024). Vietnam Semiconductor Development Plans by 2030 <Access>

[15] Ministry Of Construction Electronic Information Portal (2024). Digital Transformation is the Breakthrough Path for Vietnam <Access>

[16] Datareportal (2024). Vietnam’s Digital in 2024 <Access>

[17] The People’s Army Newspaper (2024). Commercial Deployment of 5G in Vietnam <Access>

[18] Statista (2024). Vietnam E-Commerce Revenue <Access>

[19] The Vietnam Plus Newspaper (2024). Vietnam E-commerce Boom in 2024 <Access>

[20] Saigon Technology (2024). Driving Innovation: Digital Transformation in Vietnam <Access>

[21] Vietnam Government Portal (2024). Decision No. 262/QĐ-TTg: National Power Development Plan for the 2021 – 2023 Period <Access>

[22] VietnamPlus (2024). COP29 Conference: More Opportunities for a Green Future <Access>

[23] Vietnam Government Portal (2022). Decision No. 01/2022/QĐ-TTg: Sectors and Facilities that Must Conduct Greenhouse Gas Inventories <Access>

[24] Vietnam Government Portal (2024). Law No. 31/2024/QH15: Land Law <Access>

[25] Vietnam Government Portal (2024). Law No. 43/2024/QH15: Revised Housing Law and Real Estate Business Law <Access>

[26] Thanh Nien Newspaper (2024). The Destruction of Super Typhoon Yagi <Access>

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