In the first six months of 2024, the global economy continued to face numerous risks and uncertainties, negatively impacting sustainable growth. However, Vietnam’s economy during the same period maintained a positive trend with a growth rate higher than that of the same period in 2023.<\/p>\n
Vietnam’s GDP in the first half of 2024 increased by 6.4%, higher than the 3.8% growth recorded in the first half of 2023. In the structure of value-added growth of the economy, the agriculture, forestry, and fishery sector contributed 6%; the industrial and construction sector contributed 44%; while the service sector contributed 50%.<\/p>\n
The value-added of the industrial sector in the first half of 2024 increased by 7.5% compared to the same period last year. Among these, the manufacturing and processing sector played a key role with a growth rate of 8.7%; the electricity production and distribution sector increased by 13.3%; and the water supply and waste management sector grew by 7.1%. Notably, the mining sector recorded a decline of 7.2%.<\/p>\n
In the first half of 2024, there were 781 new enterprises established in the agriculture, forestry, and fishery sectors, a decrease of 2.3% compared to the same period last year. The industrial and construction sector recorded 19 thousand enterprises, an increase of 5.3%, while the service sector had 61 thousand enterprises, a rise of 6.4%. However, on average, nearly 18 thousand businesses withdrew from the market each month in the first half of 2024, an increase of 15.1%.<\/p>\n
In the first half of 2024, 1,538 new investment projects were licensed with a total registered capital of 9.5 billion USD, an increase of 47% in capital compared to the same period last year. The manufacturing and processing sector led in foreign direct investment with 6.8 billion USD (accounting for 72%); followed by the real estate sector with 1.9 billion USD (accounting for 20%), and other sectors with 818 million USD (accounting for 9%). In the first half of 2024, Singapore was the largest investor with 4 billion USD (accounting for 42%), followed by Hong Kong with 1.2 billion USD (accounting for 12%), China with 1 billion USD (accounting for 11%), and Japan with 979 million USD (10%).<\/p>\n
In the first half of 2024, the export turnover of goods reached 190 billion USD, an increase of 14.5% compared to the same period last year. Among them, the foreign-invested sector achieved 137 billion USD (accounting for 72%), with a growth rate of 12.3%. Some sectors with export values exceeding 20 billion USD include electronics, computers, and components (increased 28.6%), phones and components (increased 11.3%), and machinery, equipment, and other spare parts (increased 16.2%). The United States is Vietnam’s largest export market, followed by China and the EU<\/p>\n
In the first half of 2024, the import turnover of goods reached 178 billion USD, an increase of 17% compared to the same period last year. The foreign-invested sector reached 113 billion USD (accounting for 63%), with a growth rate of 14.1%. Items with import values exceeding 20 billion USD include electronics, computers, and components (increased 26.7%) and machinery, equipment, and other spare parts (increased 14.6%). China is Vietnam’s largest import market, followed by South Korea and ASEAN.<\/p>\n
Despite many uncertainties in the global economy, Vietnam’s economy continues to grow well at 6.4%. According to forecasts from the World Bank, IMF, and ADB, Vietnam’s growth in 2024 is expected to reach between 5.5-6% (higher than Vietnam’s 5% in 2023). With positive economic growth prospects, Vietnam’s import-export and investment activities are expected to continue to increase in the coming time.<\/p>\n
Source: B&Company compilation from data of General Statistic Office of Vietnam<\/p>\n
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