According to the latest data released by the General Statistics Office under Vietnam’s Ministry of Planning and Investment, Vietnam’s Gross Domestic Product (GDP) expanded by 7.4% year-on-year in the third quarter of 2024. This growth rate underscores the resilience and momentum of Vietnam’s economy in the face of complex international situations and domestic natural disasters.

Sectoral Growth Performance

The agriculture, forestry, and fishery sector grew by 2.58%, contributing 4.08% to the overall economic value added growth. This sector maintained positive growth despite the impact of Typhoon No. 3.

The industry and construction sector showed impressive performance with a 9.11% growth, contributing 48.88% to the overall economic growth. Notably, the manufacturing industry emerged as an economic highlight with an 11.41% growth rate, marking the highest increase for the same period in nearly six years.

The services sector grew by 7.51%, contributing 47.04% to economic growth, indicating stable development in this sector.

GDP Composition Analysis

In the third quarter GDP structure, final consumption expenditure increased by 7.02% year-on-year, contributing 59.78% to the economy; asset accumulation grew by 7.08%, contributing 39.03%. In terms of foreign trade, exports of goods and services increased by 15.68%, while imports grew by 15.84%. The balance of goods and services trade contributed 1.19% to GDP growth.

Economic Performance in the First Nine Months

Ms. Nguyen Thi Huong, Director General of the General Statistics Office, reported that Vietnam’s GDP grew by 6.82% year-on-year in the first nine months of 2024. Specifically:

• Agriculture, forestry, and fishery increased by 3.2%, contributing 5.37%
• Industry and construction grew by 8.19%, contributing 46.22%
• Services sector expanded by 6.95%, contributing 48.41%

The economic structure for the first nine months of 2024 was characterized as follows: agriculture, forestry, and fishery accounted for 11.64%, industry and construction 37.1%, and services 42.8%. This structure indicates Vietnam’s transition towards an economy dominated by industry and services.

Addressing Challenges

In the face of complex international situations and domestic natural disasters, the Vietnamese government has demonstrated strong determination. Ms. Nguyen Thi Huong emphasized that Vietnam is committed to swift post-disaster reconstruction, stabilizing livelihoods, promoting production and business recovery, while ensuring macroeconomic stability and actively fostering economic growth.

Future Outlook

Ms. Nguyen pointed out that the economic performance in the third quarter and the first nine months of 2024 has created growth momentum for the remainder of the year. Vietnam’s socio-economic situation continues to improve, with many important achievements across various sectors and fields, laying a solid foundation for achieving the full-year economic targets.

Key Takeaways:

• Vietnam’s GDP grew by 7.4% in Q3 2024, demonstrating strong economic resilience.
• The manufacturing industry stood out with an 11.41% growth rate, the highest for the same period in nearly six years.
• GDP growth for the first nine months of 2024 reached 6.82%, with the services sector contributing the most at 48.41%.
• Vietnam’s economic structure continues to optimize, with the services sector accounting for 42.8%, indicating a trend towards economic transformation.

For more information on Vietnam’s market opportunities and trends, please continue to follow our updates. We are committed to providing professional consultation and support to help you succeed in the Vietnamese market.