The 2024 figure is only lower than the growth rate of 2018, 2019, and 2022 in the period 2011 to 2024.
Upon addressing a press conference to announce the economic and social data for the fourth quarter and the entire year of 2024 held on January 6 in Hanoi, Nguyen Thi Huong, general director of the GSO, emphasized that amid challenges faced by the global and domestic economy, the Vietnamese economy continues to show a clear recovery trend, with growth rate gradually improving month by month and each quarter.
Inflation has been competently controlled, lower than the set target with major balances being ensured and representing a bright spot in terms of economic growth in the region and the world, Huong added.
The GSO report points out that despite being affected by natural disasters and floods, the agro-forestry-fisheries sector in 2024 achieved robust growth rate of 3.27%.
In particular, the industrial and construction sector experienced positive recovery compared to 2023 with the added value expanded by 8.32% compared to the previous year, thereby contributing 2.7 percentage points to the growth rate of total added value of the entire economy.
Of the figure, the processing and manufacturing industry remains the driving force behind the country's economic growth, expanding by 9.83%, lower than the growth rate recorded in 2011, 2016, 2017, 2018 and in the period of 2011 to 2024, contributing 2.49 percentage points.
Elsewhere, the service sector has also made a significant contribution to economic growth due to trade and tourism activities maintaining high growth momentum. The added value of the service sector soared by 7.38%, higher than the growth rate of 6.91% recorded back in 2023.
Meanwhile, prices have been curbed effectively with consumer price index (CPI) in 2024 rose by 3.63% on-year to meet the target set by the National Assembly (NA).
The index in the fourth quarter went up 2.87% compared to the corresponding period last year, whilst that in December increased by 2.94% on-year.
Huong attributed this increase to the rising prices of food and services, particularly rice prices following export trends, the impact of natural disasters, and growing demand during holidays and celebrations.
According, food prices grew by 12.19% on-year, rice prices went up by 15.93%, and catering services rose by 3.99%.
The prices of housing, electricity, water, fuels, and construction materials expanded by 5.2% on-year. In addition, the prices of drugs and medical services increased by 7.16%, educational services rose by 5.37%, and transportation was up 0.76%.
Meanwhile, the prices of the post and telecommunications group in 2024 contracted by 1.02% compared to 2023 due to a general decrease in the prices of old-generation phones as businesses launched discount programmes aimed at stimulating demand for smartphones.
According to the GSO, core inflation in December, 2024, increased by 0.25% compared to the previous month and by 2.85% compared to the same period from last year.
On average, core inflation in 2024 increased by 2.71% compared to 2023, lower than the average CPI increase of 3.63%.
