Việt Nam has achieved remarkable success in 2024. The General Statistics Office (GSO)'s general director Nguyễn Thị Hương spoke to the media about the main growth drivers last year and prospects for this year. 

Việt Nam’s GDP grew by over 7 per cent last year. What sectors or industries contributed the most to this growth?

The 7.09 per cent growth in 2024 reflects a strong recovery of the economy compared to the previous year, mainly due to the robust rebound in the industrial and construction sectors, with a growth rate of over 8.3 per cent. Within that, the processing and manufacturing industries and the electricity sector contributed significantly, with growth rates of 9.8 and 10 per cent, respectively. These are the main drivers that helped us achieve impressive growth. 

In addition, the service sector also showed growth compared to last year, particularly the transport service, which grew by over 10 per cent, along with the accommodation, food and tourism services. Moreover, our export turnover increased by 15.4 per cent, foreign direct investment also reached a record high of over US$23.3 billion, up 9.4 per cent from 2023.

These are the figures that prove the strong recovery of our economy in 2024.

Last year, the retail consumer goods sector achieved a turnover of VNĐ6.4 trillion ($252 million), which was a significant contribution to domestic GDP. How do you assess the service sector, which consistently contributes around 50 per cent of the added value of the economy?

The service sector always plays an important role in boosting consumption and serving essential service needs of the people, especially in tourism, transport, dining and entertainment. Last year, we attracted over 17.6 million tourists, thanks to the appeal of Vietnamese food, landscapes, people, as well as our cultural and culinary heritage. As a result, they stimulated consumption and service uses. This is one of the crucial drivers for tourism and economic development.

We also saw impressive growth in the cargo transport service sector that supports exports and production, and in passenger transport service for tourism and travel. Overall, the transport service sector grew by over 10 per cent, which is a remarkable growth.

How much did the income of workers increase in 2024? Was this increase due to higher productivity, or did changes in prices lead to higher incomes?

The average income of workers reached VNĐ7.7 million ($303) last year, an increase of more than VNĐ600,000 ($23.6) per person compared to the previous year. That was one of the key policies that supported workers in overcoming the difficulties caused by natural disasters, restoring the workforce and mobilising maximum resources for production and business activities.

For this year, the Government has set a growth target of 8 per cent, on the way to double-digit growth. What growth drivers will Việt Nam rely on to achieve this challenging goal?

With our ambition to move beyond the middle-income threshold towards an upper-middle income, we need to have aspirations and set specific goals. The Government and the Prime Minister have expressed the hope that the political system, along with all businesses and the people, will support and accompany the Government in efforts to mobilise all our resources.

The goal is to create products that not only carry the brand of Việt Nam but also speak to the world, bringing Việt Nam to the world and attracting the world to Việt Nam through the identity of the Vietnamese people and products.

This relies not only on foreign investment but also on the contributions of the people and all businesses, working together to build the country's infrastructure. It’s not only about hard infrastructure like roads and bridges but also technology, and other 'soft' infrastructures, which are essential for us to pave the way for development.

Việt Nam will soar when we all work together to build a solid path, especially one based on the trust of the people and businesses. — VNS