Vietnam’s economy 2024: A tale of two sides - Market research Vietnam Indonesia

Vietnam’s economy in 2024 contrasts subdued domestic consumption with impressive growth driven by exports, manufacturing, and investment.

On the domestic front, consumer demand has remained muted. Retail sales of goods increased by a modest 1.1%, and combined goods and services sales rose by just 2.3%. This slow growth suggests caution in household spending, despite inflation being contained at 3.63%, lower than initial projections.

However, one bright spot for domestic services has been the remarkable rebound in international tourism. Vietnam welcomed 17.6 million visitors in 2024, marking a 40% increase compared to last year. This surge in tourism has provided crucial support for retail services, particularly in hospitality and entertainment sectors.

In stark contrast, Vietnam’s economy saw export-driven industries continue to thrive. Industrial production surged by 8.3%, driven by the country’s strong manufacturing base. Exports reached $405 billion, representing 14% growth over 2023, while imports climbed by 16% to $380 billion, reflecting heightened trade activity.

Vietnam’s economy also continues to attract substantial foreign investment, with cumulative foreign direct investment (FDI) disbursements up 9.4%, totaling $25.35 billion. This ongoing inflow of capital underscores confidence in Vietnam as a strategic hub for global manufacturing and supply chains.

Looking ahead, Cimigo forecasts that Vietnam’s GDP growth will reach 6.6% in 2025. Balancing these divergent trends—stimulating domestic consumption while maintaining robust external performance—will be critical to sustaining economic momentum in the coming year.

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