HIGHLIGHTS IN VIETNAM'S ECONOMIC GROWTH PICTURE FOR 2024

1. Stable Macroeconomics

Deposit and lending interest rates continue to trend downward, with exchange rates being managed proactively and flexibly.

• Capital Mobilization: Capital mobilization by credit institutions increased by 1.50% compared to the end of 2023; credit growth in the economy reached 4.45%.
• Consumer Price Index (CPI): The CPI rose by 4.08% year-over-year.

2. Economic Indicators for the First Half of the Year:

• Positive GDP Growth: GDP increased by 6.42%, slightly lower than the 6.58% growth rate for the first half of 2022 in the 2020-2024 period.
• Industrial Production Recovery: The added value of the entire industrial sector increased by 7.54% year-over-year.

Manufacturing and Industrial Sectors:

• Processing and Manufacturing: Increased by 8.67%
• Electricity Production and Distribution: Increased by 13.26%
• Water Supply, Waste Management, and Wastewater Treatment: Increased by 7.13%
• Mining: Decreased by 7.22%

3. Business Recovery:

• In the first half of 2024, nearly 80.5 thousand new businesses were registered nationwide, up 6.1% compared to the same period in 2023.
• The total registered capital reached VND 744.2 trillion, up 5.2% compared to the same period in 2023.
• The total number of registered employees was nearly 512 thousand, up 0.4% compared to the same period in 2023.
• Additionally, more than 39.1 thousand businesses resumed operations, up 3.9% compared to the same period in 2023.

4. Continued Growth in Foreign Direct Investment (FDI):

• Total registered foreign investment in Vietnam in the first half of the year reached nearly USD 15.19 billion, up 13.1% year-over-year.
• FDI implemented in Vietnam in the first half of 2024 was estimated at USD 10.84 billion, up 8.2% year-over-year.
• This represents the highest FDI implemented in the first half of the year over the past five years.
• In the first half of 2024, Singapore was the largest investor with USD 4.01 billion, accounting for 42.1% of the total newly registered capital, followed by Hong Kong SAR (China), China, Japan, and others.

5. Strong Growth in Exports:

• Total import and export turnover was estimated at USD 368.5 billion, up 15.7%.
• Export turnover reached USD 190.1 billion, up 14.5%.
• Import turnover reached USD 178.45 billion, up 17%.
• The United States remained Vietnam's largest export market with an estimated turnover of USD 54.3 billion.
• China was Vietnam's largest import market with an estimated turnover of USD 67 billion.