Experts Laud Vietnam’s Robust Economic Growth in 2024, Optimistic About 2025
Hanoi, The Gulf Observer: At a scientific conference titled “Market and Price Developments in Vietnam in 2024 and Forecasts for 2025,” experts highlighted Vietnam’s remarkable economic achievements in 2024 and expressed optimism for sustained growth in 2025, despite global economic challenges.
Organized by the Institute of Economics and Finance and the Price Management Department, the conference shed light on Vietnam’s economic resilience. Nguyễn Đào Tùng, Director of the Academy of Finance, reflected on 2024’s economic turnaround. “Although the first quarter saw a modest GDP growth of 5.66% and March CPI at 3.97%, the economy rebounded significantly by mid-year. By December, GDP growth reached an impressive 7.09%, surpassing the target of 6–6.5%, while the average CPI remained at 3.63%, below the ceiling of 4–4.5%,” he said.
Tùng attributed the success to favorable global trade conditions and effective domestic policies, including tax relief, credit facilitation, and interest rate support.
Looking ahead, forecasts from the International Monetary Fund (IMF) and the World Bank (WB) project global economic growth at 3.2% in 2025, providing a stable foundation for Vietnam’s GDP growth target of 6.5–7%.
Nguyễn Hoài Nam, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), predicted that seafood exports could reach $10 billion in 2025, a 10–15% increase from 2024. However, he cautioned against risks posed by high interest rates and a strong US dollar, which could pressure exports.
Inflation is expected to remain under control, with experts recommending flexible monetary and fiscal policies. Acting Deputy Director of the Institute of Economics and Finance, Nguyễn Đức Độ, projected a CPI rise of about 3% in 2025, noting risks from public service price adjustments and US dollar appreciation.
Despite inflationary risks, Ngô Trí Long of the Institute’s General Department expressed optimism: “Proactive policy management could sustain inflation between 3.5% and 4.5% in 2025, ensuring macroeconomic stability.”
In 2024, Vietnam achieved significant milestones in various sectors. Hoàng Thị Vân from the Institute of Economics and Finance highlighted the export of a record nine million tonnes of rice, reinforcing its role as an economic pillar.
The textile and garment industry achieved $44 billion in revenue in 2024, with projections of $47–48 billion in 2025, according to Nguyễn Minh Phong of Nhân Dân (The People) newspaper.
Experts also noted progress in real estate restructuring, which is expected to stabilize and become more transparent in 2025. However, adjustments in healthcare, education, and electricity prices could slightly increase CPI, warned Lương Thị Hồng Hạnh from the Institute of Economics and Finance.
