Unlocking Vietnam's 2024 GDP Growth: A Prime Opportunity for Exporters
YQN Operation Team | 2025.01.23 | info@yqn.com
Vietnam's economy has shown remarkable resilience and growth potential, with the GDP accelerating to 7.09% in 2024, up from 5.05% in 2023. This impressive growth is largely attributed to a surge in exports and significant foreign investment inflows. As businesses worldwide look to expand operations, Vietnam presents an attractive opportunity.
1. Overview of Vietnam's Exports in 2024: Major Trends and Key Trading Partners
In 2024, Vietnam's export sector has been a powerhouse, significantly contributing to the nation’s GDP growth.
According to General Statistics Office of Vietnam, the countries’ exports in 2024 grew 14.3% from a year earlier to $405.53 billion, led by shipments of electronics, smartphones, clothing and farm produce. Key trading partners includes China, the United States, Japan, and South Korea. The European Union is also emerging as an important market.
2. Foreign Investment in Vietnam: Trends and Opportunities
Foreign direct investment (FDI) has played a crucial role in Vietnam's economic growth. In 2024, FDI inflows reached new heights.
In the first 11 months of 2024, the following five foreign investors dominated Vietnam’s investment landscape, collectively accounting for 77% of total foreign investments:
- Singapore: With registered capital of approximately $9.14 billion, Singapore leads the way. Investments are concentrated in high-value industries such as electronics, energy, and technology-driven manufacturing.
- South Korea: Contributing $3.89 billion, South Korea focuses primarily on the electronics and manufacturing sectors, enhancing Vietnam's position in these critical industries.
- Mainland China: Investments from China span various fields, including technology, electronics, and renewable energy, reflecting a diverse interest in Vietnam’s growing market.
- Hong Kong: With a focus on real estate, processing, and manufacturing, Hong Kong is also expanding its footprint in professional business services to better serve clients in Vietnam.
- Japan: Japanese investments encompass a wide range of sectors, including manufacturing, services, and the energy industry, showcasing the depth of Japan's commitment to Vietnam.
The significant contributions from these top foreign investors highlight Vietnam's appeal as a dynamic investment destination.
Do you know what’s driven these foreign investment in Vietnam? First, the Vietnamese government has implemented various policies to attract foreign investors, including tax incentives and streamlined business processes. Secondly, as companies seek to diversify their supply chains, Vietnam has become a preferred choice for manufacturing due to its strategic locations and skilled labor force, particularly in the electronics and textile sectors.
3. Conclusion
Vietnam's GDP growth of 7.09% in 2024, fueled by robust exports and foreign investment, marks a significant opportunity for businesses worldwide. As the country continues to evolve as a global trade hub, our logistics team in Vietnam are here to help your business thrive in this dynamic environment. If you have any shipping inquiries, please contact us at info@yqn.com.
