Vietnam's Economy Surges with 7.09% Growth in 2024, Outpacing Projections

Driven by strong exports and foreign investment, Vietnam's economy rebounds sharply, though risks loom from U.S. trade policies under President-elect Trump.

• Vietnam's GDP grew 7.09% in 2024, surpassing the government's forecast of 6.5% and significantly improving from 2023's 5.05% growth rate.
• Exports rose 14.3% to $405.5 billion, led by electronics, smartphones, garments, and farm produce, contributing to a $24.77 billion trade surplus.
• Foreign direct investment increased by 9.4% to $25.35 billion, bolstering the country's manufacturing sector as firms shifted operations from China.
• The government aims for 6.5%-7.0% GDP growth in 2025, with Prime Minister Pham Minh Chinh expressing hope for an ambitious 8% target.
• Analysts warn Vietnam's trade surplus with the U.S. could trigger higher tariffs under the incoming Trump administration, posing potential risks to its export-driven economy.

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