According to newly released data from the General Statistics Office (GSO), industrial production continues to maintain positive growth momentum with the index of industrial production (IIP) estimated to increase by 2.3% over the previous month and increased 8.9% over the same period last year; Foreign direct investment (FDI) attraction reached 31.38 billion USD, an increase of 1.0 over the same period.

According to the socio-economic situation report for October and the first 10 months of 2024, many macro indicators continue to show a positive trend. The total import and export turnover of goods in the first 10 months is estimated at 647.48 billion USD, up 15.8% over the same period last year; the total registered foreign direct investment (FDI) in Vietnam in the first 10 months reached nearly 27.26 billion USD, up 1.9% over the same period last year.

According to the General Statistics Office, despite the severe effects of Typhoon Yagi, GDP in the third quarter of 2024 still increased by 7.4% over the same period last year. With a strong growth rate in the third quarter of 2024, GDP growth in the first 9 months of 2024 reached 6.82%, a quite high increase compared to the same period in 2023.

Vietnam's socio-economic results in August and the first eight months of 2024 continue to be assessed as still contributing positively to maintaining macroeconomic stability. Notably, attracting foreign direct investment (FDI) in 8 months reached 20.52 billion USD, up 7% over the same period last year, while the total import-export turnover of goods reached over 511,000 USD. 11 billion USD, an increase of 16.7%.

Despite many challenges, Vietnam's socio-economic situation in the first 7 months of the year still maintained a positive trend when the total registered FDI capital in Vietnam reached 18 billion USD (an increase of 10.9% compared to the same period in 2023); Total import and export turnover of goods reached 439.88 billion USD (up 17.1% over the same period last year).

Statistical indicators show that the domestic macroeconomy remains stable. Inflation is effectively controlled, maintained at an appropriate level to support economic growth. In particular, GDP in the second quarter of 2024 reached nearly 7%, goods exports continued to achieve impressive growth, making an important contribution to promoting economic development.

In the first 5 months of the year, total foreign direct investment (FDI) reached more than 11.07 billion USD, up 2% over the same period in 2023; Implemented capital of foreign investment projects is estimated at about 8.25 billion USD, an increase of 7.8%. Along with that, the trade balance of goods is estimated at a trade surplus of 8.01 billion USD and businesses entering and re-entering the market for the first time exceed the number of withdrawals. Many macroeconomic indicators show that the economy is recovering clearly.
 

The socio-economic situation in April and the first 4 months of 2024 has improved in many fields. In particular, the production index of the entire industrial sector increased by 6%; State budget revenue reached over 43%; Nearly 53 thousand businesses registered for new establishment.

GDP in the first quarter of 2024 is estimated to increase by 5.66% over the same period last year, higher than the growth rate of the first quarter during the recent 4 years 2020-2023. Notably, industrial production continued to flourish, and vibrant trade and service activities pushed total retail sales of goods and consumer service revenue up 8.2%.

The prolonged Lunar New Year holiday in Giap Thin 2024 has affected the results of production and business activities in some industries. Many macroeconomic indicators in February 2024 such as industrial production, new business registration, investment from the state budget, retail sales and goods exports all decreased.
 

Although 2024 is still forecast to be the year Vietnam's economy faces many challenges and difficulties, with the proactive and drastic management of the Government, many solutions to promote the economy have been implemented. Macroeconomic indicators in January 2024 achieved positive results and are in a positive trend.