Vietnam macroeconomic performance, December 2024

By Giang Nguyen

Vietnam's economy in 2024 closes with positive results with gross domestic product (GDP) in the fourth
quarter of 2024 estimated to increase by 7.55% over the same period last year, second only to the increase
in the first quarter. 4 years 2017 and 2018 in the period 2011-2024. Notably, total registered foreign direct
investment (FDI) in 2024 reaches 38.23 billion USD, while realized FDI capital reaches 25.35 billion
USD (the highest level in the period 2020-2024). ....

In following section, NDTC Consulting would briefly describe herewith some highlights regarding most
significant variations of macroeconomic indicators during December and twelve months of 2024

Gross domestic product (GDP) in the fourth

quarter of 2024 is estimated to increase by 7.55%
over the same period last year, only lower than the
45
fourth quarter of 2017 and 2018 in the period 40 36.60 38.23
2011-2024, maintaining the trend The next quarter 35
is higher than the previous quarter (first quarter Billion USD 30 25.35
increased by 5.98%, second quarter increased by 25 23.18

7.25%, third quarter increased by 7.43%). 20

15
10
Accumulative registered FDI inflow during
5
December 2024 recorded an decrease of 3.0% y-
0
o-y, whereas accumulated disbursed capital also 2023 2024
witnessed an increase of 9.4% y-o-y.
Registered Capital Disbursed Capital

Source: Foreign Investment Agency, MPI

In 2024, Singapore and Korea stay at leading
positions of combined weight of 45.2% total
accumulated FDI inflow, combining and leveling
at an accumulative value of around 17.27 billion
USD.

Manufacturing and real estate have been the

most interested sectors for foreign investors in
2024, accounting for almost 83.4% of total
accumulated FDI inflow, leveling at 25.58 billion
USD and 6.31 billion USD, respectively.
26.7%

Singapore
South Korea 54.8%
Combined others
18.5%

Source: Government Statistics Office, MPI

 Index of Industrial Production
Coal & lignite (5.5) % Rubber & plastic products 24.9% (IIP) recorded an increase of 8.8
Crude oil & natural gas (10.9)% Non-metal mineral products 0.9 % % y-o-y in December 2024, with
Food products 7.4 % Metals 9.5 % wastewater management and
Beverages 1.4 % Prefabricated metal products 10.8 %
treatment activities being the
main growth driver, albeit
Tobacco 6.4 % Electronic, computing & optical products 8.3 %
confronting deceleration trend,
Textile 12.1 % Electric equipment 11.9%
following by manufacturing
Clothes 11.7 % Motor vehicles 21.1 %
sector and power generation and
Leather & related products 13.7 % Furniture 23.8 %
supply.
Paper & paper products 9.5 % Power generation & supply 9.5 %
Chemical & chemical products 11.9 % Water extraction, treatment & supply 5.1 %
Medicine, pharmaceutical Waste collection, treatment & destruct; waste
7.3 % 18.8 %
chemistry cycling

Source: Government Statistics Office, MPI

Aggregate Export turnover in December

40 4
2024 is estimated at USD 35.53 billion
35 3
(+12.8 % y-o-y to 2023’s) whilst aggregate

Billion USD
Billion USD

30 2
import turnover leveled at USD 35.01
25
billion (+14.9% y-o-y to 2023’s). The slight 1
20
trade surplus during the period mainly came 0
15
from export acceleration of FDI corporates -1
10
at a higher rate than import acceleration of
5 -2
domestic businesses.
0 -3
Ju 2
22

22

S 22

N 22

Ja 2

Fe 3

3
A 22
-2

-2

-2

-2

-2

-2

-2
r-

-
-

l-

ec
ar

ay

ov
ct
g
ep

b
n
Ju
p

O
M

D
M

Exports Imports Trade Surplus

Source: Government Statistics Office, MPI
Core inflation has increased by 3.63% in
this December. The main reason is that
medical service prices and educational 6%
service prices are factors that impact CPI 5%
increases but belong to the group of goods 4%
that are excluded from the list of basic 3%
inflation calculations. 2%
1%
0%

Ju -22

Ja -23

b 3
A -22
A -22

ay 2

Ju -22

Ju 22
Ju 22
u 2
u 2
ep 2
O -22
O -22

ov 2
ov 2
ec 2
Ja -22

3
M r-2

A -2
S -2

Fe -2
-2
A l-2

N -2
N -2
D -2
-
l-
r
ar

ct
ct
g
g
n
n

n
n
p
p
M
Inflation Core Inflation
Source: NFSC

VN-Index
 1400

1350

1300

1250

1200

1150

1100

1050
3 -2 0 2 2 4 -2 0 2 2 5 -2 0 2 2 6 -2 0 2 2 7 -2 0 2 2 8 -2 0 2 2

Source: trade.vndirect.com.vn

The market ended 2024 with the VN-Index at 1,266.78 points, an increase of 12.11% compared to 2023,
maintaining the long-term growth trend.
The market maintains a state of tension between buying and selling within a narrow range, with liquidity
continuing to decline. Closing the session on December 31, 2024, VN-Index decreased 5.24 points,
equivalent to 0.41%, to 1,266.78 points. In the same direction, HNX-Index decreased 0.71 points,
equivalent to 0.31% to 227.43 points.
For the whole year 2024, VN-Index grew modestly by 12.1%, equivalent to the increase of 2023 with
liquidity recovering from the post-Covid-19 bottom. In terms of order matching method, the average
trading value per session reached 16.4 trillion VND on HOSE and 18.3 trillion VND on 3 exchanges, up
21.1% and 16.9% respectively over the year 2023.