Vietnam's Economics Highlights 2024

As the global economy continues to navigate uncertainties, Vietnam has emerged as a beacon of resilience and growth. Over the past decade, the country has transformed itself into a dynamic hub for technology, manufacturing, and sustainable development. In 2024, this momentum continues with remarkable achievements across multiple sectors, from record-breaking foreign investments to advancements in high-tech industries. Below is a summary of the 10 most significant economic milestones that define Vietnam's success story this year.

• GDP Growth Exceeds 7%: Despite global economic and political challenges, Vietnam achieved a GDP growth rate above 7%, successfully meeting and exceeding all 15 socio-economic targets.

• FDI Inflows Reach $40 Billion: Vietnam attracted approximately $40 billion in foreign direct investment (FDI), ranking among the top 15 developing countries with the largest FDI inflows globally.

• Nvidia Invests in an AI Center: Nvidia established its third global artificial intelligence research center in Vietnam, following the United States and Taiwan.

• Google Expands Operations: Google selected Vietnam as a strategic hub, increasing its presence and investments in the Vietnamese market.

• SpaceX Plans a $1.5 Billion Investment: Elon Musk’s SpaceX announced plans to invest $1.5 billion in Vietnam, opening opportunities for advancements in the aerospace sector.

• Trump Organization Invests in Hung Yen: The Trump Organization plans to invest $1.5 billion in Hung Yen Province, marking the entry of major global corporations into Vietnam's market.

• Foxconn Invests $80 Million in Bac Giang: Apple supplier Foxconn announced an $80 million investment in chip manufacturing in Bac Giang Province, boosting Vietnam’s semiconductor industry.

• Meta Expands VR Device Production: Meta (formerly Facebook) plans to expand the production of virtual reality devices in Vietnam, contributing to the growth of the high-tech sector.

• Vietnam Becomes a Global Technology Hub: Investments from leading tech corporations are positioning Vietnam as a vital part of the global technology supply chain.

• Reducing Dependence on Real Estate: A shift in investments towards technology and manufacturing is helping Vietnam achieve sustainable growth, reducing reliance on the real estate sector.

These events underscore Vietnam's significant strides in attracting investments and fostering economic development, especially in high-tech industries.