Vietnam GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

6.93

Units In

5.66

Frequency

Quarterly

Next Release

Sep 29, 2024

Time to Release

2 Months 28 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
13.71 Sep 2022	-6.02 Sep 2021	6.21 %	2000-2024	General Statistics Office of Vietnam

In Vietnam, industry and construction constitute the biggest sector of the economy (41 percent of total GDP). Yet, in the past six years the growth in services outpaced significantly all other sectors, and today services account for 37 percent of GDP. Finally, agriculture, forestry and fishing represent 22 percent of total output.

Latest Updates

Vietnam's GDP advanced 6.93% yoy in Q2 of 2024, accelerating from an upwardly revised 5.87% rise in Q1 while marking the 11th quarter of growth, flash data showed. It was also the strongest yearly expansion since Q3 of 2022, buoyed by robust exports (12.5%). By sector, services (7.06% vs 6.12% in Q1) and industry & construction (8.29% vs 6.28%) logged strong output. Meanwhile, the agriculture continued to rise (3.34% vs 3.42%). In H1 of 2024, the economy grew 6.42%, the second highest level for the period since 2020. The government targets the economy to grow around 6-6.5% in 2024 but is aware of some external risks. Meanwhile, the IMF projected a growth of 5.8%, citing strong overseas demand and resilient foreign investment. PM Pham Minh Chinh recently said Hanoi would stick to flexible policies to meet the GDP target, such as further cutting banks' lending rates, lowering fees, and bolstering public investment. Last year, the economy grew 5.05%, missing the official target of 6.5%.