The S&P Global Vietnam Manufacturing PMI rose to 51.2 in October from 47.3 in September, marking a return above the 50-point threshold after disruptions caused by Typhoon Yagi.
In recent years, the Vietnamese national brand has made significant strides. Vietnam has not only entered the Top 100 countries with strong national brands, but also led the world in brand value growth in 2019-2022 period.
Vietnam reported about 27.26 billion USD in foreign direct investment (FDI) in the first 10 months of the year, an on-year increase of 1.9%. The capital disbursed for foreign investment projects is estimated at approximately 19.58 billion USD, up 8.8% compared to the same period in 2023.
As of October 2024, Vietnam has signed and implemented 17 Free Trade Agreements (FTAs) and is negotiating two more.
As of October 2024, Vietnam has signed and implemented 17 Free Trade Agreements (FTAs) and is negotiating two more. Expanding its FTA network underscores Vietnam’s commitment to economic integration, offering substantial opportunities to deepen its role in global value chains, boost exports, drive GDP growth, and enhance institutional frameworks.
Several international organisations have raised their economic growth forecasts for Vietnam in 2024 after the release of Q3 GDP data, which showed a significant 7.4% increase, exceeding previous projections.
The Business Confidence Index (BCI) report for Q3 2024, recently published by the European Chamber of Commerce in Vietnam (EuroCham), indicates positive signals in business sentiment, despite ongoing economic challenges stemming from the impacts of Typhoon Yagi and operational barriers for businesses in Vietnam.
In the first nine months of 2024, Vietnam's Gross Domestic Product (GDP) increased by 6.82% year-on-year, with a GDP growth rate of 7.4% in the third quarter. The socio-economic situation in the third quarter and the first nine months of the year continues to show positive trends, with various sectors gaining significant achievements, laying a foundation for further growth in the remainder of the year.
The GDP in the first 9 months of 2024 expanded by 6.82% compared to the same period in 2023. The GDP, based on 2010 constant prices, reached 4,472.22 trillion VND (around 180 billion USD).
Vietnam and China are neighboring countries with many similarities in culture, political systems, and development paths. Recently, with the joint efforts of both sides, the relationship between the two parties and the two countries has maintained a very positive momentum of development, achieving significant accomplishments in all areas.
Once a war-torn city, Hanoi has transformed into a hub of dynamic growth and development. The capital's economy consistently achieves strong growth rates, contributing 16% to the national GDP and 19% to the overall state budget.
As of September 30, the total registered capital from new licenses, adjustments, and capital contributions for share purchases by foreign investors reached over 24.78 billion USD, up 11.6% compared to the same period in 2023.
A ceremony was held recently to announce the export of Vietnamese passion fruits to Australia, and the import of Australian plums into Vietnam. The announcement, stated by the Ministry of Agriculture and Rural Development and the Australian Embassy, has made passion fruits become the fifth kind of Vietnamese fruits to be officially exported to Australia.
Vietnam’s total trade turnover reached 511.11 billion USD in the first eight months of 2024, marking a 16.7% increase compared to the same period last year.
Vietnam's economy is expected to grow by 6.1 percent in 2024 and 6.5 percent in both 2025 and 2026, up from 5 percent last year, according to the latest Taking Stock report from the bank.