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For 2026, it anticipated the expansion pace to step up to 7.4 per cent.
Vietnamese real GDP in Q4 2024 surged by 7.55 per cent year on year (YoY), extending the momentum from a revised figure of 7.43 per cent in Q3 2024 and far ahead of market expectations, according to a new report by the Singapore-based bank.
With the surprisingly strong performances in three straight quarters, the domestic economy expanded by 7.09 per cent in 2024 from 5.1 per cent in the previous year, beating both the consensus call of 6.7 per cent and the official target of 6.5 per cent.
This was the best showing following the post-COVID rebound in 2022, which saw growth of 8.1 per cent.
Manufacturing and services were the main drivers of activities in Q4 2024, while external trade maintained its strong pace throughout most of last year, a domestic media outlet reported.
Export activities registered a full-year gain of 14 per cent, reversing the 4.6-per cent contraction witnessed in 2023.
Imports rose by 16.1 per cent last year to deliver the country’s second largest trade surplus of about $23.9 billion following the record high of $28.4 billion in 2023. This marks the ninth year in a row that Vietnam has registered an annual trade surplus.
Vietnam’s heavy dependence on foreign trade is reflected in its high economic growth over the 2023-2024 period, whereas a bust in exports in 2023 caused a significant slowdown to the headline GDP, UOB experts concluded.
Fibre2Fashion News Desk (DS)