The Vietnamese economy has shown a strong recovery momentum in 2024, with its annual economic growth performance not only exceeding all expectations, but also far exceeding the government's set targets, laying a solid foundation for faster economic expansion in the upcoming 2025. However, facing the uncertainty of US President elect Trump's policies, protectionist tendencies, and potential trade barriers, the Vietnamese government's 8% economic growth target set for 2025 still faces many challenges.

According to the data released by the Vietnamese General Administration of Statistics on January 6th this year, Vietnam's gross domestic product (GDP) in the fourth quarter of 2024 increased by 7.55% year-on-year, which is not only higher than the survey estimates of authoritative institutions such as Bloomberg, but also further improved compared to the 7.4% in the third quarter. Looking at the whole year, Vietnam's GDP achieved a growth rate of 7.09%, with a total of 476.3 billion US dollars (approximately 650 billion Singapore dollars), far exceeding the official target of 6.5%.

Against the backdrop of sustained global demand for Vietnamese products, the Vietnamese economy is showing a steady recovery trend. Statistics show that Vietnam's exports have achieved growth for the tenth consecutive month, with a year-on-year growth rate of up to 12.8% in December last year. At the same time, the industrial sector has also shown strong growth momentum, with manufacturing output in the fourth quarter increasing by 9.83% compared to the same period last year. In addition, although consumer prices rose by 2.94% in December last year compared to a year ago, this increase is still within a controllable range and has not had a negative impact on the overall economy.

The Asian Development Bank stated in a report released in December last year that with the recovery of the US economy, a strong rebound in export-oriented manufacturing and trade is expected to continue to be an important force supporting Vietnam's economic growth. This prediction coincides with Vietnam's current economic performance, further enhancing market confidence in the future development of the Vietnamese economy.

stayThe Vietnamese National AssemblyOn the basis of the 6.5% to 7% economic growth target set for 2025, Vietnamese Prime Minister Pham Minh Thanh expressed a more optimistic expectation, hoping that the economy can grow by at least 8%. Ruan Qiuying, Director of the Price Statistics Department of the Vietnam General Administration of Statistics, stated at a press conference that although Vietnam faced difficulties such as natural disasters in 2024, the economy has still achieved positive results, laying a good foundation for growth in 2025.

Meanwhile, Nguyen Qiuying also pointed out that the Vietnamese government expects foreign investment to continue flowing into the country, providing strong support for economic development. However, in the face of possible trade tensions such as a tariff war during Trump's second term, the Vietnamese government is also actively preparing to address potential trade barriers and supply chain disruptions.