GDP growth in Q4 reached 7.55% YoY. Domestic growth drivers, including public/private investment, and consumption, are showing more positive signals, and expectations are high that this will serve as a stepping stone for stronger growth in 2025;

In December 2024, the Index of Industrial Production (IIP) increased by 0.8% MoM and 8.8% YoY. For the full year, IIP grew by 8.4% YoY. The growth in the last months of the year slowed significantly compared to earlier months. Along with the PMI dropping below 50 in December, the growth momentum of the IIP will likely continue to slow in the first months of 2025;

Total retail sales of goods and services in December 2024 reached approximately VND 570.73 trillion, an increase of 9.35% YoY, marking one of the highest months of growth compared to the same period in 2024. In January 2025, coinciding with the Lunar New Year shopping season and a lower comparison base in January 2024, growth is expected to achieve double digits;

Regarding public investment, capital investment from the state budget in 2024 reached VND 661.293 trillion, increasing by 3.3% YoY, completing 97.61% of the annual plan. Although public investment disbursement growth for 2024 was relatively low (one of the three years with the lowest growth in the past 10 years), the disbursement pace in the final months of the year was much more positive;

Consumer Price Index (CPI) increased by 2.94% YoY in December. On average, the 2024 CPI rose by 3.63% YoY, meeting the government’s target (4-4.5%) for 2024. In 2025, inflationary pressure will mainly come from the housing and construction material sectors, while the prices of other groups, including food, fuel, and healthcare services, will help ease the pressure in 2025. The CPI for 2025 is expected to increase by 3-3.3% YoY, lower than the government’s target of 4.5%;

As of December 31, 2024, the VND depreciated by 5.01% against the USD. The VND, along with other currencies, faced strong depreciation pressure due to the rise of the DXY. The pressure from the USD will remain significant in the short term due to potential tariffs by the Trump administration, slowing down the Fed’s interest rate cuts. However, the overnight interest rate spread between the VND and USD has turned positive again, which is expected to ease the pressure on the VND in 2025.