Vietnam Achieves $476.3 Billion GDP
Vietnam’s GDP in 2024 reached $476.3 billion, surpassing expectations. The country’s original growth target was 6.5%, but the actual growth rate hit 7.09%.
Since 2022, Vietnam’s economic growth has accelerated rapidly, largely due to its strong integration with global markets. With the backing of Western countries such as the U.S. and the EU, foreign investment has poured into Vietnam. Global giants like Samsung, Apple, and Intel have established factories, transforming Vietnam into one of the most attractive destinations for manufacturing investment.
To retain foreign investors, the Vietnamese government introduced preferential tax policies far lower than many neighboring Southeast Asian countries. It also streamlined administrative processes, making it easier for businesses to set up operations.
Vietnam’s young, abundant, and inexpensive labor force—over 100 million people—provided a steady supply of manpower for industrial expansion. Coupled with its coastal advantage and numerous ports, Vietnam has positioned itself as an export powerhouse.
In 2024, Vietnam’s total trade volume reached $786.29 billion, achieving a $24.77 billion surplus. Exports hit $405.53 billion (up 14.3% YoY), while imports were $380.76 billion (up 16.7%).
The tourism sector also flourished, with 17 million international visitors in 2024, supported by a new 90-day multiple-entry e-visa policy.
Yunnan’s GDP in 2024
Neighboring Vietnam, Yunnan Province recorded a GDP of 3.1534 trillion yuan (approx. $442.8 billion) in 2024.
While Yunnan’s growth rate was less dramatic than Vietnam’s, its economy demonstrated steady expansion across agriculture, industry, and services.
- Tourism: Yunnan earned 1.14 trillion yuan from tourism, thanks to its spectacular natural landscapes and diverse ethnic culture.
- Agriculture: Known as China’s “Kingdom of Non-Ferrous Metals,” Yunnan also advanced plateau specialty agriculture, raising the added value of its farm products.
- Industry: In 2024, Yunnan’s above-scale industrial output rose 3.3% YoY, with high-tech and advanced manufacturing growing at 17.7% and 19.0% respectively.
- New energy and border trade: Transitioning from traditional mineral resources, Yunnan tapped into new energy projects and cross-border trade, diversifying income sources.
Who Is Stronger?
On the surface, Vietnam’s GDP appears slightly higher than Yunnan’s. But comparing a sovereign nation with over 100 million people to a single Chinese province of just over 48 million people is imbalanced.
Vietnam’s strength lies in its manufacturing boom, but this model is heavily dependent on foreign investment and low-cost labor. The challenges include:
- Low profit margins in contract manufacturing.
- Overdependence on exports while neglecting sectors like finance and services.
- Frequent power shortages, which disrupt production and raise costs.
- Policy instability and red tape, creating uncertainty for foreign investors.
- Lack of skilled labor, limiting progress in high-tech industries.
By contrast, Yunnan’s economy, though smaller in scale, is more diversified and resilient. With tourism, agriculture, renewable energy, and high-tech industries all contributing to growth, Yunnan faces fewer structural risks compared to Vietnam’s manufacturing-heavy model.
Conclusion
Vietnam and Yunnan each have distinct strengths. Vietnam enjoys rapid short-term growth through manufacturing and exports, while Yunnan builds on a balanced and sustainable model emphasizing tourism, agriculture, new energy, and high-tech industries.
For both, the future depends on diversification, talent development, and sustainable growth strategies. Only by addressing structural weaknesses can they continue to thrive in an increasingly competitive global economy.
References:
- General Statistics Office of Vietnam, 2024 GDP Data
- Yunnan Provincial Bureau of Statistics, 2024 GDP Report
- Ministry of Industry and Trade of Vietnam, 2024 Trade Figures
