Top five localities with the largest economies in 2024
The top five localities with the largest gross regional domestic product (GRDP) in Vietnam for 2024 are Ho Chi Minh City, Hanoi, Binh Duong, Dong Nai and Hai Phong.
HCM City led Vietnam with its gross regional domestic product (GRDP) in 2024 reaching VND1.17 quadrillion (US$46.1 billion) at 2010 comparative prices, an increase of 7.17%.
The city’s GRDP at current prices is about VND1.78 quadrillion.
The city’s economy has steadily recovered in economic terms, with a quarterly growth outpacing the previous quarter. The service sector grew by 7.7%, accounting for 65.5% of GRDP and contributing 68.8% to overall growth.
Meanwhile, the industrial sector grew by 7.26%, making up 18.2% of GRDP.
The city’s index of industrial production (IIP) is estimated to have increased by 7.3% year-on-year in 2024. Business operations in HCM City have shown positive signs as orders gradually recovered.
Retail sales of goods and consumer services grew steadily in 2024, estimated at over VND1.2 quadrillion, up nearly 11%.
Ranked second, Hanoi’s GRDP grew by 6.52% compared to 2023. The city’s GRDP at current prices is estimated at VND1.43 quadrillion, with GRDP per capita reaching VND163.5 million, an increase of 8.8% year-on-year.
In the city’s GRDP structure, the service sector accounted for the largest share at 65.6%, followed by industry and construction at 22.79%.
Hanoi attracted US$2.2 billion in foreign direct investment (FDI) in 2024, a 30% increase year-on-year, putting it in fifth place in the national table for overseas investments.
Ranked third in economic scale, Binh Duong’s GRDP grew by 7.48% in 2024, primarily driven by the industrial and construction sectors.
The province’s GRDP at current prices is estimated at VND520.2 trillion, with GRDP per capita reaching VND181.2 million annually.
As of December 31, 2024, Binh Duong recorded a cumulative total of 73,945 businesses registered with a combined capital of VND812.4 trillion.
Dong Nai’s GRDP at current prices in 2024, ranked fourth, reached VND493.8 trillion, an increase of 8.02% year-on-year. This growth rate exceeded the target (6.5% to 7%) and was higher than the 2023 growth rate of 5.41%.
Hai Phong achieved an estimated GRDP growth rate of 11.01% in 2024, marking the tenth consecutive year the city maintained double-digit growth.
The city’s GRDP at current prices is nearly VND446 trillion. In an historic milestone, Hai Phong’s ever-expanding economic scale secured its position among the top five localities with the largest economies in Vietnam for the first time last year.
