Industrial Growth Projections for 2025

Supporting industry enterprises.

Throughout 2024, industrial production demonstrated robust recovery, showing sustained and widespread expansion despite persistent global economic challenges. This sector continued to act as a vital driving force, propelling overall economic growth.

By November 2024, the industrial production index recorded an 8.4% increase compared to the same period in 2023—a remarkable rebound considering the 0.9% growth seen in 2023. This marks the highest growth rate since 2020. Forecasts suggest that by the end of 2024, the industrial production index will exceed 8%, surpassing the initial target range of 7–8%.

Significant strides were made in modernizing the industrial sector, emphasizing advanced technologies, enhancing value addition, and promoting sustainable development. The processing and manufacturing industries emerged as key growth drivers, achieving substantial expansion.

Over the first 11 months of 2024, the processing and manufacturing sector reported a 9.7% surge, a sharp rise from the 1.0% growth observed in the same period of 2023. This sector alone contributed 8.5 percentage points to the overall growth rate.

Several core industrial products posted impressive growth during the 11-month period in 2024 as follow: Automobiles increased by 22.4%; steel bars and angles surged by 21.7%;textiles from natural fibers rose by 16.0%; petroleum production expanded by 15.9%; granulated sugar climbed by 14.8%; rolled steel production advanced by 14.1%; compound fertilizers (NPK) increased by 11.9%; powdered milk production rose by 11.5%; processed seafood improved by 11.0%; electricity generation grew by 10.0%; urea fertilizer production increased by 9.0%.

Many regions overcame challenges to revive production and sustain impressive industrial performance. Notably: Bac Giang saw a 27.7% increase; Vinh Phuc achieved an 11.1% rise; Hai Phong recorded 15.3% growth; Hai Duong expanded by 13.9%; Thanh Hoa experienced a 19.2% surge; Quang Nam advanced by 18.6%; Ho Chi Minh City reported a 7.1% gain; Binh Duong achieved 6.8% growth; Dong Nai posted an 8.0% increase.

Building on these positive trends, the Ministry of Industry and Trade aims for industrial production growth of 9–10%; merchandise export growth of approximately 12%; retail sales and service revenue to climb by 10%.

Electricity production and imports across the system are projected to reach 347.5 billion kWh, reflecting a 12.2% increase from 2024. Meanwhile, total power generation capacity (excluding rooftop solar) is expected to grow by 6.2%, reaching 82,097 MW.

These goals underscore Vietnam's commitment to sustaining industrial momentum, fostering technological advancements, and ensuring economic resilience in 2025.