A gap of nearly 6 percentage points: the story of two economies within one country
Looking at Vietnam's economic growth picture over the past more than a decade, the most striking feature is not the latest figure — but rather the enormous gap between the peak and the trough. According to World Bank data, the lowest GDP growth rate in the period from 2013 to 2024 was 2.55% in 2021, while the highest peak reached 8.54% in 2022 — a difference of nearly 6 percentage points between the two extremes. For the Vietnamese community in the United States monitoring developments back home — from sending remittances, investing in real estate, to retirement planning — that gap is not merely a statistical figure; it reflects the degree of volatility that loved ones in Vietnam must endure.
Vietnam's GDP Growth
From the 2021 Bottom to 2024 Recovery
In 2021, Vietnam's growth reached only 2.55% — the lowest figure in the entire data series from 2013 according to World Bank statistics. This was followed by 2020 with a rate of 2.86%, also among the weakest. Two consecutive years below the 3% threshold created a deep hole that the economy took considerable time to fill.
However, 2022 witnessed the strongest rebound in the entire series, rising to 8.54%, the only peak exceeding 8% in the past 12 years. This momentum did not last long: 2023 declined to 5.07%. And by 2024 — the most recent year for which data is available — Vietnam recorded GDP growth of 7.09%, an increase of 10.57% compared to the previous period according to World Bank records.
Overview of the Past 12 Years
| Year | GDP Growth (%) |
|---|---|
| 2013 | 5.55 |
| 2014 | 6.42 |
| 2015 | 6.99 |
| 2016 | 6.69 |
| 2017 | 6.94 |
| 2018 | 7.47 |
| 2019 | 7.36 |
| 2020 | 2.87 |
| 2021 | 2.55 |
| 2022 | 8.54 |
| 2023 | 5.07 |
| 2024 | 7.09 |
Looking at the full table, two periods of stable growth above 6% are evident: from 2014 to 2019, and currently with 2024's 7.09%. The period from 2020 to 2021 stands out as a clear exception, pulling the growth line down sharply before bouncing back.
Significance for the Vietnamese Community in the United States
For those sending money home to family or considering investing in Vietnam, this fluctuation of nearly 6 percentage points is an important reminder: the economy has the capacity for strong recovery, but can also contract significantly in volatile years. The 2024 figure of 7.09% shows Vietnam is returning to the familiar trajectory of the pre-pandemic period — but the journey from the 2.55% low to here is not a straight line.
For those monitoring currency values, living costs for loved ones, or the pace of real estate price increases in major cities, annual GDP growth figures are among the key metrics worth tracking regularly. The next data release from the World Bank will reveal whether Vietnam can sustain growth above 7%.
From the 2.55% low in 2021 to 7.09% in 2024 — Vietnam has overcome a fluctuation of nearly 6 percentage points to return to its pre-pandemic growth trajectory.
Data source: World Bank ↗ · Chart and analysis by Saigon Sentinel