With an average annual growth rate of 5.8% over the next five years, Vietnam's GDP is expected to surpass Singapore's, reaching 676 billion USD by 2029.
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Bike production at Thong Nhat Company Limited |
By 2039, Vietnam’s GDP could rise to 1.41 trillion USD, ranking 25th worldwide and becoming Southeast Asia’s third-largest economy, following Indonesia and the Philippines. This significant milestone underscores Vietnam’s resilience amid global challenges.
CEBR projects Vietnam will maintain strong growth compared to regional peers such as Thailand, Malaysia, and Singapore. While global GDP is expected to double from 110 trillion USD in 2024 to 221 trillion USD by 2039, Vietnam is anticipated to outpace many of its ASEAN neighbors in economic expansion.
In terms of GDP per capita, Vietnam is set to cross the upper-middle-income threshold in 2024 with a projected per capita GDP of 4,469 USD. By 2025, this figure is expected to rise to 4,783 USD, officially classifying Vietnam as an upper-middle-income country.
Although Vietnam’s per capita GDP lags behind Singapore, Malaysia, and Thailand, it is forecasted to climb to fourth place among ASEAN-6 nations by 2026, overtaking Indonesia and the Philippines, with a per capita GDP of 6,140 USD, according to the International Monetary Fund (IMF).
To maintain its upward trajectory, Vietnam must focus on improving labor productivity, investing in education, and advancing technology. These efforts are essential to narrowing the income gap with neighboring countries and solidifying its position as a regional economic leader.
Source: VNA