Vietnam’s economy to surpass Singapore's by 2030: DBS Bank
Vietnam’s economy is expected to grow by between 6-6.5 percent over the next decade, and at this pace, it will surpass Singapore by 2030, DBS Bank experts have said.
Workers produce electronic components at a factory in Vinh Phuc province (Photo: VNA)
Hanoi (VNS/VNA) – Vietnam’s economy is expected to grow by between 6-6.5 percentover the next decade, and at this pace, it will surpass Singapore by 2030, DBSBank experts have said.
Last year, Vietnam’seconomy was worth 343 billion USD while Singapore’s was 337.5 billion USD, andMalaysia’s hit 336.3 billion USD. This ranks Vietnam the 40th largest economyglobally and fourth in the Association of Southeast Asian Nations (ASEAN).
In their latest forecast,the International Monetary Fund (IMF) and the Asian Development Bank (ADB) saidVietnam is on track to outpace both Malaysia and Singapore this year.
Despite two waves ofCOVID-19 in the first half of this year heavily impacting industrial hubs, Vietnamstill posted gross domestic product (GDP) growth of 5.64 percent. Its exportrevenue rose 28.4 percent compared to the same period last year.
Although GDP expandedslower than expected, it was still much higher than the 1.82 percent recordedin the same period last year.
This suggests thatpolicies, strategies and directives aimed at both controlling the pandemic andensuring socio-economic development have been effective./.
The economic growth target for this year remains unchanged with two scenarios of 6 percent and 6.5 percent expansion for this year, affirmed Prime Minister Pham Minh Chinh at a regular Government meeting held in Hanoi on July 1.
Despite impacts from two waves of COVID-19 outbreaks in the first half of this year, especially on industrial hubs, Vietnam still posted gross domestic product (GDP) growth of 5.64 percent and its export revenue rose 28.4 percent over the same period last year.
Prime Minister Pham Minh Chinh on July 2 asked localities to persistently and resolutely implement the dual goals of preventing the COVID-19 pandemic and promoting socio-economic development.
The Asian Development Bank (ADB) has approved a 4.6 million USD technical assistance to help the Vietnamese Government to strengthen public-private partnership (PPP), private sector development, and state-owned enterprise (SOE) reform.
The leader of Standard Chartered Vietnam said the country continues to offer appealing business and investment opportunities given its strong fundamentals, including low labour costs, an abundant workforce, and strategic location.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
The arrival of this first wind power equipment shipment signalled the Trung Nam Ca Na seaport’s infrastructure readiness and its entry into a new phase of development, aligned with Vietnam’s adjusted National Power Development Plan VIII.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
The pangasius industry is one of the country’s key foreign currency earners, with an annual export value of around 2 billion USD, accounting for 20% of Vietnam’s total seafood exports. The US remains one of the largest and most strategic markets for Vietnamese pangasius.
A Government Office notice on the Deputy PM’s conclusions at a recent meeting to review construction progress of the plants stressed that accelerating the development of power sources is essential and urgent to ensure energy security and meet the demands of two-digit socio-economic growth in the coming period.
It featured four discussions on key issues such as the Vietnam- Switzerland comprehensive partnership, Vietnam’s international financial centre, digital transformation and innovation, and global human resources and expansion of markets.
With rising protectionist policies for the steel industry, and the US imposing tariffs on steel exports, the sector has entered a challenging period. In response, many industry giants are returning to the domestic market.
As the most significant and high-profile event in the global logistics industry, FIATA World Congress 2025 is expected to gather over 1,200 delegates from more than 150 countries.
According to the State Bank of Vietnam (SBV), in the interbank market, the trend of decreasing overnight interest rates has continued, starting at 3.13% in the first session of last week and gradually decreasing over the sessions to 1.67% at the last session of the week. In total, overnight interest rates decreased by 1.46 percentage points within one week.
Huynh Tan Khanh, Secretary of the Party Committee of Ganh Hao, noted that the town strictly follows anti-IUU fishing directives and has partnered with local agencies to organise six awareness campaigns attended by nearly 500 fishermen. Some 130 boat owners and captains have also signed commitments to follow legal requirements and avoid entering foreign waters.
Workers produce electronic components at a factory in Vinh Phuc province (Photo: VNA) 
