Vietnam's GDP predicted to surpass Singapore's in 2029
Vietnam’s GDP is forecast to hit 450 billion USD in 2024, placing it 34th globally, according to the UK-based Centre for Economics and Business Research (CEBR).
Bike production at Thong Nhat Company Limited (Photo: VNA)
Hanoi (VNS/VNA) – Vietnam’s GDP is forecast ♐to hit 450 billion USD in 2024, placing it 34th globally, according to the UK-based Centre for Economics and Business Research (CEBR).
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.
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 neighbours 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 labour productivity, investing in education, and advancing technology. These efforts are essential to narrowing the income gap with neighbouring countries and solidifying its position as a regional economic leader./.
While Vietnam's exports to the US have bolstered GDP growth this year, domestic factors, including the Government’s increasing spending on infrastructure, real estate market recovery, and consumption, will help the country maintain its economic expansion at around 6.5% in 2025, according to the latest report from VinaCapital.
Vietnam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
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The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
