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Vietnam’s economy to maintain position as fourth largest in ASEAN

Vietnam’s GDP in 2020 reached about US$343 billion, surpassing Singapore (with about US$337.5 billion) to rank fourth in ASEAN and among the top 40 largest economies in the world.

Vietnam also posted GDP per capita of US$3,521, ranking sixth among ASEAN countries.

According to DBS Bank, a Singaporean multinational banking and financial services corporation, Vietnam’s economy has the potential to expand by 6-6.5% over the next decade thanks to strong attraction of foreign direct investment (FDI) and productivity growth.

Vietnam’s economy, maintain position, fourth largest, ASEAN, Vietnam’s GDP, largest economies

Workers at Hong Ha Shipbuilding company produce shipbuilding components.

If Vietnam could maintain its annual GDP growth rate of 6-6.5%, its economy would be larger than that of Singapore in the next 10 years, by around 2029-2030.

However, it did not take 10 years for Vietnam as the country actually surpassed Singapore in 2020.

Despite the Covid-19 pandemic, Vietnam’s economy still reported positive growth and exceeded Singapore’s US$337.5 billion and Malaysia’s US$336.3 billion to affirm its position among the top four largest economies in ASEAN.

The latest forecasts of the International Monetary Fund (IMF) and the Asian Development Bank (ADB) also state that the size of Vietnam's economy in 2021 will outdo Singapore and Malaysia.

According to experts, Vietnam continues to maintain a safe economic growth rate, enough to keep the fourth position in terms of economic size in ASEAN, after Indonesia, Thailand and the Philippines.

According to the World Bank, Vietnam's GDP growth is expected to reach about 6.6% in 2021, which would be the highest growth rate in the ASEAN region.

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Source: NDO

Vietnam’s economy, maintain position, fourth largest, ASEAN, Vietnam’s GDP, largest economies
 
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