VIETNAM PROJECTED TO BECOME 20TH LARGEST GLOBAL ECONOMY

Vietnam, a rising economic powerhouse in Southeast Asia, is set to witness remarkable growth over the coming years.

According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25th position globally in 2022, ranking just below countries such as Australia, and Poland.

Specifically, Australia's reached approximately $1.63 trillion, securing 20th position worldwide, while Poland's stood at around $1.64 trillion, placing it 19th.

The IMF also estimates that by 2023, Vietnam is expected to secure fourth position in Southeast Asia with a forecast GDP PPP of approximately $1.45 trillion.

Looking further ahead, by 2026, Vietnam is estimated to have surpassed Thailand, propelling it to the second spot in the region with a figure of around $1.87 trillion.

By 2028, Vietnam's economy is anticipated to have reached approximately $2.21 trillion, placing it among the top 20 economies globally.

The top 20 economies in 2028, according to the IMF, are predicted to include China, the United States, India, Japan, Germany, Indonesia, Russia, Brazil, France, the United Kingdom, Turkey, Mexico, Italy, South Korea, Saudi Arabia, Canada, Spain, Egypt, Bangladesh, and Vietnam.

This impressive growth trajectory highlights Vietnam's increasing significance on the global stage. As the country continues to implement economic reforms, attract foreign investments, and foster innovation, it is solidifying its position as a rising power in Southeast Asia.

With a favourable business environment and a young, dynamic workforce, the nation is poised to become a major player in both the regional and global economies.

Vietnam's ascent is also reflected in its standing among its regional counterparts. With a strong focus on attracting foreign direct investment and promoting innovation-driven industries, Vietnam offers a promising business environment for those seeking growth and expansion.

Source: VIR