VIETNAMESE GDP SIZE HITS OVER US$430 BILLION IN 2023

Viet Nam’s gross domestic product (GDP) size was estimated at US$433.3 billion in 2023, ranking fifth in Southeast Asia, according to the latest figures released by the International Monetary Fund (IMF).

The GDP scale of Southeast Asia reached US$3.86 trillion, of which Indonesia took the lead in the region with an estimated GDP of about US$1.42 trillion; followed by Thailand with US$512.19 billion, Singapore with US$497.35 billion and the Philippines with US$435.68 billion.

IMF data showed that the global GDP size last year was estimated to be at about US$104.48 trillion in which the U.S. remained the largest economy in the world with its GDP valued at US$26.95 trillion.

China was the second largest economy with a GDP size of US$17.7 trillion, trailed by the likes of Germany, Japan, and India. Boasting a GDP scale of more than US$430 billion in 2023, Viet Nam currently ranks as the 35th largest economy in the world.

In 2024, Viet Nam's GDP size is forecast to hit US$469.67 billion, ranking fifth in the region, after Indonesia (US$1.54 trillion), Thailand (US$543.35 billion), Singapore (US$520.97 billion), and the Philippines (US$475.94 billion).

The UK's independent Center for Economic Forecasting and Analysis (CEBR) noted that the Vietnamese economic scale ranking is likely to increase rapidly in the future.

Accordingly, Viet Nam is forecast to rise to 24th position by 2033, with an economic scale reaching US$1,050 billion.

By 2038, with an expected GDP scale of US$1,559 billion, Viet Nam will rise to 21st position, surpassing other ASEAN economies such as Thailand, Singapore, and the Philippines to enter the group of the 25 largest economies in the world.

Thanks to a large and young population, Viet Nam has the opportunity to outperform other ASEAN members to become a high-income economy by 2045.

Source: VCCI