Want to be in the loop?
subscribe to
our notification
Business News
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
Related News
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
![Card image cap](/uploads/news/FDI.jpg)
FDI INFLOW INTO VIETNAM REACHES NEARLY 15.2 BILLION USD
Vietnam attracted nearly 15.2 billion USD in foreign direct investment (FDI) in the first six months of this year, a year-on-year increase of 13.1 per cent, according to the General Statistics Office.
![Card image cap](/uploads/news/Eco4.jpg)
GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
![Card image cap](/uploads/news/Eco3%20%281%29.jpg)
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.