Vietnam's GDP reaches over $430 billion in 2023, fifth most in Southeast Asia

With this forecast, Vietnam's economy in 2023 ranked equal to Malaysia (US$433.35 billion) and above Myanmar (US$74.9 billion), Cambodia (US$30.9 billion), Brunei (US$15.1 billion), Laos (US$14.2 billion) and East Timor (US$2 billion).

According to the IMF, in 2023, the GDP of the Southeast Asia region will reach about US$3.86 trillion. Indonesia leads the region with an estimated GDP of about US$1.42 billion. Thailand ranked second in the region with GDP in 2023 forecast at US$512 billion, with Singapore and the Philippines, with GDP sizes of US$497 billion and US$435.7 billion, respectively, third and fourth.

IMF data shows that the size of global GDP in 2023 is estimated to reach about US$104.5 trillion. The United States is the largest economy in the world with an estimated GDP of US$26.95 trillion. China is the world's second-largest economy with a GDP of US$17.7 trillion. They are followed by Germany (US$4.43 trillion), Japan (US$4.23 trillion) and India (US$3.73 trillion). With a GDP of more than US$430 billion, Vietnam is currently the 35th largest economy in the world.

By the end of 2024, Vietnam's GDP is forecast to reach about US$469.7 billion, ranking it fifth in the region after countries such as 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 Centre for Economics and Business Research (CEBR) assessed that Vietnam's economic ranking may increase rapidly in the future. Specifically, Vietnam will rise to the 24th position by 2033, with an economy of US$1.05 trillion.

By 2038, with an expected GDP scale of US$1.56 trillion, Vietnam will rise to 21st position, surpassing other economies in the ASEAN region such as Thailand (US$1.313 trillion), Singapore (US$896 billion), the Philippines (US$1.536 trillion) to enter the group of 25 largest economies in the world.

According to CEBR, with the advantage of a large and young population, Vietnam has the opportunity to surpass most ASEAN countries economically such as Singapore, Thailand and Malaysia, and become a high-income country by 2045.

CEBR also forecasts Vietnam’s average annual GDP growth rate will be 6.7 % in the period 2024-2028. Growth will be 6.4 % in the next nine years.

In the ASEAN region, besides Vietnam, the Philippines is also considered a country with impressive growth, possibly reaching the 23rd position by 2038. Vietnam and the Philippines are expected to improve their rankings thanks to repositioning in the global value chain, internal reforms, an increase in labour productivity and public and private investment, according to CERB. 

Viet Nam News

Asia News Network