Business News 19/03/2024, 11:22

Reaching over 430 Billion USD in 2023, What is Vietnam's GDP Raking in World?

According to IMF, Vietnam's GDP in 2023 was estimated to reach about 433.3 billion USD, ranking 5th in Southeast Asia.

Reaching over 430 Billion USD in 2023, What is Vietnam's GDP Raking in World?

According to the latest data from the International Monetary Fund (IMF), in 2023, Southeast Asia's GDP at current prices reached about 3.86 trillion USD. Of which, Indonesia took the lead with an estimated GDP of about 1.42 trillion USD. Ranked second was Thailand, with GDP in 2023 forecast at 512.19 billion USD. Following were Singapore and the Philippines, with GDP at current prices of 497.35 billion USD and 435.68 billion USD, respectively.

Regarding Vietnam, the IMF said that Vietnam's GDP in 2023 was estimated to reach about 433.3 billion USD, ranking 5th in the region. With this forecast, Vietnam's economic scale in 2023 will rank above Malaysia (433.35 billion USD), Myanmar (74.86 billion USD), Cambodia (30.9 billion USD), Brunei (15.1 billion USD), Laos (14.2 billion USD), and East Timor (2 billion USD).


Source: IMF

IMF data shows that the global GDP in 2023 was estimated to reach about 104.48 trillion USD. Among them, the United States was the largest economy in the world, with an estimated GDP of 26.95 trillion USD in 2023. The second-largest economy was China, with a GDP of 17.7 trillion USD in 2023. Followed by Germany (4.43 trillion USD), Japan (4.23 trillion USD), and India (3.73 trillion USD). With a GDP of more than 430 billion USD in 2023, Vietnam was the 35th largest economy in the world.

By 2024, Vietnam's GDP is forecast to reach about 469.67 billion USD, ranking 5th in the region after countries such as Indonesia (1.54 trillion USD), Thailand (543.35 billion USD), Singapore (520.97 billion USD), and the Philippines (475.94 billion USD).

When will Vietnam enter the top 25 largest economies in the world?

The UK's Center for Economic and Business Research (CEBR) assesses that the ranking of Vietnam's economic scale may rise rapidly in the future. Specifically, Vietnam will rise to 24th position by 2033, with an economic scale of 1,050 billion USD.

By 2038, with an expected GDP of 1,559 billion USD, Vietnam will rise to the 21st position, surpassing other economies in the ASEAN region such as Thailand (1,313 billion USD), Singapore (896 billion USD), and the Philippines (1,536 billion USD) to enter the group of the 25 largest economies in the world.

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

CEBR forecasts an average annual GDP growth rate of 6.7% in the period 2024–2028. This figure will be 6.4% in the next 9 years.

In the ASEAN region, besides Vietnam, the Philippines is also evaluated as a country with impressive growth, possibly reaching 23rd position by 2038. According to CEBR, Vietnam and the Philippines are prime examples of countries that are expected to improve their rankings thanks to repositioning in the global value chain, internal reforms, increased labor productivity, and public and private investment.

CafeF / Translator: Hoàng Trúc
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