The city's growth rate was slowing, as was the competitiveness of its enterprises since 2010. — Bloomberg
HANOI: Vietnam’s gross domestic product (GDP) is forecast to hit US$450bil in 2024, placing it 34th globally, according to the UK-based Centre for Economics and Business Research (CEBR).
With an average annual growth rate of 5.8% over the next five years, Vietnam’s GDP is expected to surpass Singapore’s, reaching US$676bil by 2029.
By 2039, Vietnam’s GDP could rise to US$1.41 trillion, ranking 25th worldwide and becoming South-East Asia’s third-largest economy, following Indonesia and the Philippines.
CEBR projects Vietnam will maintain strong growth compared to regional peers such as Thailand, Malaysia and Singapore.
While global GDP is expected to double from US$110 trillion in 2024 to US$221 trillion by 2039, Vietnam is anticipated to outpace many of its Asean neighbours in economic expansion.
In terms of GDP per capita, Vietnam is set to cross the upper-middle-income threshold in 2024 with a projected per capita GDP of US$4,469.
By 2025, this figure is expected to rise to US$4,783, officially classifying Vietnam as an upper-middle-income country.
Although Vietnam’s per capita GDP lags behind Singapore, Malaysia and Thailand, it is projected to climb to fourth place among Asean-6 nations by 2026, overtaking Indonesia and the Philippines, with a per capita GDP of US$6,140, according to the International Monetary Fund. — Viet Nam News/ANN
