Vietnam projected to become 20th largest global economy

May 31, 2023 | 09:57
(0) user say
Vietnam, a rising economic powerhouse in Southeast Asia, is set to witness remarkable growth over the coming years.
Vietnam projected to become 20th largest global economy

According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25th position globally in 2022, ranking just below countries such as Australia, and Poland.

Specifically, Australia's reached approximately $1.63 trillion, securing 20th position worldwide, while Poland's stood at around $1.64 trillion, placing it 19th.

The IMF also estimates that by 2023, Vietnam is expected to secure fourth position in Southeast Asia with a forecast GDP PPP of approximately $1.45 trillion.

Looking further ahead, by 2026, Vietnam is estimated to have surpassed Thailand, propelling it to the second spot in the region with a figure of around $1.87 trillion.

By 2028, Vietnam's economy is anticipated to have reached approximately $2.21 trillion, placing it among the top 20 economies globally.

The top 20 economies in 2028, according to the IMF, are predicted to include China, the United States, India, Japan, Germany, Indonesia, Russia, Brazil, France, the United Kingdom, Turkey, Mexico, Italy, South Korea, Saudi Arabia, Canada, Spain, Egypt, Bangladesh, and Vietnam.

This impressive growth trajectory highlights Vietnam's increasing significance on the global stage. As the country continues to implement economic reforms, attract foreign investments, and foster innovation, it is solidifying its position as a rising power in Southeast Asia.

With a favourable business environment and a young, dynamic workforce, the nation is poised to become a major player in both the regional and global economies.

Vietnam's ascent is also reflected in its standing among its regional counterparts. With a strong focus on attracting foreign direct investment and promoting innovation-driven industries, Vietnam offers a promising business environment for those seeking growth and expansion.

Quality and quantity advances sought Quality and quantity advances sought

The scale and quality of foreign-led projects in Vietnam have been fostered thanks to the promulgation of new policies to improve the investment environment.

Tough journey is just starting for VinFast Tough journey is just starting for VinFast

VinFast’s move to list in the US demonstrates its determination to position itself as a contender in the rapidly evolving electric vehicle industry. Marc Iyeki, former head of Asia-Pacific Listings at the New York Stock Exchange, gave VIR’s Luu Huong his insight on the ambitious overseas listing.

Samsung Vietnam CEO drives sustainable development Samsung Vietnam CEO drives sustainable development

At the conference Stronger Investment Partnerships for a Thriving Vietnam organised by VIR on the morning of May 15, Samsung was noted as one of the nation's most successful foreign-invested enterprises.

By Lam Tien

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional