Vietnam's economy forecasted to reach $500 billion by 2025

October 21, 2024 | 18:42

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Vietnam's economy is projected to reach $500 billion in 2025, a 1.45-fold increase from 2020, ranking 33rd globally and fourth in ASEAN.

Vietnam's economy forecasted to reach $500 billion by 2025

This information was shared by Prime Minister Pham Minh Chinh at a national conference on socioeconomic development on October 20.

The prime minister noted that Vietnam's GDP is estimated to expand by about 7 per cent this year, exceeding a target of 6 to 6.5 per cent GDP growth. It is estimated that Vietnam's economy will maintain an annual average growth rate of 6 per cent during the 2021–2025 period.

"Vietnam's economic growth is among the highest in the region and the world," he said. "According to the latest data from the World Bank, the country's GDP rose from $346 billion in 2020 to $433 billion in 2023."

The prime minister added that GDP per person will rise from $3,720 in 2021 to around $4,900 in 2025, an almost 32 per cent increase.

Next year is considered crucial for accelerating growth and creating breakthroughs. The government has set a target of achieving a GDP growth rate of between 6.5 and 7 per cent and a consumer price index of around 4.5 per cent.

By the end of the decade, the government intends to have achieved an annual GDP growth rate of 7.5-8.5 per cent. GDP per person is expected to reach $7,400–$7,600 by 2030, positioning the nation as an upper middle-income developing nation with modern industries and an estimated economy of $780–800 billion.

"With this pace, Vietnam will rank among the top 30 largest economies in the world. This will lay a solid ground for Vietnam to become a high-income, developed nation by 2045," Chinh added.

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