According to the latest data from the International Monetary Fund (IMF), the GDP size of the Southeast Asian region in 2023 is projected to reach approximately $3.86 trillion at current prices. Indonesia is leading the region with an estimated GDP size of around $1.42 trillion. Thailand follows in second place with a projected GDP size of $512.19 billion in 2023. Singapore and the Philippines are next, with estimated GDP sizes of $497.35 billion and $435.68 billion, respectively.
For Vietnam, the IMF states that the country’s GDP size in 2023 is projected to reach around $433.3 billion, ranking fifth in the region. With this forecast, Vietnam’s economy in 2023 will be bigger than that of Malaysia ($433.35 billion), Myanmar ($74.86 billion), Cambodia ($30.9 billion), Brunei ($15.1 billion), Laos ($14.2 billion), and Timor-Leste ($2 billion).
Source: IMF
Looking globally, the IMF data shows that the world GDP is projected to reach around $104.48 trillion in 2023. The United States is the largest economy in the world with a projected GDP of $26.95 trillion in 2023. China is the second-largest economy with a GDP of $17.7 trillion. Germany ($4.43 trillion), Japan ($4.23 trillion), and India ($3.73 trillion) follow. With a GDP of over $430 billion, Vietnam currently ranks 35th among the world’s largest economies.
In 2024, Vietnam’s GDP is forecasted to reach around $469.67 billion, ranking fifth in the region after countries like Indonesia ($1.54 trillion), Thailand ($543.35 billion), Singapore ($520.97 billion), and the Philippines ($475.94 billion).
When will Vietnam enter the top 25 largest economies in the world?
The Centre for Economics and Business Research (CEBR), an independent economics and business forecasting center based in the UK, predicts that Vietnam’s economic ranking could increase rapidly in the future. Specifically, Vietnam is projected to reach the 24th position in 2033, with a GDP of $1.05 trillion.
By 2038, with an estimated GDP of $1.559 trillion, Vietnam will rise to the 21st position, surpassing other ASEAN economies such as Thailand ($1.313 trillion), Singapore ($896 billion), and the Philippines ($1.536 trillion) to enter the top 25 largest economies in the world.
According to CEBR, with its young and populous advantage, Vietnam has the opportunity to surpass most ASEAN countries in terms of economy, such as Singapore, Thailand, or Malaysia, and become a high-income country by 2045.
The average annual GDP growth rate is projected to be 6.7% from 2024 to 2028. This figure will be 6.4% in the following nine years.
In the ASEAN region, along with Vietnam, the Philippines is also considered a country with impressive growth potential, projected to reach the 23rd position by 2038. According to CERB, Vietnam and the Philippines are prominent examples of countries expected to improve their rankings through repositioning in the global value chain, internal reforms, increased labor productivity, and public and private investment.
