Vietnam’s economic growth has been impressive, with its GDP (PPP) ranking 25th in the world in 2023, according to the International Monetary Fund (IMF). The country’s per capita GDP (PPP) also stands at $14,342, placing it 108th globally.
A glimpse into the future: IMF projections for 2024–2029
The IMF predicts a continuous improvement in Vietnam’s economic standing, with its GDP (PPP) and per capita GDP (PPP) rankings expected to climb globally over the next few years.
Vietnam’s GDP(PPP) and per capita GDP (PPP) in 2023 and projected for 2024–2029. Source: IMF.
In 2024, Vietnam’s GDP (PPP) is forecast to reach approximately $1.559 trillion, maintaining its rank of 25th in the world. Simultaneously, the country’s per capita GDP (PPP) is expected to increase to $15,470, moving up one spot to 107th globally.
Notably, Vietnam’s GDP (PPP) is currently ranked below that of Australia and Poland, but it is projected to surpass them by 2029.
By 2029, Vietnam’s GDP (PPP) is forecast to break into the top 20 largest economies globally. The top 20 economies, as predicted by the IMF for that year, include China, the United States, India, Japan, Indonesia, Germany, Russia, Brazil, Turkey, the United Kingdom, France, Mexico, Italy, South Korea, Saudi Arabia, Spain, Canada, Egypt, Bangladesh, and Vietnam.
According to the IMF, Vietnam’s GDP (PPP) is expected to reach approximately $2.343 trillion, ranking 20th in the world in 2029. In comparison, Australia’s GDP(PPP) is projected to be around $2.188 trillion (24th globally), and Poland’s is forecast to be $2.306 trillion (21st globally).
Additionally, Vietnam’s per capita GDP (PPP) is predicted to reach $22,410, entering the top 100 countries (ranking 95th) by 2029. This indicates a significant improvement, with Vietnam’s GDP (PPP) ranking rising by 5 places and its per capita GDP (PPP) ranking climbing 13 spots globally, compared to 2023.
Why Nominal GDP Ranks Vietnam 35th Globally, but GDP (PPP) Places it 25th
How do GDP and GDP(PPP) differ?
Unlocking Capital Flows: Vietnam’s Key to Attracting Global Investment and Unlocking Capital Markets
The World Bank’s (WB) recently released report, “Ascending to New Heights in Capital Markets,” forecasts a promising outlook for Vietnam’s economy. According to the report, Vietnam’s economic growth is projected to reach an impressive 6.1% in 2024.
