Container handling at Tien Sa Port, Da Nang. (Photo: Tran Le Lam/VNA)
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In the 2024 World Economic League Table (WELT) rankings, independent UK-based economic forecasting and analysis center CEBR assessed Vietnam’s GDP in 2024 to reach $450 billion, up one notch from the previous year to 34th in the world.
The center forecast that by 2029, Vietnam’s GDP would reach $676 billion, surpassing Singapore’s $656 billion.
CEBR also predicted that Vietnam’s economy would grow rapidly in the future, with an average growth rate of 5.8% over the next five years.
From 2030 to 2039, the average GDP growth rate is expected to be 5.6% per annum, reaching a GDP of $1,410 billion by 2039, ranking 25th globally. This GDP size is only behind Indonesia (10th), the Philippines (22nd), and far ahead of Thailand (31st), Malaysia (34th), and Singapore (35th).
According to World Bank data, Vietnam’s GDP in 2023 reached nearly $430 billion, with a per capita income of almost $4,347.
Under the latest classification applied for 2023-2024, countries with a per capita income between $4,466 and $13,845 are considered upper-middle-income countries.
CEBR estimated that Vietnam’s per capita GDP in 2024 would reach $4,469, which, according to the above classification, could have placed Vietnam in the upper-middle-income group.
Also, according to the report, in 2025, Vietnam’s per capita GDP is estimated at $4,783 (ranked 124th in the world), reaching $6,463 in 2029 (117th), and $12,727 in 2039 (100th).
However, if calculated based on purchasing power parity (PPP), Vietnam’s per capita GDP in 2024 would only be $16,193, belonging to the group of lower-middle-income countries.
Currently, Vietnam’s per capita GDP remains low compared to the region. In 2023, Vietnam ranked 6th in Southeast Asia, behind Singapore, Brunei, Malaysia, Thailand, and Indonesia. This ranking remained unchanged in 2024.
The International Monetary Fund (IMF) predicted that by 2026, Vietnam would move up to 4th place in the ASEAN-6 group in terms of per capita GDP, with a figure of $6,140, ranking behind Singapore, Malaysia, and Thailand but ahead of Indonesia and the Philippines./.
Tho Anh
– 15:52 31/12/2024
