Cargo 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 scale in 2024 to reach US$450 billion, up one notch from the previous year to 34th in the world.
The center forecast that by 2029, Vietnam’s GDP will reach US$676 billion, surpassing Singapore’s US$656 billion.
CEBR also predicted that Vietnam’s economy will grow rapidly in the future, with an average growth rate of 5.8% in the next five years.
In the 2030-2039 period, the average GDP growth rate will be 5.6% per year, and it is expected to reach a scale of US$1,410 billion by 2039, ranking 25th in the world. This GDP scale will only be surpassed by 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 US$430 billion, with a per capita income of nearly US$4,347.
According to the latest classification applied for 2023-2024, countries with an average income between US$4,466 and US$13,845 are considered upper-middle-income countries.
CEBR estimated that Vietnam’s per capita GDP in 2024 will reach US$4,469, and with the above classification, Vietnam may have entered the group of upper-middle-income countries.
Also, according to the report, in 2025, Vietnam’s per capita GDP is estimated at US$4,783 (ranked 124th in the world), in 2029 it will reach US$6,463 (ranked 117th), and in 2039 it will be US$12,727 (ranked 100th).
However, if calculated according to purchasing power parity (PPP), Vietnam’s per capita GDP in 2024 will only reach US$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 will move up to 4th place in the ASEAN-6 group in terms of per capita GDP, with a figure of US$6,140, ranking after Singapore, Malaysia, and Thailand, but surpassing Indonesia and the Philippines./.
Tho Anh
– 15:52 31/12/2024
