Vietnam’s economic growth continues its upward trajectory.
According to the latest data from the International Monetary Fund (IMF), Vietnam’s nominal GDP in 2024 is estimated at approximately US$465.81 billion.
This places Vietnam at 35th in the ranking of the world’s largest economies, climbing two places from 37th in 2022 when its GDP stood at US$408.95 billion.
Within the Association of Southeast Asian Nations (ASEAN), Vietnam is the fourth-largest economy, following Indonesia (US$1,475 billion, ranked 16th globally), Thailand (US$544.07 billion, ranked 26th), and Singapore (US$468.08 billion, ranked 34th). Vietnam surpasses the Philippines (US$457.23 billion) and Malaysia (US$451.22 billion) in terms of economic size.
A snapshot of the economic landscape within the ASEAN region.
Aside from Indonesia, which boasts the largest economy and population in the region, the gap between the remaining countries in the ASEAN-6 group is relatively narrow.
In terms of GDP per capita, Vietnam reached approximately US$4,620 in 2024, an increase from the 2023 figure of US$4,284, as reported by Vietnam’s General Statistics Office and the IMF.
Among ASEAN countries, Vietnam ranks fifth in this metric, after Singapore (US$87,450), Malaysia (US$13,310), Thailand (US$7,810), and Indonesia (US$5,270). The Philippines follows with a GDP per capita of US$4,130. Singapore maintains a significant lead over the other countries in the region.
Vietnam’s global ranking in GDP per capita shows steady improvement.
Globally, Vietnam’s GDP per capita ranks 120th, an improvement from its 124th position in 2021.
Looking ahead, the IMF forecasts Vietnam’s nominal GDP to reach approximately US$497.24 billion in 2025, retaining its fourth position within ASEAN. Its global ranking is projected to remain stable or improve slightly, placing it around 34th or 35th. The GDP growth rate is expected to be around 6.7% during the 2024-2028 period.
The Centre for Economics and Business Research (CEBR) also predicts that Vietnam has the potential to overtake Malaysia and Singapore in economic size by 2030, with an estimated GDP of US$571.12 billion, securing the third spot in ASEAN, after Indonesia and Thailand. By 2036, Vietnam is projected to break into the top 20 largest economies worldwide.
When Vietnam Entered the Top 25 Largest Economies in the World
“Mr. Michael Kokalari, Head of Macroeconomic and Market Research at VinaCapital, asserts that the core vision of Resolution 68 on private economic development is to foster a rapidly growing, sustainable, high-quality, and globally competitive private sector. The UK-based independent economic forecasting center estimates that Vietnam will join the ranks of the world’s 25 largest economies by 2039.”
The Vietnamese Stock Market Index Soars: Outperforming the US and ASEAN Peers.
This is a positive sign for the market.
Let’s Get Rich: The Prime Minister’s Call for a National Movement to Prosper
“At the National Conference on the implementation of Resolution 68, the Prime Minister emphasized the need to dismantle prejudices and recognize the private sector as the most important pillar and driving force of the economy. He stressed the importance of vigorously promoting a culture of entrepreneurship, innovation, and international integration.”
“Unleashing Vietnam’s Economic Growth: Dragon Capital’s Insights on Resolution 68 and the Rise of the Private Sector”
“The expert further emphasized that the success of the Resolution lies in its effective implementation by the administrative apparatus and the private sector’s ability to embrace the policies it entails. “
Dragon Capital: Resolution 68 Boosts Private Sector Amid Global Turbulence
Dragon Capital applauds Resolution 68, which presents a comprehensive policy framework. The resolution underscores a commitment to decriminalizing civil and economic offenses while strengthening property rights. These pivotal aspects are instrumental in fostering business confidence and spurring investment.
