Vietnam’s GDP to Reach $450 Billion in 2024, Ranking 34th Globally: CEBR

Hanoi, The Gulf Observer: According to the UK-based Centre for Economics and Business Research (CEBR), Vietnam’s GDP is forecasted to reach $450 billion in 2024, positioning it as the 34th largest economy in the world.

With an average annual growth rate of 5.8% over the next five years, Vietnam’s GDP is expected to surpass Singapore’s, reaching $676 billion by 2029. By 2039, the nation’s GDP could rise to $1.41 trillion, making it the third-largest economy in Southeast Asia, following Indonesia and the Philippines, and ranking 25th globally.

Vietnam’s economic resilience amid global challenges is highlighted by its projected strong growth compared to regional peers such as Thailand, Malaysia, and Singapore. While global GDP is expected to double from $110 trillion in 2024 to $221 trillion by 2039, Vietnam is anticipated to outpace many ASEAN neighbors in economic expansion.

In 2024, Vietnam’s GDP per capita is set to cross the upper-middle-income threshold with a projected $4,469, rising to $4,783 in 2025. By 2026, Vietnam is forecasted to rank fourth among ASEAN-6 nations in per capita GDP, overtaking Indonesia and the Philippines with $6,140, according to the International Monetary Fund (IMF).

Experts emphasize the importance of enhancing labor productivity, investing in education, and advancing technology to sustain Vietnam’s growth and close the income gap with neighboring countries. These efforts are essential to solidifying Vietnam’s position as a leading regional economy.