Growing Strong: Viet Nam's GDP Hits $430 Billion in 2023, Ranks Fifth in Southeast Asia

Growing Strong: Viet Nam's GDP Hits $430 Billion in 2023, Ranks Fifth in Southeast Asia
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According to the latest data from the IMF, Southeast Asia's GDP will reach US$3.86 trillion in 2023, with Vietnam's GDP estimated at around US$433.3 billion, making it the fifth largest economy in Southeast Asia. With these figures, Vietnam also ranks 35th as one of the largest economies in the world.

With this projection, by 2023 Vietnam's economy will be the same size as Malaysia ($433.35 billion) and above Myanmar ($74.9 billion), Cambodia ($30.9 billion), Brunei ($15.1 billion), Laos ($14.2 billion), and Timor Leste ($2 billion).

At the same time, Indonesia holds the top spot in the region with an estimated GDP of approximately US$1.42 trillion. Thailand ranks second with an estimated GDP of $512 billion in 2023, while Singapore and the Philippines rank third and fourth with GDPs of $497 billion and $435.7 billion, respectively.

According to IMF data, global GDP was estimated at about $104.48 trillion last year, with the United States remaining the world's largest economy with a GDP of about $26.95 trillion. China is the second largest economy with a GDP of approximately US$17.7 trillion, followed by Germany, Japan, and India.

By the end of 2024, Vietnam's GDP is projected to reach approximately US$469.7 billion, ranking fifth in the region after countries such as Indonesia (US$1.54 trillion), Thailand (US$543.35 billion), Singapore (US$520.97 billion), and the Philippines (US$475.94 billion).

According to the UK's Centre for Economics and Business Research (CEBR), Vietnam's economic ranking has the potential to rise significantly in the future. Specifically, Vietnam is expected to reach 24th place by 2033, with an economic size of approximately $1.05 trillion.

This ranking is projected to rise to 21st place by 2038, with a GDP of US$1.559 trillion, surpassing other ASEAN economies such as Thailand, Singapore, and the Philippines, and entering the group of the world's 25 largest economies.

CEBR also estimates that Vietnam's average annual GDP growth rate will reach 6.7% during 2024-2028. Meanwhile, growth is expected to reach 6.4% in the next nine-year period.

With a large and young population, Vietnam has the opportunity to leapfrog other ASEAN countries and achieve high-income status by 2045.

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