Vietnam’s economy to rank fourth in ASEAN: experts

Hanoi (VNA) – Vietnam’s economy would grow from 6-6.5 percent in the next decade, DBS Bank experts said.

If the country maintains its growth rate of 6-6.5 percent, it will surpass Singapore by 2030, the experts noted.

Last year, Vietnam’s economy was worth 343 billion USD against Singapore’s 337.5 billion USD and Malaysia’s 336.3 billion USD, ranking 40th globally and fourth in the Association of Southeast Asian Nations (ASEAN).

In their latest forecast, the International Monetary Fund (IMF) and the Asian Development Bank (ADB) said Vietnam would still outpace the two countries this year.

Despite impacts from two waves of COVID-19 outbreaks in the first half of this year, especially on industrial hubs, Vietnam still posted gross domestic product (GDP) growth of 5.64 percent and its export revenue rose 28.4 percent over the same period last year.

Although the GDP expansion was lower than the target set by the Government, it was much higher than 1.82 percent recorded in the same period last year.

This showed the effective policies, strategies and directions from the central to local levels with the implementation of “dual targets” of controlling the pandemic and ensuring socio-economic development at the same time./.