Business

Vietnam's GDP predicted to surpass Singapore's in 2029

Vietnam’s GDP is forecast to hit 450 billion USD in 2024, placing it 34th globally, according to the UK-based Centre for Economics and Business Research (CEBR).

Bike production at Thong Nhat Company Limited (Photo: VNA)
Bike production at Thong Nhat Company Limited (Photo: VNA)

Hanoi (VNS/VNA) – Vietnam’s GDP is forecast to hit 450 billion USD in 2024, placing it 34th globally, according to the UK-based Centre for Economics and Business Research (CEBR).

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 USD by 2029.

By 2039, Vietnam’s GDP could rise to 1.41 trillion USD, ranking 25th worldwide and becoming Southeast Asia’s third-largest economy, following Indonesia and the Philippines. This significant milestone underscores Vietnam’s resilience amid global challenges.

CEBR projects Vietnam will maintain strong growth compared to regional peers such as Thailand, Malaysia, and Singapore. While global GDP is expected to double from 110 trillion USD in 2024 to 221 trillion USD by 2039, Vietnam is anticipated to outpace many of its ASEAN neighbours in economic expansion.

In terms of GDP per capita, Vietnam is set to cross the upper-middle-income threshold in 2024 with a projected per capita GDP of 4,469 USD. By 2025, this figure is expected to rise to 4,783 USD, officially classifying Vietnam as an upper-middle-income country.

Although Vietnam’s per capita GDP lags behind Singapore, Malaysia, and Thailand, it is forecasted to climb to fourth place among ASEAN-6 nations by 2026, overtaking Indonesia and the Philippines, with a per capita GDP of 6,140 USD, according to the International Monetary Fund (IMF).

To maintain its upward trajectory, Vietnam must focus on improving labour productivity, investing in education, and advancing technology. These efforts are essential to narrowing the income gap with neighbouring countries and solidifying its position as a regional economic leader./.

VNA
#GDP #Centre for Economics and Business Research #upper-middle-income threshold #per capita GDP
Follow VietnamPlus

Vietnam - New era

Related News

Vietnam's exports to the US have promoted GDP growth this year. (Photo: VNA)

Domestic factors to drive Vietnam's GDP growth in 2025: VinaCapital

While Vietnam's exports to the US have bolstered GDP growth this year, domestic factors, including the Government’s increasing spending on infrastructure, real estate market recovery, and consumption, will help the country maintain its economic expansion at around 6.5% in 2025, according to the latest report from VinaCapital.

Trade activities at Cat Lai port in Ho Chi Minh City (Photo: VNA)

Vietnam’s GDP growth poised for robust growth in 2024: officials

With just days remaining in 2024, the Vietnamese economic landscape looks promising, with the GDP growth expected to exceed the set target of 7% thanks to concerted efforts by ministries and sectors, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

See more

A booth at the trade promotion fair. (Photo: VNA)

Red River Delta trade promotion fair opens in Hung Yen

A trade promotion fair for localities in the Red River Delta opened on November 10 in the northern province of Hung Yen, aiming to foster regional connectivity, promote sustainable development and enhance brand of regional products.

Tan Thuan Export Processing Zone, Ho Chi Minh City (Photo: VNA)

Foreign investors ready to pour capital into HCM City

Administrative reform remains HCM City’s top priority. The city aims to cut at least 30% of procedures, reduce processing times and costs, and shift from a “management mindset” to a “service mindset” to better support the business community.

PM Pham Minh Chinh speaks at the event (Photo: VNA)

PM spotlights solidarity, cooperation, dialogue at annual business forum

Vietnam will maintain political stability and social order, push three strategic breakthroughs in institutional reform, hard and soft infrastructure, and quality human resources, while restructuring the economy and reforming the growth model, sustaining macroeconomic stability, and bolstering connectivity between domestic and FDI enterprises, said PM Pham Minh Chinh.

Officers of the Vam Lang border guard station in Dong Thap disseminate information on the prevention of illegal, unreported and unregulated (IUU) fishing and present a national flag to members of a local ship. (Photo: VNA)

Dong Thap province’s fishing cooperation models prove effective

According to Tran Thi Be Bay, Deputy Director of the provincial Department of Agriculture and Environment, the cooperative groups and cooperatives have members engaging in logistics services, such as purchasing seafood at sea and supplying fuel to fishing vessels, thereby helping fishermen stay longer at sea and increase productivity.

Vietnam’s pepper exports maintain strong growth momentum of over 25%, earning nearly 1.4 billion USD in the first ten months of 2025. (Photo: VNA)

Pepper exports maintains over 25% growth

According to the Vietnam Pepper and Spice Association (VPSA), the country exported 19,430 tonnes of pepper in October, including 16,464 tonnes of black and 2,966 tonnes of white pepper, with a total value of 129.5 million USD.

Vietnam's dragonfruits for export (Photo: VNA)

Tay Ninh expands middle East–Africa markets for farm produce

Leveraging its position as a gateway linking the Southeast and Mekong Delta regions, Tay Ninh province is asserting its role as a strategic hub in expanding agricultural supply chains to Muslim markets, especially the Middle East and Africa, which have emerged as promising destinations for Vietnamese agricultural exports, particularly Halal-certified products.

Vietnam’s Trade Counselor in India Bui Trung Thuong and Nguyen Phi Van, Chairwoman of Go Global Holdings, cut the ribbon at the opening ceremony of a Three O’Clock coffee shop at AIPL Joy Central. (Photo: tuoitre.vn)

Three O’Clock brings Vietnamese coffee to India’s billion-people market

This milestone on November 8 came 11 months after the signing of an international franchise agreement between Three O’Clock (a brand under the Teatime limited company) and its exclusive master franchise partner for the Indian subcontinent FranGlobal. Under the deal, FranGlobal will develop the brand in India, Nepal, Sri Lanka, and Bangladesh, committing to a minimum of 100 outlets within a decade.

A Vietjet flight attendant offers gifts to international passengers during a flight. (Photo: courtesy of Vietjet)

Vietjet reports strong growth in Q3, announces 20% stock dividend

In Q3, Vietjet's air transport revenue reached 16.728 trillion VND, with a pre-tax profit of 393 billion VND. Cumulatively, for the first nine months of the year, the company reported air transport revenue of 52.329 trillion VND and a pre-tax profit of 1.987 trillion VND, which increased by 28% year-on-year.

Nguyen Duc Thien, General Director of Vietnam Electricity (EVN)’s Northern Power Corporation (centre), chairs the working session with credit rating organisation Fitch Ratings (Photo: npc.com.vn)

Fitch Ratings affirms Northern Power Corporation at ‘BB+’ with stable outlook

The rating reflects EVNNPC’s standalone credit profile of ‘BB+’, which is on par with both parent company EVN and Vietnam’s sovereign rating of ‘BB+/Stable’. Fitch said the alignment of EVNNPC’s rating with EVN’s reflects the state-owned parent’s full ownership and the high likelihood of government support, consistent with Fitch’s Parent and Subsidiary Linkage Rating Criteria.

Vietnamese Ambassador to Brazil Bui Van Nghi (right) meets with President of the Brazilian Association of Soybean Producers (Aprosoja) Mauricio Buffon in Brasilia. (Photo: VNA)

Vietnam, Brazil boost agri-trade cooperation

The Vietnamese ambassador expressed the country’s desire to increase the export of aquatic products, cashews, wood items, processed farm produce, apparel, mobile phones, computers, and electronic components to Brazil.