Want to be in the loop?
subscribe to
our notification
Business News
VIETNAM PROJECTED TO BECOME 20TH LARGEST GLOBAL ECONOMY
Vietnam, a rising economic powerhouse in Southeast Asia, is set to witness remarkable growth over the coming years.
According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25th position globally in 2022, ranking just below countries such as Australia, and Poland.
Specifically, Australia's reached approximately $1.63 trillion, securing 20th position worldwide, while Poland's stood at around $1.64 trillion, placing it 19th.
The IMF also estimates that by 2023, Vietnam is expected to secure fourth position in Southeast Asia with a forecast GDP PPP of approximately $1.45 trillion.
Looking further ahead, by 2026, Vietnam is estimated to have surpassed Thailand, propelling it to the second spot in the region with a figure of around $1.87 trillion.
By 2028, Vietnam's economy is anticipated to have reached approximately $2.21 trillion, placing it among the top 20 economies globally.
The top 20 economies in 2028, according to the IMF, are predicted to include China, the United States, India, Japan, Germany, Indonesia, Russia, Brazil, France, the United Kingdom, Turkey, Mexico, Italy, South Korea, Saudi Arabia, Canada, Spain, Egypt, Bangladesh, and Vietnam.
This impressive growth trajectory highlights Vietnam's increasing significance on the global stage. As the country continues to implement economic reforms, attract foreign investments, and foster innovation, it is solidifying its position as a rising power in Southeast Asia.
With a favourable business environment and a young, dynamic workforce, the nation is poised to become a major player in both the regional and global economies.
Vietnam's ascent is also reflected in its standing among its regional counterparts. With a strong focus on attracting foreign direct investment and promoting innovation-driven industries, Vietnam offers a promising business environment for those seeking growth and expansion.
Source: VIR
Related News
CUSTOMS BUDGET REVENUE EXPERIENCES 3% DECLINE IN Q1
Vietnam’s import and export value reached a total of US$145.59 billion in the first quarter (Q1) of 2024, marking a year-on-year growth of 18.2%. However, the customs budget revenue saw a 3% year-on-year decline, amounting to VND71,520 billion in the quarter, thereby achieving 19.1% of the full-year target.
RAPID LAW IMPLEMENTATION MAY PROPEL MARKET FORTUNES
“Investors and developers are looking forward to the implementation of the new law, which will remove obstacles for a range of projects that are struggling due to stalled procedures and lack of legality. For them, the earlier the better,” he said.
NATION URGED TO BUILD ON ECO-IP MODEL
Industrial parks (IPs) involved in an initiative that aims to help push them into the realm of being classed as eco-parks have seen improvements across a string of indicators, according to a review event in Ho Chi Minh City last week.
YEN LU INDUSTRIAL PARK: NEW DESTINATION FOR INVESTORS
Bac Giang is a destination chosen by many domestic and foreign investors thanks to its locational advantages and its most opening and favorable investment policies. Assisted by local authorities, Capella Land Joint Stock Company has effectively invested in industrial zones, especially Yen Lu Industrial Park - a new destination for investors, to contribute to the province’s success in investment attraction.
OPTIMIZING LEGAL AND REGULATORY FRAMEWORKS FOR EFFICIENT PUBLIC INVESTMENT DISBURSEMENT
According to the Ministry of Planning and Investment, a 1% increase in public investment raises GDP by 0.058%, and each VND1 disbursed stimulates an extra VND1.61 from the non-state sector. However, plan implementation often falls short at around 80% annually, despite government efforts.
NATION URGED TO BUILD ON ECO-IP MODEL
For the 2020-2024 project, three IPs were selected for the transformation including Deep C Industrial Zones in the northern city of Haiphong, AMATA City Bien Hoa in the southern province of Dong Nai, and Hiep Phuoc IP in Ho Chi Minh City. Over the last four years, the level of compliance with the international framework on eco-IPs for all pilot complexes has increased in terms of environment, economy, and management.