Vietnam's GDP ranks 5th in Southeast Asia

This ranking is expected to increase rapidly in the future, reaching the 24th position in 2033, with an economic size of 1,050 billion USD, according to the report of the 14th annual World Economic Outlook (Word Economic League Table) of CEBR Consulting Center (UK).

Vietnam’s economy is expected to reach a size of 400 billion USD for the first time by the end of 2022. This represents an impressive increase of more than 10 times compared to the economy’s size in 2000.

According to the General Statistics Office, the country's GDP in 2023 increased by 5.05% compared to 2022. Additionally, the GDP per capita at current prices is estimated to reach 4,284 USD in 2023, up 160 USD compared to 2022.

Labor productivity of the entire economy in 2023 at current prices is estimated to increase to 8,380 USD/worker, up 274 USD compared to 2022. Thus, it can be calculated that labor productivity increased by 3.65% due to improved qualifications of workers. It is noted that the 3.65% increase in labor productivity is largely attributed to improvements in the qualification of workers.

Also, a record-breaking import-export turnover of 732 billion USD has contributed to Vietnam maintaining a trade surplus for the 7th consecutive year and placing it among the top 20 countries with the largest trade scale in the world.

According to the International Monetary Fund (IMF), the GDP size of the Southeast Asia region reached 3,860 billion USD. The biggest contributor to this growth is Indonesia, with an estimated GDP of 1,42 billion USD; followed closely by Thailand with an expected GDP of 512.19 billion USD. Singapore and the Philippines set an estimated GDP of 497.35 billion USD and 435.68 billion USD, respectively.

Particularly, Vietnam's GDP size in 2023 is estimated to reach about 433.3 billion USD, ranking 5th in the region, with a large and young population providing the economic success opportunities to surpass other ASEAN countries to become a high-income economy by 2045.

The UK’s independent Center for Economics Forecasting and Analysis (CEBR) noted that Vietnam’s current economic situation is seen as strong and rapid in the future due to its high growth rate and low inflation. 

Asso. Prof. Dr. Nguyen Thuong Lang (National Economics University) commented that Vietnam has many advantages to promote economic development, especially agriculture is an area in which Vietnam excels.

Additionally, the agro-foresty-fishery sectors had positive growth and continued to be a solid pillar of the economy, according to Nguyen Thi Hương, General Director of the General Statistics Office.

Growth rate of GDP and VA by region by quarter in 2023 (%). Figure: The General Statistics Office

The country’s GDP is expected to reach approximately 469,67 billion USD,  making it the fifth-largest economy in the region, after Indonesia (1,540 billion USD), Thailand (543,35 billion USD), Singapore (520,97 billion USD) and the Philippines (475,94 billion USD). This shift has the potential to further drive economic growth in the future.

By 2038, Vietnam will have a GDP size of 1,559 billion USD and rank 21st globally. This is significantly higher than some of its neighboring countries in the ASEAN region, including Thailand, Singapore, Philippines to become one of the top 25 largest economies in the world.