Vietnam economy to grow almost five times among world's 19 largest by 2035

CEBR’s report estimated by 2035, Vietnam’s nominal GDP is estimated at US$1.59 trillion from the current US$341 billion, a nearly 5-fold increase in a 15-year span.
January 05, 2021 | 10:58
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An overview of Cat Lai port in Ho Chi Minh City. (Photo: NDO)

Vietnam’s economy is expected to move to the 19th position in the rankings of the World Economic League Table in 2035, according to the Centre for Economics and Business Research (CEBR). In its World Economic League Table 2021 released recently, CEBR said that Vietnam’s annual rate of GDP growth is forecast to pick up to an average of 7% between 2021 and 2025.

Steady and consistent growth is set to help it go past major Asian economies like Taiwan and Thailand by 2035, U.K consultancy the Centre for Economics and Business Research (CEBR) said in its annual league table on the growth prospects of 193 economies released last week. The country now is the 37th largest economy, according to VN Express. Its GDP growth is forecast at 7 percent a year over the next five years, and 6.6 percent in the subsequent decade.

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Vietnam’s economy is expected to move to the 19th position in the rankings of the World Economic League Table in 2035, according to the Centre for Economics and Business Research. (Photo: CEBR)

Vietnam’s annual rate of GDP growth is forecast to pick up to an average of 7.0% between 2021 and 2025. Over the subsequent ten years, the economy will expand by 6.6% on average each year, stated CEBR in its latest report on the outlook of 193 economies until 2035, as cited by Hanoitimes.

“The next 15 years are set to see Vietnam climb rapidly up the rankings of the World Economic League Table,” it noted, adding the country’s position will move from 37th in 2020 to 19th in 2035.

According to the Financial Times in the UK, multinationals are looking to set up their bases in Vietnam despite various challenges that the country poses as a manufacturing destination. The newspaper cited Michael Kokalari, chief economist of VinaCapital in Ho Chi Minh City, as saying that more and more foreign companies are moving their production activities to Vietnam, and one prominent example is Apple, which began mass production of some of its AirPods wireless earbuds in Vietnam in the second quarter of this year when most of the world was in lockdown to contain the spread of COVID-19.

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Over the subsequent ten years, Vietnam's economy will expand by 6.6% on average each year. (Photo: CEBR)

The Financial Times also took note of Vietnam’s big numbers which remain robust, pointing out that despite the pandemic, foreign direct investment disbursements are down only 2% to US$17.2 billion in the year to November.

In 2020, despite the Covid-19 pandemic, the economy was able to escape a contraction and in fact delivered a positive growth rate of 2.91%, a 10-year low but remains among the highest in the world. The Vietnamese economy is on track to grow by 2.4% this year, becoming one of the fastest-growing economies in the world. The Vietnamese Government is targeting a growth of 6.5% next year, said Nhan Dan. For 2021, the Vietnamese government targets economic growth of 6.5%, 0.5 percentage points higher than the goal set by the National Assembly.

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