Vietnamese Economy's Changes Over Last Five Years

In their latest forecast, the International Monetary Fund and the Asian Development Bank said Vietnam is on track to outpace both Malaysia and Singapore this year.
July 23, 2021 | 12:42
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VN Express has recently released an infographic showing Vietnam's economy in the last five years based on World Bank's statistics. Accordingly, Vietnam recorded an average GDP growth of 6 percent a year in the last five years, among the highest in the world.

Vietnamese Economy's Changes Over Last Five Years
How Vietnam’s economy has changed over five years. (Photo: VN Express)

Last year, Vietnam’s economy was worth 343 billion USD while Singapore’s was 337.5 billion USD, and Malaysia’s hit 336.3 billion USD. This ranks Vietnam the 40th largest economy globally and fourth in the Association of Southeast Asian Nations. Despite two waves of Covid-19 in the first half of this year, Vietnam still posted a GDP growth of 5.64 percent. Its export revenue rose 28.4 percent compared to the same period last year, VNA cited.

In their latest forecast, the International Monetary Fund and the Asian Development Bank said Vietnam is on track to outpace both Malaysia and Singapore this year.

Vietnam has reiterated its commitment to high economic growth following the conclusion of the National Party Congress in Hanoi in early May. Vietnam’s Communist Party approved plans to raise growth to 6.5 to 7 percent for the 2021-2025 period as it aggressively pushes for reforms and high-tech growth. Vietnam is set to become more selective in attracting FDI as it wants to move up the value chain from a low-cost labor destination to a center for hi-tech industry keeping the environment in mind.

Vietnamese Economy's Changes Over Last Five Years
Photo: Bao Dan Toc

In a meeting with UNDP in early 2021, Vice Minister of Planning and Investment Tran Quoc Phuong said that Covid-19 in 2020 has brought new challenges and opportunities for the next 5-year period (2021-2025).

“Many new trends emerge, reshaping international financial flows, trade, and investment, especially supply chain shifts, creating many challenges and opportunities for economic recovery in the long term,” he said. “Taking advantage of new opportunities for economic recovery in 2021 and a breakthrough in the 2021-2025 period is important to achieve the goals set out in the Socio-Economic Development Plan for the period, according to UNDP.

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Valerie Mai

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