Vietnam’s economy to rank fourth in ASEAN: experts

Vietnam’s economy to rank fourth in ASEAN: experts

Illustrative image (Source: Nhan dan)

Hanoi (VNA) – Vietnam’s economy would grow from 6-6.5 percent in thenext decade, DBS Bank experts said.

If the country maintains its growth rate of 6-6.5 percent, it will surpassSingapore by 2030, the experts noted.

Last year, Vietnam’s economy was worth 343 billion USD against Singapore’s337.5 billion USD and Malaysia’s 336.3 billion USD, ranking 40th globally andfourth in the Association of Southeast Asian Nations (ASEAN).

In their latest forecast, the International Monetary Fund (IMF) and the AsianDevelopment Bank (ADB) said Vietnam would still outpace the two countries thisyear.

Despite impacts from two waves of COVID-19 outbreaks in the first half of thisyear, especially on industrial hubs, Vietnam still posted gross domesticproduct (GDP) growth of 5.64 percent and its export revenue rose 28.4 percentover the same period last year.

Although the GDP expansion was lower than the target set by the Government, itwas much higher than 1.82 percent recorded in the same period last year.

This showed the effective policies, strategies and directions from the centralto local levels with the implementation of “dual targets” of controlling thepandemic and ensuring socio-economic development at the same time./.

VNA