The World Economic League Table published by Centre for Economics and Business Research’s (CEBR) in 2022 makes a prediction that the country’s economy will be the second-largest (after Indonesia) in Southeast Asia by 2030. Vietnam has been able to achieve quite significant growth and become a middle-class country.
All the forecasts take 5-year plans as a base for the predictions. The current plan (2021-2025) is aimed at the continuation of the current development strategy. This model includes integration of manufacturing into global supply chains and concluding trade partnerships.
As reported by Vietnam Investment Review (VIR), the Vietnamese authorities plan to get a status of a high-income country by the year of 2045. To achieve this goal, Vietnam has to grow annually by 5% of GDP per capita. Current 5-year plan supposes that the country will grow at an average rate of 6.5% every year during the next 10 years.
Besides, to attract FDI in Vietnam, the government needs to update and modify the legal framework, especially in the framework of trade zones.
CEBR claims that Vietnam’s position in the World Economic League Table will have been growing during the period of 2021-2036. It is expected to rise from 41st place to 20th by 2036.
According to the IMF (International Monetary Fund), Vietnam will rank 3rd in Southeast Asia in terms of GDP by 2025, trailing Indonesia and Thailand. It will surpass Malaysia, the Philippines, and Singapore. By 2028, Vietnam is expected to surpass Thailand as well.
What is more, by 2036, Vietnam’s economy is expected surpass such countries as Switzerland, Belgium, Poland, Sweden, and Australia.