Vietnam's GDP predicted to surpass Singapore's in 2029

With an average annual growth rate of 5.8% over the next five years, Vietnam's GDP is expected to surpass Singapore's, reaching US$676 billion by 2029.

By 2039, Vietnam’s GDP could rise to US$1.41 trillion, ranking 25th worldwide and becoming Southeast Asia’s third-largest economy, following Indonesia and the Philippines. This significant milestone underscores Vietnam’s resilience amid global challenges.

CEBR projects Vietnam will maintain strong growth compared to regional peers such as Thailand, Malaysia, and Singapore. While global GDP is expected to double from US$110 trillion in 2024 to US$221 trillion by 2039, Vietnam is anticipated to outpace many of its ASEAN neighbours in economic expansion.

In terms of GDP per capita, Vietnam is set to cross the upper-middle-income threshold in 2024 with a projected per capita GDP of US$4,469. By 2025, this figure is expected to rise to US$4,783, officially classifying Vietnam as an upper-middle-income country.

Although Vietnam’s per capita GDP lags behind Singapore, Malaysia, and Thailand, it is forecasted to climb to fourth place among ASEAN-6 nations by 2026, overtaking Indonesia and the Philippines, with a per capita GDP of US$6,140, according to the International Monetary Fund (IMF).

To maintain its upward trajectory, Vietnam must focus on improving labour productivity, investing in education, and advancing technology. These efforts are essential to narrowing the income gap with neighbouring countries and solidifying its position as a regional economic leader.