Vietnam’s economy to surpass S’pore’s by 2030: DBS Bank

12 July, 2021 12:00 AM printer

Hanoi: Vietnam’s economy is expected to grow by between 6-6.5 percent over the next decade, and at this pace, it will surpass Singapore by 2030, DBS Bank experts have said.

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 (ASEAN), report agencies.

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

Despite two waves of COVID-19 in the first half of this year heavily impacting industrial hubs, Vietnam still posted gross domestic product (GDP) growth of 5.64 percent.


Top