Vietnam’s Economy Outperforms Expectations

Jul 2021

DBS Bank´s experts predict that Vietnam’s economy will grow at a rate of 6-6.5% during the next decade, surpassing Singapore by 2030 in terms of total GDP. Vietnam’s GDP was valued at USD 343 billion in 2020, compared to USD 337.5 billion of Singapore and USD 336.3 billion of Malaysia, putting it in 40th place globally and 4th among members of the Association of Southeast Asian Nations (ASEAN).

According to the International Monetary Fund (IMF) and Asian Development Bank (ADB), Vietnam will continue to outperform the two countries in 2021. Despite the challenges brought by Covid-19 outbreaks in the first half of 2021, Vietnam’s GDP grew by 5.64%, and export revenues increased by 28.4% over the same period in 2020.

Although the GDP growth rate was lower than the target of the government, it was much higher than the 1.82% reported in the same period for 2020.

Despite several challenges and uncertainties, Vietnam’s positive performance in the first half of 2021 illustrates that the government and economy are resilient. Even though the current crisis is not yet overcome, Vietnam is predicted to continue to reap the benefits of its early containment approach as it navigates the post-Covid recovery process.

(Sources: DBS; VietnamPlus; Vietnam Briefing)

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