25 C
Ho Chi Minh City
Thursday, October 22, 2020

Vietnam’s GDP predicted to surpass Singapore’s this year

Must read

Nhat Nghe Tinh Bookcase launches plastics technology book

HCMC – Nhat Nghe Tinh (Master One Trade) Bookcase, co-founded by the Saigon Times Foundation (STF), a unit of the Saigon Times Group, and...

Promoting Southwestern specialties as contribution to community

It goes without saying the Mekong Delta boasts a rich diversity of foods and flavors, but farmers there for the most part are still...

Hanoi-Taiwan air route reopens

HCMC – Local carrier Bamboo Airways resumed international air services from Hanoi City to Taipei in Taiwan on October 20. The air service on the...

Dong Nai hands over land for Long Thanh Airport

HCMC – The Dong Nai government handed over more than 1,800 hectares of cleared land to the Southern Airports Authority for the first phase...
HCMC – The International Monetary Fund (IMF) has forecast that Vietnam’s gross domestic product (GDP) in 2020 would surpass that of Singapore to emerge as the fourth biggest economy in Southeast Asia.

According to the IMF’s recent report, Vietnam’s GDP this year is estimated at US$340.6 billion, exceeding the US$337.5 billion from Singapore and US$336.3 billion from Malaysia. By surpassing Singapore, Vietnam will trail behind only Indonesia (US$1,088.8 billion), Thailand (US$509.2 billion) and the Philippines (US$367.4 billion) in the region.

The IMF also forecast that Vietnam’s GDP per capita will increase from US$3,416 last year to US$3,497 this year to rank sixth in Southeast Asia, surpassing the Philippines (US$3,372), Laos (US$2,567), Cambodia (US$1,572) and Myanmar (US$1,332).

Being one of the most successful countries in containing the Covid-19 pandemic, Vietnam is also among the few countries in the world that would achieve positive economic growth this year, with a growth rate of 1.6%.

IMF’s forecast is close to that of the Asian Development Bank, which predicted that Vietnam’s GDP would grow 1.8% in 2020.

According to the Vietnam General Statistics Office, the country’s GDP rose by 2.12% from January to September 2020, the lowest nine-month growth rate over the past decade.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest articles

Nhat Nghe Tinh Bookcase launches plastics technology book

HCMC – Nhat Nghe Tinh (Master One Trade) Bookcase, co-founded by the Saigon Times Foundation (STF), a unit of the Saigon Times Group, and...

Promoting Southwestern specialties as contribution to community

It goes without saying the Mekong Delta boasts a rich diversity of foods and flavors, but farmers there for the most part are still...

Hanoi-Taiwan air route reopens

HCMC – Local carrier Bamboo Airways resumed international air services from Hanoi City to Taipei in Taiwan on October 20. The air service on the...

Dong Nai hands over land for Long Thanh Airport

HCMC – The Dong Nai government handed over more than 1,800 hectares of cleared land to the Southern Airports Authority for the first phase...

Gov’t direct debt nears allowable ceiling: NA

HCMC – The Government’s direct debt payment obligations may reach the permissible ceiling of 25% of the 2020 State budget collections and are expected...