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.

Workers produce electronic components at a factory in Vinh Phuc province
(Photo: VNA)

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).

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. Its export revenue rose 28.4 percent compared to the same period last year.

Although GDP expanded slower than expected, it was still much higher than the 1.82 percent recorded in the same period last year.

This suggests that policies, strategies and directives aimed at both controlling the pandemic and ensuring socio-economic development have been effective./.