Vietnam economy to grow almost five times by 2035

Vietnam’s economy is expected to grow five times, becoming the 19th largest economy in the world in 2035, a report says.

Steady and consistent growth is set to help it go past major Asian economies like Taiwan and Thailand by 2035, U.K consultancy the Centre for Economics and Business Research (CEBR) said in its annual league table on the growth prospects of 193 economies released last week. The country now is the 37th largest economy.

Its GDP growth is forecast at 7 percent a year over the next five years, and 6.6 percent in the subsequent decade.

The report estimated Vietnam’s nominal GDP by 2035 to be $1.59 trillion from the current $341 billion, a nearly five-fold increase in 15 years.

Despite the Covid-19 pandemic, the Vietnamese economy, unlike most others, was able to escape a contraction in 2020 thanks to competent handling of the crisis, the report said. It grew at 2.91 percent.

The government has set a GDP growth target of 6.5 percent for 2021.

China will overtake the U.S. as the world’s biggest economy in 2035 after outperforming its rival during the global Covid-19 pandemic, according to CEBR.