The Government News has quoted the latest statistics collected by Mekong ASEAN as reporting that Vietnam recorded a GDP size estimated at $476.3 billion in 2024.

As a result,  Vietnam surpassed the Philippines to rank fourth among the 10 ASEAN member States in terms of economic size.

Last year, Vietnam took the lead among the ASEAN-6 in term of GDP growth rate, with 7.09 per cent, and ranked fifth in the ASEAN-6 in terms of GDP per capita, with $4,711.

The 15th National Assembly on February 19 passed a resolution, approving the Government's proposal to raise 2025 GDP growth rate to at least 8 per cent.

The country's 2025 GDP size is expected to exceed $500 billion and the GDP per capita is projected to surpass $5,000.

Based on projections by the International Monetary Fund (IMF), Seasia Stats forecasted that Vietnam's GDP will reach $506 billion this year, ranking 33rd globally.

Seasia Stats highlighted Vietnam's impressive economic growth, adding that Vietnam's economy is rapidly expanding, thanks to its manufacturing boom and foreign investments.

Meanwhile, the UK-based Centre for Economics and Business Research noted that with an average annual growth rate of 5.8 per cent over the next five years, Vietnam's GDP is expected to surpass Singapore's, reaching $676 billion by 2029.

By 2039, Vietnam's GDP could rise to $1.41 trillion, ranking 25th worldwide, it predicted.

According to a new report released by Oxford Economics, the world's foremost independent economic advisory firm, Vietnam's economy will be the standout among the ASEAN-6, growing at a faster pace relative to its peers during the next few years.

The report noted that the nation's GDP growth will reach 6.5 per cent in 2025, driven by a strong manufacturing sector and a rapid recovery in domestic demand. In which, manufacturing fundamentals remain strong and supported by structural tailwinds.

A key source of growth for Vietnam next year will be its manufacturing exports. Vietnam is a known assembly, packaging, and testing (APT) hub, the next stage of the chip-making process post fabrication. Intel's largest APT facility is in Vietnam, and Amkor Technology's $1.6 billion chip plant in Bac Ninh province is set to come on line in 2025.

Other large exporting sectors are machinery and electrical appliances, textiles, and agriculture. A boost should come from the front-loading of export orders next year in anticipation of tariffs, which may be sufficient to offset soft electronics demand in the near term.

According to Oxford Economics, growth in FDI inflows will continue to be maintained, although at a slower pace. It expects investment growth in 2025 to reach 7.2 per cent, higher than the 6.9 per cent forecast for this year.