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According to the International Monetary Fund (IMF), Vietnam's GDP based on purchasing power parity (PPP) stood in 25 th position globally in 2022, ranking just below countries such as Australia, and Poland. Specifically, Australia's reached approximately $1.63 trillion, securing 20 th position worldwide, while Poland's stood at around $1.64 trillion, placing it 19 th . The IMF also estimates that by 2023, Vietnam is expected to secure fourth position in Southeast Asia with a forecast GDP PPP of approximately $1.45 trillion. Looking further ahead, by 2026, Vietnam is estimated to have surpassed Thailand, propelling it to the second spot in the region with a figure of around $1.87 trillion. By 2028, Vietnam's economy is anticipated to have reached approximately $2.21 trillion, placing it among the top 20 economies globally. The top 20 economies in 2028, according to the IMF, are predicted to include China, the United States, India, Japan, Germany, Indonesia, Russia, … [Read more...] about Vietnam projected to become 20th largest global economy

Vietnam’s services sector remains a bright spot, partially offsetting some external weakness, according to a report released by HSBC Vietnam on May 31. Illustrative image (Source: VNA) The report, themed “Vietnam May data: Still a long way to go,” said while Vietnam’s May trade data points to no further deterioration, there is still a long way to see a meaningful rebound in its trade cycle. Exports slightly fall According to the report, exports fell 5.8% year on year in May, a slower pace than the market expected, but with lingering broad-based weakness. None of the major categories, including electronics, machinery, textiles/footwear and wooden furniture showed signs of a meaningful rebound. Data as of April 2023 suggests substantial falling shipments in Vietnam’s three largest exporting destinations - US, China and the EU. In particular, with a hefty share of 30%, Vietnam is particularly sensitive to a US economic slowdown. Despite exports falling by … [Read more...] about Vietnam’s services sector remains a bright spot: HSBC

Fruit and vegetable processors are urged to adopt advanced technologies to improve export value. Vietnam's fruit and vegetable export turnover has risen 29% year-on-year to US$1.9 billion in the first five months of this year, enabling the sector to reach US$4 billion in exports in 2023, according to the Ministry of Agriculture and Rural Development (MARD). Fruit and vegetable exports grossed US$982 million in the first quarter of this year, up 16.2% compared to the same period in 2022, with sales to the Chinese market showing impressive growth. China imported $805 million worth of Vietnamese products, accounting for 80% of the market share. MARD stressed that in foreign markets, including China, Vietnamese fruits face stiff competition from rivals from Thailand, Cambodia, and the Philippines. "Export prospects in the second half of the year will be better as many countries favor Vietnamese agricultural products," it added. Vietnamese durian for exporting. … [Read more...] about Vegetable and fruit exports expected to hit $4 billion this year