Vietnam may become upper-middle-income country in 2023: Japanese centre

The Japan Centre for Economic Research has predicted that Vietnam will become an upper-middle-income country in 2023, and its GDP will surpass that of China’s Taiwan in 2035.



In its recent medium-term forecast of Asian economies, the Japanese centre addresses the impact of the COVID-19 pandemic and looks at how Asian economies are faring compared with others around the world.

In the standard scenario, the centre assumes that the pandemic is a transient event that will not affect economic structures over the medium term.

Vietnam is seen sustaining a growth rate of about 6 percent in 2035 thanks to strong exports. This would propel the Vietnamese economy past Taiwan’s in 2035 in terms of scale, and make it the second-largest economy in Southeast Asia after Indonesia.

Vietnam is poised to achieve upper-middle-income status in 2023, with per capita income headed for 11,000 USD in 2035./.