Vietnam among the top 25 global economies by 2038

According to the latest forecasts from the Center for Economics and Business Research (CEBR), Vietnam is poised to make significant strides in the global economic landscape. The country's strong strategy to move up the global value chain with domestic reforms and effective capital mobilization is expected to enter the top 25 economies globally by 2038. CEBR's World Economic League Index (WELT) paints a promising picture for Vietnam. It will rise from its current 34th position in 2023 to 24th in 2033, and move up to 21st in 2038.

A parallel rise in the Philippines

At the same time, the Philippines is projected to make significant gains, standing at 23rd place by 2038. This forecast is consistent with each country's ambitious strategies to climb the global value chain, domestic reforms and productivity improvements through effective mobilization of both public and private. Capital.

The potential of Vietnam

Vietnam, in particular, has emerged as a dynamic power. The country's large and young population gives it an edge over most countries in the Association of Southeast Asian Nations (ASEAN), with the exception of Indonesia. These factors lead to the goal of making Vietnam a high-income country by 2045. John Nepheur, president of the country's Semiconductor Industry Association, highlighted its appeal to Americans during a meeting with Prime Minister Baomin Chin. Chipmakers.

Challenges Ahead

Despite these promising opportunities, Vietnam faces significant challenges. These include international trade, capital flows and governance practices. The Ministry of Planning and Investment has acknowledged these challenges, stressing the need for strategic approaches to ensure Vietnam's sustainable rise in the global economy. With its promising trajectory and strategic approach, Vietnam is a growing economy to watch in the coming years.