Vietnam’s economy to surpass Singapore's by 2030: DBS Bank
Vietnam’s economy is expected to grow by between 6-6.5 percent over the next decade, and at this pace, it will surpass Singapore by 2030, DBS Bank experts have said.
Workers produce electronic components at a factory in Vinh Phuc province (Photo: VNA)
Hanoi (VNS/VNA) – Vietnam’s economy is expected to grow by between 6-6.5 percentover the next decade, and at this pace, it will surpass Singapore by 2030, DBSBank experts have said.
Last year, Vietnam’seconomy was worth 343 billion USD while Singapore’s was 337.5 billion USD, andMalaysia’s hit 336.3 billion USD. This ranks Vietnam the 40th largest economyglobally and fourth in the Association of Southeast Asian Nations (ASEAN).
In their latest forecast,the International Monetary Fund (IMF) and the Asian Development Bank (ADB) saidVietnam is on track to outpace both Malaysia and Singapore this year.
Despite two waves ofCOVID-19 in the first half of this year heavily impacting industrial hubs, Vietnamstill posted gross domestic product (GDP) growth of 5.64 percent. Its exportrevenue rose 28.4 percent compared to the same period last year.
Although GDP expandedslower than expected, it was still much higher than the 1.82 percent recordedin the same period last year.
This suggests thatpolicies, strategies and directives aimed at both controlling the pandemic andensuring socio-economic development have been effective./.
The economic growth target for this year remains unchanged with two scenarios of 6 percent and 6.5 percent expansion for this year, affirmed Prime Minister Pham Minh Chinh at a regular Government meeting held in Hanoi on July 1.
Despite impacts from two waves of COVID-19 outbreaks in the first half of this year, especially on industrial hubs, Vietnam still posted gross domestic product (GDP) growth of 5.64 percent and its export revenue rose 28.4 percent over the same period last year.
Prime Minister Pham Minh Chinh on July 2 asked localities to persistently and resolutely implement the dual goals of preventing the COVID-19 pandemic and promoting socio-economic development.
The Asian Development Bank (ADB) has approved a 4.6 million USD technical assistance to help the Vietnamese Government to strengthen public-private partnership (PPP), private sector development, and state-owned enterprise (SOE) reform.
The leader of Standard Chartered Vietnam said the country continues to offer appealing business and investment opportunities given its strong fundamentals, including low labour costs, an abundant workforce, and strategic location.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Workers produce electronic components at a factory in Vinh Phuc province (Photo: VNA) 
