The IMF has forecast a GDP growth of 1.6 percent for Vietnam this year, while that of Singapore declines by 6 percent.
These figures put Vietnam as the fourth largest economy in ASEAN this year, behind Indonesia, Thailand and the Philippines.
In the next five years, Vietnam's GDP is set to grow by 6-7 percent annually, compared to Singapore's 2-5 percent.
This means that by 2025 Vietnam's GDP could reach $530 billion, exceeding that of Singapore by 22.7 percent.
Vietnam is among few countries that are likely to post positive GDP growth this year while most economies contract.
In ASEAN, Philippines is set to record a negative GDP growth of 8.3 percent, while that of Malaysia, like Singapore's, is set to contract by 6 percent.
Vietnam's per capita GDP is set to grow by 2.4 percent this year to $3497 ranking fifth among six largest ASEAN countries behind Singapore, Malaysia, Thailand and Indonesia.
The country is expected to maintain its fifth position even as this figure grows 7-8 percent per year to reach $5212 by 2025.
- IMF: Vietnam’s GDP predicted to exceed Singapore’s this year
- Vietnam surpasses Singapore and Malaysia to become the 4th largest economy in Southeast Asia: IMF
- Vietnam to become 4th largest economy in Southeast Asia: IMF
- Singaporean outlet: Vietnam’s economy recovers faster than other countries’ in region
- ADB trims Vietnam’s 2020 growth forecast to 1.8% on pandemic
- IMF: VN's economic growth to rebound to 6.7% in 2021
- Vietnam is among rare economies to have maintained positive growth in 2020
- UOB forecasts Vietnam economy to grow 7.1% in 2021
- Viet Nam Is Only Economy in ASEAN to Attain Positive Growth
- World Bank pegs Vietnam GDP growth at 3 percent