Vietnam may become upper-middle-income country by 2023: JCER

This is according to a forecast in a recent report released by the Japan Centre for Economic Research (JCER), which includes standard and severe scenarios. In the standard scenario, Vietnam is considered among three economies on track to maintain positive year-on-year growth rates in 2020.

Vietnam is seen as able to sustain a growth rate of about 6 percent in 2035 thanks to strong exports. This would propel the Vietnamese economy past the economy of Taiwan (China) by 2035 in terms of scale, and make it the second-largest economy in Southeast Asia after Indonesia.

The report also included a severe scenario that describes the growth of various countries in 2035 to be significantly lower than those under the standard scenario, largely due to trade barriers. In that scenario, Vietnam’s economic scale is projected to remain smaller than that of Taiwan's (China).