Vietnam in top 20 richest economies in Asia

Vietnam ranks 16th in the top 20 richest economies in Asia according to calculations by financial website Insider Monkey.

Emerging Asia has demonstrated resilience amid global uncertainty, according to the Organization for Economic Cooperation and Development (OECD). The economies in the region, which includes the 10 ASEAN countries, China and India, have effectively weathered the challenges posed by the COVID-19 pandemic, the Russia-Ukraine conflict and the global economic downturn.

This can be partly attributed to accommodative macroeconomic and monetary policies, strong export performance and strong domestic demand in some countries.

The average GDP growth rate of emerging Asia is projected to increase to 5.3% in 2023 and 5.4% in 2024. For ASEAN, the average real GDP growth rate is projected to reach 4.6% in 2023 and 4.8% in 2024, slightly weaker than in 2022 but still showing resilience based on the OECD Development Centre's forecasting framework.

Inflation is expected to ease this year and next, gradually reaching pre-pandemic levels, according to the Asian Development Bank (ADB).

Headline inflation is forecast to ease to 4.2% this year and further decline to 3.3% in 2024, from 4.4% recorded last year, the forecasts show.

The Asia-Pacific region is expected to see higher growth, as stated by the International Monetary Fund (IMF). The main drivers behind this growth are predicted to be China’s recovery from the economic impact of the pandemic and growth in India. The positive outlook for the Asia-Pacific region comes at a time when the rest of the world is expected to see slower growth due to tightening monetary policy and the impact of the Russia-Ukraine conflict.

To determine the richest economies in Asia, Insider Monkey analyzed data from Credit Suisse's Global Wealth Databook 2022.

This database calculates wealth (2021) based on the value of financial and non-financial assets, excluding debt.

China, with total assets of 85.107 trillion USD in 2021, ranked first in Insider Monkey's ranking. Photo: Xinhua

Insider Monkey has selected the 20 richest economies in Asia based on total wealth. The pollsters note that this ranking is complex and varied, and no single method can perfectly capture all aspects of an economy's wealth.

Therefore, it is important to interpret rankings with caution and consider multiple sources and indicators to gain a more comprehensive understanding of a country's economic strength.

The method used in this case relies only on financial and non-financial assets while ignoring debt, and does not consider other factors that contribute to the overall wealth of an economy, such as natural resources, infrastructure, human capital or economic potential.

These factors can significantly impact a country's economic strength and may not be fully captured in wealth calculations.

Accordingly, Vietnam ranked 16th in the rankings with total assets in 2021 of 985 billion USD.

Insider Monkey writes: Vietnam, officially the Socialist Republic of Vietnam, is located in Southeast Asia. The capital of Vietnam is Hanoi , and the largest city is Ho Chi Minh City.

Despite being a developing country with a lower-middle-income economy, Vietnam has had remarkable economic growth, becoming one of the fastest growing economies in the 21st century.

Vietnam is a member of several international and intergovernmental organizations, including ASEAN, APEC, CPTPP, Non-Aligned Movement, OIF and WTO. Vietnam's total assets in 2021 were $985 billion, making it one of the richest economies in Asia.

The 20 richest economies in Asia as ranked by Insider Monkey, based on 2021 assets, excluding debt.

1. China : 85.107 trillion USD

2. Japan: 25.692 trillion USD

3. India: 14.225 trillion USD

4. South Korea: 10.149 trillion USD

5. Taiwan (China): 5.878 trillion USD

6. Hong Kong Special Administrative Region (China): 3.492 trillion USD

7. Indonesia: 3.405 trillion USD

8. Iran: 2.292 trillion USD

9. Saudi Arabia: 2.073 trillion USD

10. Singapore: 1.766 trillion USD

11. Israel: 1.564 trillion USD