Vietnam ranked 16th in the top 20 richest economies in Asia according to calculations by financial website Insider Monkey.
According to the Organization for Economic Co-operation and Development (OECD), Asia Emerging has demonstrated resilience amid global uncertainty. The economies of the region, including the 10 ASEAN countries, China and India, have effectively weathered challenges from 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 accelerate to 5,3% in 2023 and 5,4% in 2024.
For ASEAN, average real GDP growth is projected to reach 4,6% in 2023 and 4,8% in 2024, slightly weaker than through 2022 but still demonstrating resilience based on the OECD Development Center's forecast framework.
According to the Asian Development Bank (ADB), inflation is expected to ease this year and next, gradually reaching pre-pandemic levels.
The forecast figures show that overall inflation will fall to 4,2% this year and continue to fall to 3,3% in 2024, from 4,4% recorded last year.
The Asia-Pacific region is expected to experience higher growth, as the International Monetary Fund (IMF) has stated. The main drivers behind this growth are predicted to be China's recovery from the economic impacts 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 grow more slowly due to tight monetary policy and the impact of conflicts. Russia – Ukraine.
To identify the richest economies in Asia, Insider Monkey analyzed data from Credit Suisse's Global Wealth Databook 2022.
This database calculates wealth (in 2021) based on the value of financial and non-financial assets, excluding debt.
Insider Monkey selected 20 economies Asia's richest based on total assets. The rankings are complex and varied, as voters note, and no single method can perfectly capture all aspects of an economy's wealth.
Therefore, it is important to interpret rankings with caution and to 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 not taking into account debt, not considering other factors that contribute to the overall wealth of an economy, such as natural resources, infrastructure, human capital or economic potential.
These factors can have a significant impact on a country's economic strength and may not be fully captured in wealth calculations.
Accordingly, Vietnam ranks 16th in the ranking with total assets of 2021 billion USD in 985.
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 low middle-income economy, Vietnam has enjoyed outstanding economic growth, becoming one of the fastest growing economies in the 21st century.
Vietnam is a member of a number of international and intergovernmental organizations, including ASEAN, APEC, CPTPP, Non-Aligned Movement, OIF and WTO. Vietnam's total assets in 2021 is $985 billion, making it one of the richest economies in Asia.
Asia's 20 richest economies as ranked by Insider Monkey, based on assets in 2021, excluding debt.
1. Chinese: 85,107 trillion USD
2. Japan: $25,692 trillion
3. India: $14,225 trillion
4. South Korea: 10,149 trillion USD
5. Taiwan (China): $5,878 trillion
6. Hong Kong Special Administrative Region (China): 3,492 trillion USD
7. Indonesia: 3,405 trillion USD
8. Iran: $2,292 trillion
9. Saudi Arabia: 2,073 trillion USD
10. Singapore: 1,766 trillion USD
11. Israel: $1,564 trillion
12. Thailand: 1,341 trillion USD
13. Türkiye: 1,142 trillion USD
14. Bangladesh: $1,022 trillion
15. United Arab Emirates (UAE): 994 billion USD
16. Vietnam: 985 billion USD
17. Pakistan: $640 billion
18. Malaysia: 615 billion USD
19. Kuwait: $545 billion
20. Kazakhstan: 523 billion USD
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