In spite of fast growth in the last 20 years, Vietnam still is still to catch up in economic parameters with other countries in the Association of Southeast Asian Nations (Asean).
From Doi Moi reform in 1986, Vietnam has been one of centre of investment of the world in the last 20 years.
Vietnam has had fantastic jump in developing economy, escaping from a poor backward country and becoming a medium income country.
However, A few people can imagine clearly about growing level of Vietnam, especially in comparison with other countries in the area.
In term of relative growth rate, Vietnam has had the fastest rate in the area, but in term of absolute rate, Vietnam still have a far distance from other countries, especially when the growth rate tends to slow down.
If taking 1989 as a base year, after Vietnam made economy reform and overcame inflation storm, Vietnam’s GDP was only $6.3 billion while GDP of other countries in Asean was much higher such as Indonesia at $101 billion, Thailand at $72 billion, Philippine at $42 billion, Malaysia at $38.8 billion and Singapore at $30 billion.
After more than 20 years of developing economy, ranking of the countries has not changed much. Vietnam now has a GDP of about $106 billion but the leading country is Indonesia with $708 billion.
Indonesia is a country which has seen the most dramatic development in South East Asia, so the investment from all over the world has continuously poured into this country in the last decade.
Thailand is second with $319 billion; Malaysia is the in third place with $238 billion, Singapore follows with $213 billion and the next is the Philippines with $199.5 billion.
Although gaining a rapid economic growth in the past 20 years, the country’s economy is still far behind from other country in Asean.