"Vietnam to Grow 6.2% Annually Over the Next 10 Years," Projected to Rank First Among Southeast Asia's Six Major Economies

[HANOI, Vietnam—Kim Jun-seok, correspondent] Vietnam is projected to maintain the region's fastest growth as the six major Southeast Asian economies—Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam—are expected to grow by an average of 4.8% annually from 2026 to 2035.
According to local media and other sources on the 17th, a report released on the 16th by U.S. consulting firm Bain & Company, Singapore's DBS Bank and Brians & Partners projected that Southeast Asia's six major economies would grow by an average of 4.8% annually over the 10 years through 2035, despite volatility in the global economy.
Vietnam is projected to rank first in growth, with an average annual rate of 6.2%, 1.4 percentage points above the regional average. It is expected to be followed by the Philippines at 5.8%, Indonesia at 5.4% and Malaysia at 4.3%. Singapore and Thailand are estimated to post average annual growth rates of only 2.7% and 2.2%, respectively.
The report identified foreign investment, industrialization, infrastructure development and productivity gains through technology adoption as the main drivers of growth. It also said stable domestic consumption in some countries and favorable demographic structures would support expansion. However, the outlook varies somewhat from country to country. Their ability to withstand external shocks is expected to depend heavily on institutional capacity, energy security and technological readiness.
The report forecast that Indonesia, the Philippines and Thailand could suffer relatively severe setbacks under an unfavorable scenario. Conversely, Malaysia, Singapore and Vietnam are expected to achieve more resilient growth if favorable conditions emerge.
Singapore, meanwhile, was assessed as likely to maintain the region's strongest ability to respond to crises, supported by its status as a safe haven, deep markets, abundant financial resources and position as a trusted investment hub. It is also expected to continue creating investment and business opportunities across Southeast Asia by leveraging its position as the region's capital hub.
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