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Vietnam among 21 richest countries/territories in Asia: finance website

Monday, June 05, 2023

 

This illustration image shows Vietnam’s southern economic hub Ho Chi Minh City seen from above. Photo: QUORA

Vietnam ranks 16th in the list of 21 wealthiest nations and territories across Asia, as compiled by Insider Monkey, a finance website providing free insider trading and hedge fund data to ordinary investors.  

A member of several international and intergovernmental organizations, including ASEAN, APEC, CPTPP, the Non-Aligned Movement, OIF, and the WTO, Vietnam gained a total wealth of US$985 billion in 2021, becoming one of the richest Asian nations and territories, Insider Monkey said.

Despite being a developing nation with a lower-middle-income economy, Vietnam has experienced remarkable economic growth, making it one of the fastest-growing economies in the 21st century, the website commented.

Ranking 16th in the list, Vietnam is placed above five countries, including Pakistan ($640 billion), Malaysia ($615 billion), Kuwait ($545 billion), Kazakhstan ($523 billion) and Qatar ($445 billion). 

The territory of Taiwan (China), with $5,878 trillion, comes in the fifth position in the ranking.

China led the list with a total wealth of $85,107 trillion, followed by Japan and India with $25,692 trillion and $14,225 trillion, respectively.     

Insider Monkey analyzed data from Credit Suisse’s Global Wealth Databook 2022 to make the list.

This database calculates wealth, as of 2021, based on the value of financial and non-financial assets while subtracting debt, the site said.

Insider Monkey does not consider other factors that contribute to a country's overall wealth, such as natural resources, infrastructure, human capital, or the economic potential of the country. 

According to the Organization for Economic Cooperation and Development (OECD), Asia, consisting of 55 countries and territories, has demonstrated resilience in the face of global uncertainty. 

The average GDP growth rate of Asian countries is forecast to rise to 5.3 percent in 2023 and 5.4 percent in 2024.

For ASEAN, its average real GDP growth is projected to reach 4.6 percent this year and 4.8 percent in 2024, slightly lower than in 2022 but still showing resilience based on the OECD forecast framework.

Meanwhile, the Asia-Pacific region is expected to register higher growth, according to the International Monetary Fund.

 

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