Vietnamese economy ranks fifth among ASEAN members

On the basis of purchasing power and rapid and stable growth, Vietnam was identified as ASEAN's fifth biggest economy, local state-run radio Voice of Vietnam quoted a report by ASEAN Statistics (ASEAN Stats) as saying on Wednesday. Vietnam ranks the seventh among ten members of the Association of Southeast Asia Nations (ASEAN) in terms of GDP per capita and the third in terms of population density. Vietnam's industrial ratio ranks the third in the bloc but its service ratio remains low and the economic restructuring is still sluggish. Despite slight slides backwards in recent years, Vietnam 's growth rate is still considered stable and comparatively high, said the report. The country's 7.3 percent annual average GDP growth rate between 2001 and 2010 was higher than that of Thailand, Singapore, Malaysia and the Philippines. The ASEAN Stats predicts that Vietnamese economy will climb to the 28th place in the world by 2025.