Brian Jeffrey
In 2023, Vietnam’s economy showed considerable progress with a GDP nearing $430 billion and a per capita income of around $4,347, marking a significant rise from its past economic standing.
Vietnam’s per capita income growth has outpaced that of many neighboring countries, such as Thailand and the Philippines, positioning it as a prospective high middle-income nation alongside Malaysia, Thailand, and Indonesia.
Despite the notable growth, Vietnam, based on the latest classification, is currently in the lower middle-income bracket, with efforts ongoing to advance to the upper middle-income category from 2024 onwards.
The government has laid out ambitious plans through to 2050, with the aim for Vietnam to attain high middle-income status by 2030 and eventually evolve into a developed, high-income country by 2050 with a per capita GDP of $27,000-$32,000.
IMF projections suggest that Vietnam is on track to surpass Indonesia in per capita GDP by 2026, positioning it among the top ranking Southeast Asian nations economically in the near future.
With sustained growth rates and strategic collaborations in trade and development, Vietnam is poised to accelerate its economic ascent, potentially outpacing projections and further solidifying its standing in the region and the global economy.
