return icon

Income per capita in 2030 expected to be equal to Malaysia in 2007

Vietnam’s GDP per capita, calculated in accordance with current prices, has increased year after year. However, the figure is lower than other regional countries.

In 2020, Vietnam’s GDP per capita was $3,552, ranking sixth in Southeast Asia. The figure was just a little higher than Laos, Cambodia and Myanmar, while it was much lower than Singapore, Brunei, Malaysia and Thailand.

The Vietnamese GDP per capita is much lower than other countries, and income per capita is also modest.

Since 2010, Vietnamese GDP per capita rose by $1,999, higher than Malaysia’s increase ($1,361), Indonesia ($747), the Philippines ($1,081), and higher than the world’s average growth rate increase ($1,351). However, some countries near Vietnam have had more rapid increases. 

China, for example, had an increase of $5,950, according to the World Bank, while Thailand had an increase of $2,113.

MPI, in its draft for the national overall development plan, pointed out that Vietnam’s economy still has not grown rapidly enough to narrow the development gap and catch up with regional countries. The GDP growth rate has decreased, becoming lower than other countries in the early period of industrialization.

In 1991-2000, the average GDP growth rate was 7.56 percent. The highest growth rate was seen in 1995 (9.5 percent). 

In 2001-2010, the average GDP growth rate was 7.26 percent. The highest growth rate was seen in 2005 (8.7 percent).

In 2011-2020, the average growth rate was 5.95 percent and 2018 saw the highest growth rate (7.08 percent).

Analysts have warned that with the slowdown of labor force growth and without reform, Vietnam’s potential growth may continue to decline.

MPI has warned of Vietnam’s further lagging behind regional countries in productivity, and the possibility of falling into the middle-income trap.

Under Scenario No1 (low scenario), the average income per capita is expected to reach $7,000 by 2030, $13,000 by 2040 and $25,000 by 2050.

Under Scenario No2, which Vietnam is striving for, the GDP growth rate is expected to reach 6.63 percent in 2021-2025, and 7.48 percent in 2026-2030. 

As such, in the longer period of 2021-2030, the expected growth rate would be 7.05 percent per annum. The figure is expected to reach 7.16 percent per annum in 2031-2050.

Regarding income per capita, the figure is expected to reach $7,500 by 2030, $14,500 by 2050 and $32,000 by 2050. The income per capita projected for 2040 would be equal to high income level, under the World Bank’s current standards.

The levels projected for Vietnam in the next 10-20 years are just equal to that of other Southeast Asian countries at present.

Luong Bang


MOET reports teacher shortage, urges recruitment of new staff

Minister of Education and Training Nguyen Kim Son has asked provinces and cities to urgently recruit 27,850 teachers for preschools and general schools to solve the teacher shortage.

Many public servants' salaries not commensurate with assets

Believing that the salaries of many state officials are not commensurate with their assets, voters have asked agencies to examine and supervise asset declarations by officials.

New electricity price system proposed

The Ministry of Industry and Trade (MOIT) is collecting opinions about the new draft electricity prices. For daily household use, there would be five instead of six electricity price levels.

Fixes aim to clear up e-commerce tax

With the fast development of digital commerce in the past few years, an adjusted decree from the Ministry of Finance and a new e-commerce tax portal are expected to facilitate better tax management for e-commerce platforms.

Hanoi sidewalks: More meaningful than just space

Nowhere in the world does the sidewalk offer such bustling social spaces as in Hanoi that contribute in part to Hanoi's culture.

Mum's the one for backpacking fun

Hien Vy, a 36-year-old, is well known in local backpacking groups after recently finishing a 700km tour with her 68-year-old mother.

Village boasts 200 years of fish pot making

Thu Sy village in the Red River Delta province of Hung Yen is famous for its traditional trade of fish pot weaving.

Cafe helps with stray cat adoption in HCM City

Alex Ward and Geneva Marcelino are running cafes that work with local animal rescue shelters to help stray dogs and cats find their new homes.

Vietnam paying more attention to circuit production

Since electronic circuits are being applied in many fields from hi-tech agriculture, smart city infrastructure, to national defense, it is predicted that by 2024, the semiconductor industry in Vietnam will have exceeded the value of US$6.16 billion.

Hanoi looks to develop satellite cities

Hanoi is planning to develop satellite urban areas as part of an effort to widen local space and ease pressure from overcrowding in the inner city.

Film director Tran Van Thuy wins Grand Prize of Bui Xuan Phai Awards

Film director Tran Van Thuy won the Grand Prize of the 15th Bui Xuan Phai – For Love of Hanoi Awards during a ceremony held at the headquarters of the Vietnam News Agency (VNA) in Hanoi on October 6.

Vietnam sends 11 workers to WorldSkills Competition 2022

Eleven Vietnamese workers will participate in the WorldSkills Competition 2022 Special Edition which is being held in Europe and East Asia from September 30 to November 28, according to the Directorate of Vocational Education and Training.

VN underlines respect for territorial integrity in response to Ukraine-Russia conflict

Vietnam closely follows the developments surrounding the Ukraine-Russia conflict, spokesperson for the Ministry of Foreign Affairs Le Thi Thu Hang said during a regular press briefing in Hanoi on October 6.


HCM City to be next destination of Italian Film Festival 2022

2023 AFF Club Championship schedule, structure announced

The 2023 ASEAN Football Federation (AFF) Club Championship will start on September 27 2023, and end on May 15, 2024, the AFF Competition Committee announced at an online meeting on Monday.