According to data from the International Monetary Fund (IMF), in 1993, Vietnam’s per capita GDP was lower than that of Indonesia ($1,100) and the Philippines ($950). Vietnam’s per capita GDP was only about one-fifth of Indonesia’s and one-fourth of the Philippines’.
During the period from 1993 to 2019, Vietnam’s per capita GDP consistently lagged behind the Philippines. However, by 2020, Vietnam had overtaken the Philippines. In 2020, Vietnam’s per capita GDP reached approximately $3,549, while the Philippines attained about $3,326. Meanwhile, Vietnam’s per capita GDP remained lower than that of Indonesia.
From 2020 onwards, Vietnam’s per capita GDP has consistently ranked above the Philippines and below Indonesia.
Per Capita GDP in ASEAN Countries from 1993 to 2023. Source: IMF.
In 2023, Vietnam’s per capita GDP ranked 6th out of 10 ASEAN countries, reaching approximately $4,324. Singapore, Brunei, Malaysia, Thailand, and Indonesia maintained their higher per capita GDP compared to Vietnam. The per capita GDP of Singapore, Brunei, Malaysia, Thailand, and Indonesia were $84,734, $34,248, $12,570, $7,337, and $4,942, respectively. This indicates that
Vietnam’s per capita GDP is closing in on Indonesia’s.
On the other hand,
the Philippines’ per capita GDP stood at approximately $3,868 in 2023, showcasing that Vietnam’s per capita GDP ($4,324) has surpassed the Philippines by a significant margin
. Cambodia, Laos, and Myanmar recorded per capita GDP of $2,460, $2,004, and $1,189, respectively, in the same year.
Over the course of 30 years of development efforts, Vietnam’s per capita GDP has increased from $235 in 1993 to $4,324 in 2023. During the period from 1993 to 2023, Vietnam’s per capita GDP growth outpaced all other ASEAN countries, increasing by more than 18 times. Other countries also witnessed improvements, although at a slower pace: Myanmar (nearly 12 times), Cambodia (10 times), Indonesia (nearly 5 times), Singapore (4 times), Indonesia (7.3 times), Laos (3.5 times), Malaysia (over 3 times), Thailand (over 3 times), and Brunei (nearly 2 times).
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