According to World Bank data, in 1993, Vietnam’s average income was approximately $170, ranking 172nd out of 178 countries globally.
By 2023, Vietnam’s average income had risen to around $4,150, placing it 116th in the world. This represents a 24-fold increase and a 56-position jump in global rankings compared to 1993.
Vietnam’s average income from 1993 to 2024. Source: World Bank.
In 2024, Vietnam’s average income reached approximately $4,490, ranking 112th globally. This marks a 4-position rise from 2023 and a 60-position leap from 1993, with income increasing over 26 times.
In 2024, the economy achieved a GDP growth rate of around 7%, surpassing the National Assembly’s target of 6-6.5%, with projections reaching 8% in 2025.
The government aims for an 8% GDP growth in 2025 and double-digit growth in subsequent years, targeting upper-middle-income status by 2035 and high-income status by 2045.
According to the World Bank’s latest classification, countries with average incomes below $1,145 are low-income, $1,146–$4,515 are lower-middle-income, $4,516–$14,005 are upper-middle-income, and above $14,005 are high-income.
Deputy Prime Minister Nguyen Chi Dung stated that Vietnam must achieve double-digit growth (10% or higher) over the next 20 years to realize its high-income aspirations.
Prof. Dr. Tran Thi Van Hoa from the National Economics University emphasized Vietnam’s ambition to transition from lower-middle-income to high-income status by 2045.
This goal is challenging amid comprehensive administrative restructuring, institutional and technological revolutions, and global trade tensions. Key solutions include institutional reforms, infrastructure development, private sector empowerment, high-quality foreign investment attraction, and comprehensive digital transformation, as highlighted by Prof. Dr. Tran Thi Van Hoa.
Vietnam’s Average Income: From 172nd to a Remarkable Leap Forward
Over 30 years ago, Vietnam’s average income stood at approximately $170, ranking 172nd globally.
“Revolutionary Policies: Vietnam’s 80-Year Journey Towards Reform and Integration”
The national economy has always demonstrated resilience and adaptability, evolving through historical phases to embrace the digital age with a vision. Today, it embarks on a journey to bridge developmental gaps and forge ahead with renewed vigor.
Vietnam: Asia’s Next Economic Tiger?
Once a struggling economy, Vietnam has transformed into a global manufacturing hub with modern highways, a plethora of skyscrapers, a burgeoning middle class, and millions lifted out of poverty.
The Power of the Vietnamese Economy: Outperforming Singapore and Thailand, Creating Retail Opportunities, Yet Businesses Face a Double Whammy.
The corporate world is abuzz with exciting developments: Central Retail Vietnam inaugurates its 43rd GO! shopping center in Hung Yen with a substantial investment of 429 billion VND, while the new CEO of AEON Vietnam reveals plans to launch four large-scale shopping centers and ten MaxValue supermarkets across the country.
The Economy Lights Up in Vibrant Shades of Optimism
According to the Ministry of Planning and Investment, Vietnam’s GDP growth in 2024 is estimated to surpass 7%, outperforming the set target range of 6%-6.5%.
