In 1995, Vietnam’s per capita income reached 250 USD, ranking 9th out of 10 countries in Southeast Asia, just above Myanmar (90 USD). Meanwhile, Singapore is the country with the highest per capita income, reaching 23,630 USD.
However, in 1997, Vietnam’s average income surpassed Cambodia and ranked 8th out of 10 countries in Southeast Asia. At this time, the average income of Vietnam is about 330 USD, higher than Myanmar ($130) and Cambodia ($320).
From 1997 to 2021, Vietnam’s average income has surpassed Myanmar, Cambodia and Laos, ranking 7th out of 10 countries in Southeast Asia.
Specifically, during this period, Vietnam’s average income reached about 1,463 USD/year, nearly 2.37 times higher than Myanmar’s average income (617 USD/year), and 1.9 times higher than Myanmar’s average income. Cambodia’s average income ($768/year) and 1.25 times higher than the average income of Laos ($1,171).
Per capita income of ASEAN countries in the period 1995-2021. Source: WB.
In 2021, the average income of Vietnam will reach 3,560 USD. Currently, the average income of Singapore, Brunei, Malaysia, Thailand, Indonesia and the Philippines is still above Vietnam.
The average income of Singapore, Brunei, Malaysia, Thailand, Indonesia, the Philippines is 18 times higher, respectively; 8.85 times; 3 times; 2 times; 1.16 times and 1.02 times the average income of Vietnam.
For Vietnam, after 26 years of development efforts, the average income of Vietnam has increased from 250 USD in 1995 to 3,560 USD in 2021.
Vietnam’s per capita income in the period 1995-2021. Source: WB.
After 26 years, the average income of Vietnam has increased more than 14 times, this is the highest increase in ASEAN. Other countries have improved but slower, such as Myanmar (12.67 times), Laos (7.2 times), Cambodia (6.2 times), Indonesia (4.18 times), Philippines (3.14 times), Singapore (2.71 times), Malaysia (2.7 times), Thailand (2.65 times) and Brunei (2 times).
Thereby, Vietnam has actively developed its economy and improved the quality of life for its people. In the period of 2021-2025, Vietnam is oriented to continue to promote economic growth mainly in-depth, perfecting the synchronous growth model in economic – technical, economic – social and economic – ecological aspects.
Along with that, Vietnam will promote development on the basis of innovation, improve labor productivity, apply scientific and technological advances, improve the quality of human resources, and promote comparative advantages and actively integrate internationally.
@ Cafef
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Source: Vietnam Insider