Private sector development, institutional overhaul to lever prosperity.

Vietnam is expected to enter the group of upper-middle-income nations, with per capita income topping 5,000 USD later this year, Party General Secretary To Lam projected in his article titled “Private Sector Development – A Lever for Prosperous Vietnam” published on March 17.

Lam traced Vietnam’s economic ascent over nearly four decades of reform, transforming itself from a centrally planned, inefficient economy with a meager 96 USD per capita income in 1989 to a middle-income nation after joining the lower-middle-income group in 2009.

By late 2024, Vietnam’s GDP sustained continuous growth for 44 consecutive years, ranking among the fastest-growing economies globally. From 140.5 billion USD in 2010 (0.22% of global GDP), it soared to 362 billion USD in 2021 (3.75%), 430 billion USD in 2023 and 476.3 billion USD in 2024.

Globally, Vietnam’s GDP ranking climbed from 53rd in 2010 to 33rd in 2024, while regionally, it advanced from sixth to fifth in Southeast Asia and from 17th to 14th in Asia.

Source: Vietnamplus