50 years after the Liberation of the South and the reunification of the country, Vietnam has written a new miracle in economic development. For many years, the World Bank (WB) has always assessed Vietnam as a successful development story, especially after the Doi Moi in 1986.

According to the WB, economic reforms since 1986 combined with favorable global trends have rapidly helped Vietnam rise from one of the poorest countries to a lower middle-income country.

Vietnam has made economic breakthroughs. Photo: Hoang Ha

Data from the General Statistics Office shows that the scale of our country's GDP (gross domestic product) in 1990 only reached 41,955 billion VND and exceeded the 100,000 billion VND mark in 1992 (reaching 110,532 billion VND).

By 2006, GDP had surpassed the 1 quadrillion mark.

The GDP growth rate has been maintained steadily over the years, despite the global economic crisis and the severe impacts of the Covid-19 pandemic. By 2023, Vietnam's GDP will reach VND10.32 trillion for the first time in history. Thus, after 33 years (from 1990-2023), our country's GDP has increased nearly 246 times.

Similarly, the total national income at current prices in 1990 stopped at 39,284 billion VND, then increased to 106,757 billion VND in 1992.

In 2006, our country's total national income reached nearly 1.04 million billion VND, 26.4 times higher than in 1990.

By 2023, preliminary statistics show that the total national income is about to reach the 10 quadrillion VND mark, reaching nearly 9.79 quadrillion VND. Compared to 1990, the total national income in 2023 has increased 249 times.

According to preliminary statistics in 2023, our country's average income per capita will reach 4,323 USD/person/year.

This income level is 50 times higher than the 86 USD/person/year in 1988, when Vietnam began to open its economy, and more than 4 times higher than the 1,000 USD/person in 2007, when Vietnam joined the World Trade Organization (WTO).

The growth rate of per capita income in Vietnam is relatively fast, surpassing many countries in the region such as Thailand, Philippines...

According to the new classification, from July 1, 2023 to July 1, 2024, the average income per capita of countries is divided into 4 groups: Low income, which are countries with an average income below 1,135 USD; lower middle income, which are countries with an average income from 1,136-4,465 USD; upper middle income, which include countries with an average income from 4,466-13,845 USD and high income, which are countries with an average income above 13,845 USD.

By 2023, Vietnam will still be in the group of lower-middle-income countries. At the same time, it will aim to be in the group of upper-middle-income countries, from 4,466-13,845 USD/person.

In recent years, the average monthly income per capita in our country has also recorded a fairly rapid growth rate. From 295,000 VND/person/month in 1999, it increased to nearly 1.39 million VND/person in 2008, then reached 2 million VND/person.

In 2012, the average official income exceeded 3 million VND/person/month.

By 2023, per capita income will approach 5 million VND/person, nearly 17 times higher than in 1999.

However, growth drivers have reached their limits, requiring Vietnam to reform strongly to achieve its goal of becoming an upper-middle-income country by 2030 and a developed, high-income country by 2045.

The process of streamlining the apparatus and merging ministries, sectors and localities is being vigorously implemented as one of the important tasks to lay the foundation for the Vietnamese economy to enter a new era - the era of national growth.

Vietnamnet.vn

Source: https://vietnamnet.vn/kinh-te-viet-nam-sau-hon-30-nam-quy-mo-gdp-tang-246-lan-thu-nhap-tang-17-lan-2396213.html