Vietnam's GDP per capita to reach US$18,000 by 2045: PM

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Ngoc Mai 08:30, 2018/11/02

The target is challenging as the higher the income is, the more difficult it becomes maintain high economic growth.

By 2045, Vietnam’s nominal GDP is forecast to stand at around US$2.5 trillion, leading to income per capita of US$18,000, according to Prime Minister Nguyen Xuan Phuc.

Illustrative photo.

Since the economic reform in 1986, Vietnam’s economy has maintained impressive growth, Phuc said at a the National Assembly sitting on November 1.

From the GDP per capita of US$230 in 1985, the figure is poised to reach nearly US$2,540 by end-2018, while the income gap between Vietnam and other nations has narrowed significantly, stated Phuc.

However, the GDP per capita target of US$18,000 is challenging, as the higher the income is, the more difficult it becomes to keep a high growth rate, the PM said, adding that this requires joint effort from the government and each citizen.

Phuc said many Vietnamese generations in the past had created miracle, so it is up to this generation to mark a new development phase for the country.

The PM stressed that a new mindset is needed for middle-income countries like Vietnam to take advantage of the Fourth Industrial Revolution and catch up with other countries.

Vietnam, along with Bangladesh, the Philippines, Malaysia and Pakistan, are predicted to be the five fastest-growing economies out of 75 developed, emerging and frontier economies included in HSBC's projection by 2030.

Under HSBC's latest report, Vietnam is likely to be the fourth biggest mover in the global GDP ranking (47th to 39th), ahead of Malaysia in the top five in subject.

By 2030, Vietnam's GDP is expected to reach around US$500 billion from over US$200 billion in 2018 and GDP per capita of US$2,015, while trade continues to remain a vital part of the economy, accounting for 184.7% of GDP.

Meanwhile, Vietnam is also included in the top 10 countries that would be the most vulnerable to climate change in 2030, which is part of HSBC's view that the fastest growing economies are also the ones most at risk from climate change.

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