"Vietnam's GDP per capita growth is the most impressive among all countries in the world. This trend reflects the dynamism of Vietnam's economy and the country's outstanding development in the past decade. years," Forbes emphasized in a recent article

 

Forbes reported that the world economy has gone through an extremely difficult period since the outbreak of the Covid-19 pandemic. But in the context of the world being disrupted by the pandemic, many economies still record growth and Vietnam is an example.

 

According to the latest data from the World Bank, Vietnam's GDP per capita in 2021 reached 3,694.02 USD.

 

"It can be seen that Vietnam is one of the few economies that has survived the impact of the pandemic quite well," Forbes assessed.

 

 

 

 

Accordingly, in 2019, Vietnam's GDP per capita was 3,425.09 USD, then increased to 3,526.27 USD in 2020, and 3,694.02 USD in 2021. In fact, GDP per capita Vietnam's population has increased dramatically since about 2005.

 

When looking at the annual GDP per capita growth rate, the World Bank calculates Vietnam's GDP per capita growth in constant local currency. Therefore, if we only calculate Vietnam's annual GDP per capita growth rate in dollar terms at the moment, the data will not match the annual growth rate provided by the World Bank. grant.

 

For the period 2020-2021 alone, the GDP per capita growth rate of Vietnam is 1.72%/year if calculated according to the fixed value of Vietnam dong. In current dollar terms, the annual GDP per capita growth rate is 4.76%.

 

From 2019 to 2020, Vietnam's annual GDP per capita growth rate is 2.01%. According to Forbes, although the growth rate during this period has slowed down compared to the annual growth rate of the period 2018-2019 (6.13%), this result is still extremely positive.

 

 

 

 

GDP per capita of Vietnam in USD at the present time period 2006-2021

 

According to the data in the table above, from 2006 to 2021, Vietnam's GDP per capita has increased by nearly 371%, corresponding to an increase of nearly 5 times. According to Forbes, Vietnam's GDP per capita has grown extremely impressively.

 

How does Vietnam have such results?

 

According to data from the OEC, in 2006, Vietnam's largest export product was crude oil, accounting for 16.9% of export turnover, equivalent to 7.72 billion USD. However, by 2020, crude petroleum will only account for 0.54% of Vietnam's export turnover, equivalent to 1.64 billion USD. Instead, broadcasting equipment has become Vietnam's biggest export at the moment, accounting for 14% of exports, or $42 billion. The second place is phones, accounting for 7.14% of the total export value, equivalent to 21.4 billion USD. Export of electronic components ranked third, accounting for 6.48% of total export value and equivalent to 19.4 billion USD.

Vietnam's export markets have also grown markedly since 2006. Back in 2006, the United States was Vietnam's top export market, accounting for 19.8% ($9.02 billion) of the total value. export value. By 2020, this has increased to 25.6% ($77 billion) of Vietnam's total export value.

 

Besides the United States, China is also one of Vietnam's leading export markets. In 2006, Vietnam's exports to China accounted for 5.74% ($2.62 billion) of total export value. By 2020, China will rise to the second position among the markets that Vietnam exports the most, accounting for 16.5% (US$49.4 billion) of total export value.

 

In the past 10 years, from 2010 to 2020, the fastest growing export market of Vietnam is the United States. Accordingly, the export value of Vietnam to this country increased by 62.3 billion USD, corresponding to a growth rate of 424%. However, the second fastest growing export market - China - saw an increase in export value of US$42.7 billion but equivalent to a 631 percent growth rate. Vietnam's third fastest growing export market is South Korea, with an increase in export value of 16.4 billion USD but equivalent to a growth rate of 503%, far exceeding the corresponding growth rates between Vietnam and Vietnam. USA .

 

Vietnam's GDP per capita growth can be largely attributed to the increasingly diversified Vietnamese economy. According to the OEC, over the past 20 years, Vietnam's ranking on the Economic Complexity Index (ECI) has increased from 83rd to 61st in the world.

 

The "Economic Complexity Index" (ECI) is an overall measure of the productive capacity of a city, region, or country.

 

Vietnam's economic complexity ranking is much better than that of neighboring countries like Cambodia (ECI rank 102) or Laos (ECI rank 104). In 2017, Vietnam's economic complexity surpassed that of Indonesia.

 

Forbes said that, even when analyzing Vietnam's GDP per capita in terms of dollars in 2015 instead of dollars at the moment, Vietnam's GDP per capita growth rate still very impressive.

 

Specifically, if calculated in USD value in 2015, Vietnam's GDP per capita in 2006 was 1,650.63 USD, before increasing to 3,373.08 USD in 2021. That is equivalent to the growth rate. Vietnam's GDP per capita in 15 years is 104.4%

 

"Overall, Vietnam's GDP per capita growth is the most impressive among all countries in the world. This trend reflects the dynamism of Vietnam's economy and the country's outstanding development. this country over the years," emphasized Forbes.