In 1995, Vietnam’s per capita income reached US$250, ranking ninth among 10 countries in Southeast Asia, slightly higher than Myanmar (US$90). Meanwhile, Singapore is the country with the highest per capita income at US$23,630.
However, in 1997, Vietnam’s average income surpassed Cambodia’s, ranking 8th out of 10 countries in Southeast Asia. At this point, the average income in Vietnam is around $330, higher than in 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 US$1,463/year, which was nearly 2.37 times that of Myanmar’s average income ($617/year), 1.9 times that of Myanmar’s average income, and Cambodia’s average income ($768/year). 1.25 times higher than the average income in Laos ($1,171).
In 2021, the average income in Vietnam will reach US$3,560. Currently, Singapore, Brunei, Malaysia, Thailand, Indonesia and the Philippines still have higher average incomes than Vietnam. The average income of Singapore, Brunei, Malaysia, Thailand, Indonesia, and the Philippines is 18 times higher; 8.85 times; 3 times; 2 times; 1.16 times and 1.02 times higher than the average income of Vietnam.
For Vietnam, after 26 years of development efforts, the average income in Vietnam has increased from US$250 in 1995 to US$3,560 in 2021.
After 26 years, Vietnam’s average income has increased by more than 14 times, the highest increase in ASEAN. Other countries progressed 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) and Brunei (2).
Therefore, Vietnam actively develops its economy and improves the quality of life of its people. During the period from 2021 to 2025, Vietnam will continue to focus on in-depth economic growth and improve the economic-technical, socio-economic and economic growth model.
At the same time, Vietnam will promote development on the basis of innovation, improve labor productivity, apply scientific and technological progress, improve the quality of human resources, give play to comparative advantages, and actively integrate into the world.