Vietnam's economy is projected to reach USD 500 billion by 2025, marking a 45% increase from 2020 and securing its position as the fourth-largest economy in ASEAN.

At the National Conference on Socio-Economic Development held on October 20, Prime Minister Pham Minh Chinh announced that Vietnam's GDP is expected to grow by approximately 7% in 2024, surpassing the initial target of 6-6.5%. This indicator demonstrates the economy's robust recovery following the challenges of the COVID-19 pandemic.

During the 2021-2025 period, the economy is projected to maintain an average growth rate of 6% annually, an impressive figure amid global economic challenges. "Vietnam's economic growth ranks among the highest in the region and globally," the Prime Minister emphasized.

Prime Minister Pham Minh Chinh delivers remarks at the conference

Outstanding Growth

According to the latest World Bank data, Vietnam's GDP has increased from USD 346 billion (2020) to USD 433 billion (2023), demonstrating steady growth despite international market fluctuations. Notably, GDP per capita has also shown remarkable improvement, rising from USD 3,720 (2021) to approximately USD 4,900 (2025), representing an increase by nearly 32%.

Economic experts note that the substantial increase in GDP per capita reflects significant improvements in living standards and the effectiveness of socio-economic development policies.

Ambitious Goals for 2030

The year 2025 is identified as crucial for accelerating growth and creating breakthroughs. The government has set a GDP growth target of 6.5-7% for 2025 while aiming to control the consumer price index at around 4.5%. Key solutions include promoting digital transformation, developing green economy initiatives, and strengthening foreign investment attraction.

By 2030, the government aims to achieve annual GDP growth rates of 7.5-8.5%. GDP per capita is expected to reach USD 7,400-7,600, positioning Vietnam as an upper-middle-income developing country with modern industries and an economy valued at USD 780-800 billion.

Vietnam's economy projected to achieve exceptional growth by 2030

Long-term Vision

To achieve these objectives, the government is focusing on improving the investment environment, enhancing national competitiveness, and accelerating administrative reforms. Additionally, developing a high-quality workforce and promoting innovation are top priorities.

"At this pace, Vietnam will join the world's top 30 largest economies. This will serve as a solid foundation for Vietnam to become a developed, high-income nation by 2045," Prime Minister Pham Minh Chinh affirmed. This goal reflects Vietnam's ambition to elevate its international standing and improve its citizens' quality of life.

Cre: VIR