It goes with out saying that the worldwide economic system has been going by a turbulent interval for the reason that outbreak of the pandemic. However amidst the financial turmoil, many international locations managed to put up exceptional GDP per capita development from 2020 to 2021. Utilizing information from the World Financial institution, we analyzed the GDP per capita of varied international locations ( in present US {dollars}) and their evolution over time. . For this research, we determined to concentrate on Vietnam and its GDP per capita.

Learn on to search out out Vietnam’s GDP per capita, the way it has modified over time, and different financial particulars about this Southeast Asian powerhouse.

Vietnam’s GDP per capita: an in depth evaluation

Based on the newest World Financial institution information, Vietnam’s GDP per capita is $3,694.02 (recall, from 2021). Vietnam is likely one of the few international locations that has weathered the financial affect of the pandemic fairly properly. In 2019, earlier than the pandemic, Vietnam’s GDP per capita was $3,425.09, earlier than climbing to $3,526.27 in 2020, after which recovering to $3,694.02. In actual fact, Vietnam’s GDP per capita has been rising sharply since round 2005.

Now, after we appeared on the annual development of GDP per capita, the World Financial institution bases its development charge as a share of Vietnam’s GDP per capita on a relentless native foreign money. So, merely calculating Vietnam’s annual GDP per capita development utilizing present US {dollars}, it won’t match the annual development charge supplied by the World Financial institution, since this metric makes use of a relentless native foreign money for its calculation. Vietnam’s year-on-year GDP per capita development from 2020 to 2021, the nation skilled an annual development charge of 1.72% (utilizing present US greenback values, $3,694.02 in 2021 vs. $3,526.27 in 2020, the annual development charge is 4.76%. From 2019 to 2020, Vietnam’s GDP per capita annual development charge was 2.01%, admittedly a slowdown from the 2018-2019 annual development charge of 6.13%, however nonetheless constructive.

Right here is an outline of Vietnam’s GDP per capita in present US {dollars} over the previous 15 years:

  • 2006 Vietnamese GDP per capita: $784.37
  • 2007 Vietnamese GDP per capita: $906.28
  • GDP per capita of Vietnam in 2008: $1,149.42
  • 2009 Vietnamese GDP per capita: $1,217.27
  • GDP per capita of Vietnam in 2010: $1,673.33
  • GDP per capita of Vietnam in 2011: $1,942.09
  • GDP per capita of Vietnam in 2012: $2,178.04
  • GDP per capita of Vietnam in 2013: $2,354.87
  • GDP per capita of Vietnam in 2014: $2,545.42
  • GDP per capita of Vietnam in 2015: $2,581.62
  • GDP per capita of Vietnam in 2016: $2,745.57
  • GDP per capita of Vietnam in 2017: $2,974.12
  • GDP per capita of Vietnam in 2018: $3,230.93
  • GDP per capita of Vietnam in 2019: $3,425.09
  • GDP per capita of Vietnam in 2020: $3,526.27
  • GDP per capita of Vietnam in 2021: $3,694.02

Based mostly on these greenback values, from 2006 to 2021, Vietnam’s GDP per capita grew by virtually 371% (100% development means a doubling, so 300% is a quadrupling). In actual fact, a development charge of 371% is near Vietnam’s GDP per capita multiplied by 5. Nonetheless, this spectacular development in GDP per capita takes on extra that means after we take a better have a look at the evolution of the Vietnamese economic system over the identical interval since 2006.

Vietnam’s GDP per capita: A have a look at Vietnam’s economic system over time

Utilizing information from the Observatory of Financial Complexity (OEC), we will analyze how a lot Vietnam’s economic system has modified over the previous 15 years. In 2006, Vietnam’s principal export product was crude oil, accounting for 16.9% of its exports that yr and price $7.72 billion. Quick ahead to 2020 (as a result of 2021 OEC information requires a Professional subscription), and crude oil now accounts for simply 0.54% of Vietnam’s exports, or $1.64 billion. As a substitute, broadcasting gear has change into Vietnam’s prime export product, accounting for 14% of exports, with a worth of $42 billion. Cellphone exports come second, accounting for 7.14% of the whole export worth and price $21.4 billion. Built-in circuit exports rank third, accounting for six.48% of the whole export worth and price $19.4 billion. These prime three Vietnam exports fall below the broader class of equipment, and this class now constitutes the biggest sector of Vietnam’s complete export worth.

The distinction between Vietnam’s exports in 2020 and 2006 is placing. In 2006, broadcast gear accounted for under 0.09% of complete exports, valued at simply $41 million in comparison with $42 billion in broadcast gear exports in 2020. Vietnam’s export vacation spot international locations have additionally developed quite a bit since 2006. In 2006, the highest vacation spot of Vietnamese exports was the USA, which accounted for 19.8% (9.02 billion {dollars}) of the whole export worth. In 2020, though the USA stays Vietnam’s principal export vacation spot, America now accounts for 25.6% ($77 billion) of Vietnam’s complete export worth.

One other vacation spot nation to think about is China. In 2006, Vietnamese exports to China accounted for five.74% ($2.62 billion) of the whole export worth. In 2020, China rose to second place amongst Vietnam’s prime export locations, accounting for 16.5% ($49.4 billion) of complete export worth. In the meantime, exports to Japan in 2006 accounted for 12.4% ($5.68 billion) of complete export worth. In 2020, nevertheless, Vietnamese exports to Japan accounted for under 6.79% of complete exports. Vietnam’s exports to Australia additionally noticed a pointy decline from 2006 to 2020: in 2006, Australia accounted for 8.32% of Vietnam’s complete export worth, however in 2020, Australia accounted for only one. 35%.

Over the previous 10 years, from 2010 to 2020, the quickest rising export marketplace for Vietnam has been the USA, the place the worth of exports elevated by $62.3 billion, which equates to a share development of 424%. Nonetheless, the second quickest rising export market – China – noticed a rise in export worth of $42.7 billion, however equal to a development share of 631%. The third quickest rising export marketplace for Vietnam was South Korea, which noticed a rise in export worth of $16.4 billion, however equal to a development share of 503%, beating additionally the corresponding development charge between Vietnam and the USA.

Vietnam’s per capita GDP development could possibly be largely because of the rising diversification and complexity of the Vietnamese economic system. Based on the OEC, over the previous 20 years, Vietnam’s economic system has grown in complexity, rising from 83rd within the Financial Complexity Indicators (ECI) rating.rd at 61st on this planet. Vietnam’s financial complexity rating is significantly better than its neighbors, equivalent to Cambodia (ECI rating of 102) or Laos (ECI rating of 104). In 2017, Vietnam’s financial complexity surpassed that of Indonesia and has remained above it ever since.

Vietnam GDP per capita development in fixed US {dollars}

Even after we analyze Vietnam’s GDP per capita in fixed 2015 US {dollars} (versus present US {dollars}), Vietnam’s GDP per capita development is staggering. In fixed 2015 US {dollars}, Vietnam’s GDP per capita in 2006 was $1,650.63, earlier than rising to $3,373.08 in 2021. This equates to a 15-year development charge of 104.4% GDP per capita in Vietnam. All in all, Vietnam’s GDP per capita has proven probably the most spectacular growths amongst any nation on this planet. This development displays the dynamism of the Vietnamese economic system and its exceptional growth over time.

Beneath is a desk detailing Vietnam’s GDP per capita in present US {dollars}, fixed 2015 {dollars}, and its annual development charge (based mostly on fixed native foreign money):

Supply : https://www.forbes.com/websites/andrewdepietro/2022/11/23/vietnam-gdp-per-capita-a-full-breakdown/

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