Hanoi – Vietnam, once among the poorest nations in the world after decades of conflict, is now proving to be one of the most remarkable examples of economic transformation in the 21st century. With sustained growth, ambitious policies, and a long-term strategic vision, this Southeast Asian country is firmly on track to become a high-income economy by 2045.

In just three decades, Vietnam has drastically narrowed the income gap with regional and global powers. In the early 1990s, the per capita income of a Vietnamese citizen was 125 times lower than that of a Singaporean. Today, that difference has shrunk to just 24 times. Similar trends can be seen when compared with countries like Japan, the United States, and OECD members.

This progress is driven by GDP growth rates ranging between 6% and 7% annually—even during challenging global periods like the Covid-19 pandemic. In 2024, Vietnam's economic growth exceeded official expectations, reaching 7.09%. Beyond the numbers, the country shows structural strength in manufacturing, technology, services, construction, and exports.

Vietnam has also become a magnet for foreign direct investment (FDI), thanks to its open-door policy, a favorable business environment, and a competitive and abundant labor force. Major multinational corporations have established factories and tech centers across the country, reinforcing its role in the global value chain. Today, Vietnam ranks among the world’s top exporters of electronics, textiles, footwear, seafood, and agricultural goods.

Strategic alliances through free trade agreements (such as RCEP, EVFTA, and CPTPP) have also played a crucial role in expanding markets and reducing trade barriers. These efforts have helped local companies grow, gain competitiveness, and increase export volumes.

On the social front, the country has seen equally impressive progress. Poverty rates have plummeted from over 50% in the 1980s to less than 3% today. In 2024, Vietnam's multidimensional poverty rate is estimated at just 2.4%, a milestone recognized by the United Nations as a model for sustainable development.

The momentum is far from over. Looking ahead, Vietnam aims to sustain a minimum annual growth rate of 8% by 2025 and reach double-digit expansion in the next decade. This goal is supported by a comprehensive strategy centered on digital transformation, technical education, infrastructure development, innovation, and environmental sustainability.

The prestigious UK-based Centre for Economics and Business Research (CEBR) ranked Vietnam as the 34th largest economy in the world by GDP in 2024. By 2029, it is projected to surpass economies like Singapore, reaching a GDP of $676 billion. The IMF also forecasts that by 2026, Vietnam will rank fourth in per capita GDP within the ASEAN-6 group, ahead of Indonesia and the Philippines.

Adjusted for purchasing power parity, Vietnam’s GDP ranks among the world’s top 25 economies in 2024 and is expected to climb to the top 20 by the end of the decade—cementing its place alongside economic giants like China, the U.S., India, and Germany.

With political determination, social commitment, and a transformative vision, Vietnam is on its way to becoming both a regional and global power—redefining the role of emerging nations in the 21st century. If it stays the course, Vietnam is not only poised to achieve high-income economy status by 2045 but also to inspire other developing countries to follow its path.