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Vietnam’s GDP per capita to hit $2,200 by end of 2015: official

Monday, July 20, 2015, 11:17 GMT+7

Vietnam’s gross domestic product (GDP) per capita will likely top US$2,200 soon, given the acceleration of the national economy in 2015, a senior state official said at a meeting last week.

The Vietnamese economy has been improving over time, and the country posted 6.28 percent GDP growth in the first half of this year, Deputy Minister of Planning and Investment Nguyen The Phuong said at the Vietnam-South Korea Business Forum in Hanoi on July 14.

GDP expansion is expected to hit 6.5 percent by the end of this year, the highest figure since 2011, Phuong said.

As a result, GDP per capita is projected to reach $2,200, he added.

“If calculated at purchasing power parity, the figure will be over $5,600,” Phuong noted.

According to the General Statistics Office of Vietnam, GDP per capita in 2013 was $1,908, or $5,293 based on purchasing power parity.

Thus, Vietnam’s per capita income has increased 15 percent over the past two years, Phuong said.

On July 13, the National Center for Socio-Economic Information and Forecast (NCIF) under the ministry released a report forecasting that GDP growth in 2015 could reach 6.48 percent, exceeding the target of 6.2 percent set at the beginning of the year.

With positive changes in the global economy, the national economic situation has shown many signs of recovery, and economic growth is forecast to remain stable and fare better than last year, the report said.

GDP growth will continue to strongly improve thanks to a series of supporting factors like low commodity prices, a boost from the foreign direct investment sector and external demand, it said.

In relation to price fluctuations, with forecasts of a world oil price recovery in the near future and global economic growth to hit 3.5 percent, the NICF projected that the inflation rate will be 1.7 percent this year.

Meanwhile, due to the positive impact of the world market and the improvement of the economic situation in the country, exports are forecast to prosper.

The NCIF also said that exports for 2015 will top $165 billion, while imports will hit $174 billion. Thus, the trade deficit is estimated at around $9 billion.

The service sector will improve moderately, but agriculture, forestry and fisheries will face many difficulties, which will slow down their growth momentum, it said.

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