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Decade of prosperity: Incomes surge in Hanoi, Ho Chi Minh City

Decade of prosperity: Incomes surge in Hanoi, Ho Chi Minh City

Monday, April 22, 2024, 13:00 GMT+7
Decade of prosperity: Incomes surge in Hanoi, Ho Chi Minh City
Shoppers browse for groceries at a supermarket in Hanoi. Photo: Nam Tran / Tuoi Tre

The average income in Hanoi and Ho Chi Minh City has seen significant growth over the past decade.

In Hanoi, per capita income increased to VND6.4 million (US$278.26) per month in 2022, marking a 3.2-fold rise from the level recorded in 2010.

Similarly, in Ho Chi Minh City, the figure stood at VND6.39 million ($277.83) a month in 2022, representing a 2.3-fold climb over the same period.

Data included in the quality-of-life survey conducted by the General Statistics Office of Vietnam in April highlights this improvement in per capita income in both cities.

In 2010, Hanoi's per capita income stood at only VND2 million ($86.96) monthly.

Likewise, Ho Chi Minh City's per capita income in the same year was VND2.7 million ($117.39) per month.

Vietnam's per capita income in 2022 reached VND4.6 million ($200) a month, indicating an 11.1-percent increase compared to 2021. 

This growth is observable not just in urban settings but also in rural areas, where the average per capita income reaches nearly VND5.9 million ($256.52) in urban regions and VND3.8 million ($165.22) in rural ones.

Among the six designated regions in the country, the southeast boasts the highest per capita income at VND6.3 million ($273.91) per month, while the northern midland and mountainous parts have the lowest at VND3.1 million ($134.78) per month.

Notably, the income gap between the wealthiest and poorest segments of society narrowed in 2022 compared to 2020. 

The top 20 percent of households, considered the richest, have a per capita income of VND10.2 million ($443.48) per month, while the bottom 20 percent earn approximately VND1.35 million ($58.70) per month. 

This narrowing gap is attributed to a significant reduction in spending among the wealthiest, from an average of VND5.7 million ($247.83) per month in 2020 to VND4.1 million ($178.26) per month in 2022.

Although rice and other grain consumption have decreased, meat consumption saw a slight rise from 2.3 kilograms per person per month in 2020 to 2.6 kilograms per person per month in 2022.

Conversely, alcohol consumption has shown a decrease, falling from 1.3 liters per person per month in 2020 to 1.2 liters per person per month in 2022.

It is worth noting, however, that per capita income may not fully reflect spending habits.

Dr. Bui Trinh, a former official of the General Statistics Office, notes that per capita income comprises only approximately 57 percent of yearly per capita GDP, with the remaining portion encompassing producer surplus, taxes, fees, and charges.

Therefore, while per capita income may appear to be around VND2.8 million ($121.74) per month, actual household consumption may exceed this figure, indicating that people tend to spend more than they earn.

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Bao Ngoc - Kim Thoa / Tuoi Tre News


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