Vietnam GDP surpasses $500 billion, ranking 35th globally

Vietnam's GDP has surpassed $500 billion, marking a more than 70-fold increase since 1990. This growth has propelled the nation from the 85th largest economy in the world to approximately 35th.

According to Professor Ngo Thang Loi of the National Economics University, speaking at a national scientific workshop, Vietnam has maintained an average annual GDP growth rate of approximately 6.4%, significantly outpacing the global average. This economic expansion, driven by the 'Doi Moi' reforms, has transitioned the country from a low-income group to a lower-middle-income status in 2009, and subsequently toward upper-middle-income status, with per capita income reaching approximately $4,970 by 2025.

Professor Loi emphasized that economic development should be viewed as a comprehensive transformation process where the economy serves as a lever, while the ultimate goal remains improving the quality of life and social welfare for citizens. He noted that the effectiveness of this development relies on the quality of institutions, policy systems, and the mechanisms for distributing growth achievements across society.