- The modern living space at Westgate Apartments has been handed over
- The real estate market has shown signs of "thawing"
- Critical projects with a total value of up to hundreds of trillions in the Hanoi sprint
- In the first 4 months of the year, traffic infrastructure was arranged at VND 22,000 billion
- The Prime Minister asked ministries and branches to join forces to remove difficulties in the real estate market
- 81,000 apartments in 355 commercial housing in Ho Chi Minh will be issued Pink Books in 2023
- National Reunification - International Labor Day and Hung Kings Commemoration Holiday Annoumcement
- VIProperty opens new office at Eco Green Saigon project.
According to Forbes, Vietnam's GDP per capita has had the most spectacular rise of all nations
"Overall, Vietnam's GDP per capita has shown the most impressive growth among all countries in the world. This trend reflects the dynamism of Vietnam's economy and its outstanding development in recent years," said a new article published in Forbes Magazine (USA). Vietnam's GDP per capita increased from 1,650.63 USD in 2006 to 3,373.08 USD in 2021
A new article published in Forbes reports that the world economy has gone through a challenging period since the outbreak of the Covid-19 pandemic. But in the context of world disruption, many economies still record significant growth in GDP per capita from 2020 to 2021, including Vietnam.
According to the latest data from the World Bank, Vietnam's GDP per capita reached 3,694.02 USD (as of 2021). Vietnam is one of the few countries that has weathered the economic impact of the pandemic quite well. In 2019, before the pandemic, Vietnam's GDP per capita was 3,425.09 USD, increasing to 3,526.27 USD in 2020 and then increasing again to 3,694.02 USD. In fact, Vietnam's GDP per capita has increased dramatically since around 2005.
When looking at the annual GDP per capita growth rate, the World Bank calculates Vietnam's GDP per capita growth in constant local currency. Therefore, if we only calculate the annual growth rate of Vietnam's GDP per capita in dollar terms, the data will not match the annual growth rate provided by the World Bank.
Vietnam's economy sees an annual growth rate of 1.72% (using current dollar value, $3,694.02 in 2021 versus $3,526.27 in 2020, growth rate yearly growth rate is 4.76% ).
From 2019 to 2020, Vietnam's GDP per capita growth rate is 2.01%, slowing down from the 6.13% annual growth rate of 2018-2019, but still positive.
Below is Vietnam's GDP per capita in current USD for the past 15 years:
In 2006, Vietnam's GDP per capita: $784.37
In 2007, Vietnam's GDP per capita: 906.28 USD
In 2008, Vietnam's GDP per capita: 1,149.42 USD
In 2009, Vietnam's GDP per capita: 1,217.27 USD
In 2010,Vietnam's GDP per capita: 1,673.33 USD
In 2011, Vietnam's GDP per capita: 1,942.09 USD
In 2012, Vietnam's GDP per capita: 2,178.04 USD
In 2013, Vietnam's GDP per capita: 2,354.87 USD
In 2014,Vietnam's GDP per capita: 2,545.42 USD
In 2015,Vietnam's GDP per capita: 2,581.62 USD
In 2016, Vietnam's GDP per capita: 2,745.57 USD
In 2017, Vietnam's GDP per capita: 2,974.12 USD
In 2018, Vietnam's GDP per capita: 3,230.93 USD
In 2019, Vietnam's GDP per capita: 3,425.09 USD
In 2020, Vietnam's GDP per capita: 3,526.27 USD
In 2021, Vietnam's GDP per capita: 3,694.02 USD
Between 2006 and 2021, Vietnam's GDP per capita grew by nearly 371% (100% growth means doubling, so 300% is quadrupling). According to Forbes, this impressive GDP per capita growth rate is all the more meaningful when we take a closer look at the evolution of Vietnam's economy over the same period since 2006.
Vietnam's GDP per capita growth in USD remains unchanged
Analysis of Vietnam's GDP per capita in fixed USD in 2015 (in contrast to the current USD) by Forbes shows that Vietnam's GDP per capita growth rate is still awe-inspiring.
Vietnam's GDP per capita climbed from 1,650.63 USD in 2006 to 3,373.08 USD in 2021, as measured in constant USD values in 2015. This amount corresponds to the GDP per capita growth rate. According to Forbes, Vietnam's population will increase by 104.4% in 15 years.
"Overall, Vietnam's GDP per capita has shown the most impressive growth among all countries in the world. This trend reflects the dynamism of Vietnam's economy and its outstanding development in recent years," said Forbes.
Below is a detailed table of Vietnam's GDP per capita in current USD, constant USD in 2015 and annual growth rate (based on constant local currency):
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Westgate is a modern apartment complex located in the administrative center of Binh Chanh (Tan Tuc, Binh Chanh, Ho Chi Minh City), developed by An Gia as the investor and Ricons as the main construction contractor. The project is developed on a 3.1-hectare land plot, consisting of 4 residential towers with 20 floors each, offering approximately 2,000 apartments, shophouses, villas, and more...
The signs of "thawing" in the real estate market have started to emerge as a series of projects begin to kick off, boosting investor confidence. The capital market, corporate bonds, and project legalities have been continuously addressed by the government since mid-2022. In the first quarter, the State Bank and many commercial banks began announcing lowered deposit interest rates. Additionally, the 120 trillion VND package for social housing buyers has officially come into effect.
Many critical projects in Hanoi City are being accelerated to be completed this year and in 2024. Specifically, the investment project to build cultural and social works in Hanoi, with an investment of more than 1,300 billion VND, with a scale of nearly 40,000 m2, is expected to be completed in 2024.
The Ministry of Transport has disbursed nearly VND 22 trillion of public investment capital for transport infrastructure projects in the year's first four months. This figure is higher than the national average, reaching 23.2% of the plan assigned by the Prime Minister in 2023