Towards an employment-oriented growth strategy

Viet Nam has recorded highly remarkable economic performance over the past two decades. Growth in its Gross Domestic Product (GDP) has been one of the fastest, second only to China, over the period 1990-2009. In real terms, GDP growth has averaged 7.5 per cent per annum. Per capita income, estimated to be about 1200 USD in 2010, has grown at about 5.5 per cent per annum taking Vietnam from the ‘low income’ to ‘lower middle income’ group of countries. The relative size of the Vietnam economy now stands at about 8 per cent of the ASEAN 4 economy, increasing from 2.2 per cent in 1990. Income poverty, measured in whatever terms, has seen dramatic decline, perhaps the fastest in any country in a period of 15 years. Non-income indicators such as access to education, health, electricity, road connectivity, water and sanitation have also remarkably improved.