Vietnam is still listed among the poorest countries in Asia although the government’s statistics showed its GDP per capita has climbed over $1,000, state media reported, citing the World Bank and the International Monetary Fund Mar. 23.
“Vietnam is among the lowest-income Asian nations with GDP per capita of less than $2,000,” the online newspaper Vnexpress cited James Adams, World Bank’s vice president of the East Asia and Pacific region. Other countries in the group include Bangladesh, Cambodia, Laos, Mongolia, Sri Lanka, Papua New Guinea and Nepal, he added. Adam made the statement in a seminar on development and poverty reduction, held in Hanoi Mar 22. At the event, the International Monetary Fund ranked Vietnam among low-income countries to differentiate them with emerging countries including China and India. Many officials from the IMF and WB rated Vietnam as a middle-income country at the conference of foreign donors held in Hanoi last year. As a result, WB said it lowered gradually its preferential loans for Vietnam once it becomes a medium income country.
“Poor countries like Vietnam normally need at least 50 years to emerge from the low-income level,” Adams said.
To shorten the process, Adams advised Vietnam to improve the business climate and competitiveness, which are chronic problems of the country.
Vietnam fell to the 75th position from the 70th in the 2009 Global Competitiveness Index of the World Economic Forum due to deteriorating macro economic conditions, especially the worsening trade deficit.
