Vietnam’s living standards are rising fast, and the latest data shows a dramatic jump in GDP per capita. Understanding why this is happening helps explain how a country can quickly improve prosperity.

The IMF’s October World Economic Outlook says Vietnam’s nominal GDP per capita is 8.9% higher than last year and almost twice the level of ten years ago. This rapid increase signals a strong upward trend in the country’s income.

The same IMF projections place Vietnam ahead of Indonesia in GDP per capita for this year, moving Vietnam to fifth place among ASEAN members after Singapore, Brunei, Malaysia and Thailand. Indonesia remains the region’s largest economy by total size, but Vietnam is closing the per‑person gap.

Nikkei Asia links the shift to Vietnam’s expanding high‑tech manufacturing sector. It notes that Taiwan’s Foxconn is expanding production in the country and that South Korea’s Samsung Electronics makes smartphones and other electronics for export in northern Vietnamese factories.

Vietnam plans to spend VND1.014 quadrillion ($39.3 billion) on public investment this year. The money will fund roads, airports and other infrastructure.

Vietnam’s economy grew 9.95% in the third quarter, its fastest pace in four years, and the government is targeting at least 10% growth this year. The aim is to lift GDP per capita to about $8,500 by 2030, a level comparable to today’s Thailand.