Hai Phong port. (Photo: VNA)

The report pointed out that, as of 2021, Vietnam was estimated to have a purchasing power parity adjusted GDP per capita of 11,608 USD.

It said Vietnam's economic growth story has been nothing short of a miracle, with the doi moi reform in the mid-1980's, coupled with favourable global trends, enabling the nation to achieve rapid economic growth and propelling the country from a poor country to a lower-middle-class country.

Vietnam aspires to attain a high-income status by 2045. For this to happen, it must grow at an annual average rate of approximately 5 % per capita. Nonetheless, it faces key challenges on its path to becoming a high-income country. With global trade declining and its population ageing, it needs to improve its policy implementation performance drastically, particularly in sectors that will be severely affected by automation and climate change.

Between 2021 and 2036, CEBR forecasts that the position of Vietnam in the World Economic League Table will improve considerably, with its ranking rising from 41st to 20th by 2036.