Such an impressive performance will lay a solid foundation for Vietnam to become a upper middle-income country by 2025.

Assessing the prospects of the Vietnamese economy for the 2021-2025 period, the National Centre for Socio-economic Information Forecast (NCIF) under the Ministry of Planning and Investment constructed two scenarios.

In the first scenario, GDP growth is projected to average 7% per year, with inflation at between 3.5%-4.5%, while the ratio of capital to GDP is estimated at 31%, compared with 33.5% during the 2016-2020 period.

Investment efficiency continues to improve, with the incremental capital-output ratio (ICOR) reaching 6 on average. Labour productivity is also enhanced, growing by 6.3% per year. GDP per capita is expected to reach US$4,688, meaning Vietnam will join the rank of upper middle-income countries by 2025./.