Vietnamese people enjoy high living standards

29/03/2016
                                           Ho Chi Minh city, a big economic hub of Vietnam


A foreign consultant company announced that Vietnamese are having high living standards, even though the income is still not too high.
According to the report of Boston Consulting Group (BCG), the quality of life of Vietnamese is quite high, equivalent to countries that have the income of 10.000$ per year, while the average income of Vietnamese is about 5.000$ per year.
Titled Lotus Nation: Sustaining Vietnam’s Impressive Gains in Well-Being, the BCG report shows that Vietnam is one of the leading countries on improving the lives of people (ranked 4/149). “Vietnam's success over the past two decades is undeniable. The country has moved from a largely agrarian economy to one powered by manufacturing. Food is more plentiful, health care more accessible, schooling more affordable, and disposable incomes higher than ever”.
BCG has conducted the survey of living-standards of people in 149 countries and the average income is based on the measurement of Sustainable Economic Development Assessment (SEDA). SEDA is a powerful diagnostic tool designed to provide insight into the well-being of a country's citizens and how effectively a country converts wealth, as measured by income levels, into well-being.
A key finding: Vietnam is among the top performers globally when it comes to converting wealth into well-being. With GDP per capita (based on purchasing-power parity) of about $5,200, Vietnam has a well-being level that would be expected of a country with GDP per capita of more than $10,000—a clear indicator that the country has successfully harnessed limited resources for the good of its citizens.
Vietnam's overall current-level SEDA score of 42.4 places the country in the middle—number 79—of the 149 countries the survey conducted. Not surprisingly, wealthy nations such as the US, Japan, Norway, Germany, and Singapore come out ahead of Vietnam, with current-level scores of 80 or above. When it comes to progress over the seven-year period from 2006 to 2013, however, Vietnam is in the top quintile, putting it in the company of countries such as Poland, Indonesia, China, Brazil, Ecuador, and Morocco, all of which have had notable achievements in the past decade.
The quality of Vietnamese life is good as Chinese one, even the average GDP of China is double Vietnam’s GDP.  The quality of Vietnamese life is even much higher than Philippines or Thailand, while these two countries have the GDP higher than Vietnam (above 6.000 $).
In the report, BCG suggested that to make the transform from the economy which depends on cheap labor and natural resources to a modern knowledge-based economy, Vietnamese Government should adjust three key areas including: Strengthening the links between the labor market and the education system, upgrading the country's infrastructure and improving governance.
Although Vietnam's gains over the past 20-plus years have been impressive, the country's goals for the coming years are even more ambitious.
The government's primary economic aim is to increase income per capita to $8,000 to $9,000 (on a PPP basis) by 2020, roughly 2.5 times the 2010 level. This would raise Vietnam's national wealth to the current level of Indonesia's and well above the level today in the Philippines.
The government also wants to transform the structure of Vietnam's economy so that 85% of GDP is derived from the industrial and service sectors, with high-value-added industries accounting for about 45% of GDP.
The country is targeting an unemployment rate of around 3% and plans to build a workforce in which 70% of workers are trained (including postsecondary and vocational training) and about 55% of those individuals receive vocational training.
Achieving these objectives would fundamentally transform Vietnam's economy and allow the country to shed its developing-nation status. To reach these targets, the entire Party, State and Vietnamese people have to try our best and now firstly do well your own work to contribute to the social achievement./.


Chia sẻ bài viết ^^
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