chart 1
The moniker “Asian Tiger” was first coined in the late-1970s, referring to four countries — Hong Kong, Singapore, South Korea and Taiwan — whose economies underwent very rapid industrialisation to achieve developed, high-income nation status within a single generation (between the 1960s and 1990s). Their playbook is a combination of export-led manufacturing growth, integration into global supply chain and trade, strong government policy support, heavy investments in infrastructure and education, and institutional reforms.
Vietnam has embraced many of these traits to transform its economy over the past four decades. Gross domestic product (GDP) per capita has grown exponentially, from US$608 in 1986 to US$4,018 in 2024 (see Chart 1). Adjusted for local prices, the gains are even more impressive, with GDP per capita rising to US$14,415 in purchasing power parity (PPP) terms, with an emerging upper-middle class that is now driving consumption.
