Скачать или смотреть The Race to Upper Middle Income Economy: Vietnam OVERTAKES The Philippines

Vietnam overtakes The Philippines, not just in Gross Domestic Product, but also in national income per capita, amid race for upper-middle-income status. Though both countries remained classified as a lower-middle-income country, after narrowing missing the lowered threshold to achieve upper-middle-income country status, based on the World Bank’s latest country income classification.
The latest data released by the Washington-based multilateral lender on July 1 2025, showed that Vietnam GNI per capita is $4,490. Edging the Philippines with a minimal margin whose GNI per Capita amounting to $4,470 —belonging to the lower-middle-income economy group, whose GNI per capita ranged between $1,136 and $4,495 in 2024.
In addition, Vietnam gross domestic product reached $476.3 billion, surpassing the Philippines with GDP amounting to $461.6 Billion in 2024.
Actual GDP growth in the first quarter of 2025, Vietnam GDP expanded by 6.9% compared to the Philippines expanding only by 5.4%, which is below the government target. While for the second quarter, Vietnam is expected to grow by 7.6% based on the advance estimates, while Philippines is projected a 5.6% GDP growth.
Among the five founding members of the Association of Southeast Asian Nations (ASEAN), the Philippines is the only lower-middle-income economy for the current Fiscal Year. In 2024, Indonesia had a GNI per capita of $4,910, Malaysia had $11,670; and Thailand, $7,120—making them upper-middle-income economy.
Meanwhile Singapore has long been a high-income economy—its 2024 GNI per capita stood at $74,750. Oil-rich Brunei Darussalam is also a high-income economy, with a GNI per capita of $36,150 in 2024.
Fellow lower-middle-income economy Vietnam’s GNI per capita in 2024 was $4,490—not only eclipsing the Philippines’ but also much closer to the upper-middle-income class threshold.
Like the Philippines and Vietnam, Cambodia, Laos, and Myanmar are also lower-middle-income economy, with 2024 GNI per capita of $2,520, $2,000, and $1,220, respectively.
GNI measures the total income generated by a country’s residents, both domestically and abroad, making it a broader indicator of economic performance than gross domestic product (GDP), which only accounts for local output.
In his inaugural State of the Nation Address in 2022, President Ferdinand Marcos Jr. said, the Philippines aspires to attain upper-middle-income economy status by 2024. A target that has already been postponed, multiple times, by the current administration, as economic growth fell below expectations these past years.
During the previous Duterte administration, its economic team had aimed to elevate the Philippines to upper-middle-income status in 2020—a goal derailed by the socioeconomic crises inflicted by the Covid-19 pandemic.
Vietnam also surpasses the Philippines in terms of Gross Domestic Product last year based on the latest report issued by the World Bank this month. In 2024, Vietnam GDP increases to $476.3 Billion compared to the Philippines Nominal GDP which is amounting to $461.6 Billion.
Likewise, Vietnam GDP per Capita Surpasses the Philippines since 2018, last Year Vietnams GDP per capita, reaching $4,717 compared to the Philippines $3,984.



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