The World Bank has upgraded Vietnam and the Philippines from lower-middle-income to upper-middle-income status, reflecting their   rising gross national income (GNI) per capita, the VnExpress newspaper reported.

In case of Vietnam, the GNI per capita last year was US$4,970, up from $4,490 in 2024, the bank said in a statement recently.

“Vietnam tells a story of growth. Powered by an export-led model, the country saw exports surge by more than 15 percent in both 2024 and 2025, with its GDP growing at 7 percent and 8 percent respectively,” the World Bank said in a statement.

The GNI expanded at an average of 10 percent annually between 2021 and 2025, one of the strongest sustained runs in the region.

Vietnam, the fourth biggest economy in the Association of Southeast Asian Nations (ASEAN), has a nominal growth domestic product (GDP) of $527.27 billion. 

Vietnam aims to become a developing country with a modern industry and upper-middle-income status by 2030, before becoming a high-income developed country by 2045.

To achieve that goal, the government is targeting annual economic growth of at least 10 percent in the coming years.

This year, the World Bank assessed 218 economies, with six countries upgraded to higher income categories.

Besides Vietnam, the Philippines, Sri Lanka, Jordan, and Micronesia were also reclassified as upper-middle-income countries.

The World Bank has four income groups: low income, lower-middle income, upper-middle income,........

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