Vietnam is no longer a least developed Asean country

Vietnam is no longer considered one of the four least developed countries in Southeast Asia, according to a recent report at the Asean Business and Investment Summit. Due to its economic growth, Vietnam will be removed from the acronym that represents the four least developed Asean members – CLMV – Cambodia, Laos, Myanmar and Vietnam.

“Vietnam’s budget allocation toward the education and health sectors is higher than the other three countries. This means Vietnam will be seen in the front-line in terms of human resource development before long,” said an official from Union of Myanmar Federation of Chamber of Commerce and Industry.

According to numbers from 2012, Vietnam had a Human Development Index (HDI) of 0.617, education index of 0.539, health index of 0.874 and income index of 0.501. In comparison, Singapore, Asean’s leading economy, had a HDI of 0.895, education index of 0.804, health index of 0.966 and income index of 0.925.