VN among top global leaders in converting wealth into well-being

The finding comes from the most recent analysis conducted using the Boston Consulting Group's Sustainable Economic Development Assessment (SEDA) and is detailed in BCG's inaugural SEDA report for Viet Nam, Lotus Nation” Sustaining Viet Nam's Impressive Gains in Well-Being”.

The analysis finds that Viet Nam, with GDP per capita of approximately US$5,200, has well-being levels that would be expected of a country with GDP per capita of more thanUS$10,000. The nation is also above average in converting economic growth into well-being improvements.

BCG partner and economic development expert based in Viet Nam Chris Malone revealed that the latest findings indicate the belief that Viet Nam's success in harnessing its limited resources for the good of its citizens is impressive and comparable to higher-income countries, adding that this is particularly noteworthy given the country's remarkable pace of economic growth of about 7.1% annually from 2006 to 2013.

SEDA is a powerful diagnostic tool, based on objective data, designed to provide government leaders with a perspective on the well-being of citizens, including how effectively countries convert wealth, as measured by income, into well-being and their performance in converting growth into well-being improvements. 

SEDA defines well-being -- essentially a country's standard of living -- by examining ten dimensions, such as economic stability, health, governance, and environment.

By Thuy Dung