The average income gap of Vietnamese people living in different cities and areas is widening, said Central Institution of Economic Management (CIEM) quoting many sources.

According to the World Bank, the income gap is moving from fairly equal in 2002 to widening among different groups of citizens.

CIEM quoted report by the Ministry of Labour- Invalids and Social Affairs released mid-2011 that the number of poor households rose 50% to 1 million or 20% of population after the new poverty standard was introduced. The new standard raised the poverty line from an income of VND200,000/person/month to VND400,000/person/month in the rural areas and from VND260,000 to VND500,000 in the cities.

CIEM quoted data by Hanoi People Committee that the average income in Hanoi was VND37,000,000 ($1,850), in Ho Chi Minh city of VND60,000,000 ($3000) and Can Tho of VND47,000,000 ($2,350). Of note, the average income in Ba Ria-Vung Tau was VND116,000 ($5,800) in 2010, 5 times as high as the country’s average income.

Hanoi targets average income to reach $3,300 in 2012, HCM city  targets $4,800 and Ba Ria-Vung Tau targets $11,500.

Meanwhile, Ha Giang province’s average income was less than VND6 million/person/year,, Quang Ngai at VND 9 million; BacKan at VND14.6 million and Nam Dinh at VND19.2 million in 2011.

Of note, the number of individuals with assets of $1 million in Vietnam is rising sharply, up 33% on year in 2011, CIEM quoted report by Merrill Lynch Global Wealth Management and Capgemini Consulting.

In 2011, as many as 170 shareholders in Vietnam stock market has stakes in companies worth over $1 million.

Source StoxPlus