Vietnam, Philippines raised to World Bank’s upper-middle-income status

The World Bank has elevated Vietnam and the Philippines to upper-middle-income status after years of brisk of economic expansion, potentially bolstering investor confidence in the two nations.



All five of the major South-east Asian economies – which include Singapore, Malaysia and Thailand – are now at the upper-middle-income tier and above, according to a release from the World Bank on July 1.



Vietnam had been categorised as lower-middle-income since 2009, while the Philippines had been there since the late 1980s, the data showed.



The World Bank cited Vietnam's export-led growth model and the Philippines' broad-based expansion "reflecting gains across all major industries, not a single sector boom, but an economywide shift".



Their gross national income per capita reached US$4,970 (S$6,435) and US$4,850 in 2025 respectively, exceeding the World Bank's US$4,636 threshold for the category.



"Despite global and domestic shocks, we have relentlessly pursued inclusive growth, strengthened fundamentals, and remained on track with our development agenda," Philippine Economic Planning Secretary Arsenio Balisacan said in a statement.