“The story of Viet Nam’s economic miracle”

large_TOVywRs2VW5pZVJM5dx-7QHywCbjVhtq37JNW23PUBo
Once one of the world’s poorest countries, today Viet Nam’s economy is in full bloom
Image: REUTERS/Adrees Latif (VIETNAM)

Walking around in Ha Noi, Viet Nam’s capital, you can feel boundless energy everywhere. People whiz by on scooters, buy and sell everything from phones to food in the countless small shops, and run to and fro to get to school or work. Viet Nam is young, growing, and anything feels possible.

It wasn’t always thus. A mere 30 years ago, the country was one of the poorest in the world. How did this southeast Asian nation grow to become a middle-income country?

If you’ve been to Ha Noi, this description will definitely ring true.  Read this article for a good partial answer to this question asked in the second paragraph.  While you’re at it, check out the video overview.  While it doesn’t cover all of the bases and you have to consider the source (IMF), it is pretty accurate.  I try to stay up-to-date on economic statistics and trends but am also a long-term participant-observer in the exciting reality that is Viet Nam’s rapid development.  

Having spent a considerable amount of time in Germany back in the day, both West and East, as a student, teacher, and researcher, I’m reminded of the German economic miracle (Wirtschaftswunder, also known as the “Miracle on the Rhine”).  One stark difference between the two countries is that there was no Marshall Plan for Viet Nam. 

In order to engineer its own “Miracle on the Red River,” Viet Nam first had to rely on itself – with assistance from the INGO (international non-governmental organization) community and Official Development Assistance (ODA) – before and after the Đổi Mới, or renovation, reforms of 1986, which gave rise to Viet Nam’s “market economy with socialist orientation.”  (A lot of INGO funding has shifted to another countries with the rise of Viet Nam as a threshold middle-income country.)  The rest, as they say, is history, and an inspirational one at that.  

Peace, MAA

 

Advertisements

Happy Planet Index: Viet Nam Ranks 5th Overall & 2nd in Asia Pacific

Vietnam ranks fifth in the Happy Planet Index results, and second in the Asia Pacific region. This Southeast Asian country, characterised by its mountains and tropical forests, has a strikingly low Ecological Footprint and economic output per head almost 24 times smaller than nearby Hong Kong. Vietnam is one of just three countries in the top ten Happy Planet Index rankings with an Ecological Footprint that is small enough to be considered environmentally sustainable.

The Happy Planet Index measures what matters: sustainable well-being for all. It tells us how well nations are doing at achieving long, happy, sustainable lives.

static1.squarespace.comWealthy Western countries, often seen as the standard of success, do not rank highly on the Happy Planet Index (HPI).  Instead, several countries in Latin America and the Asia Pacific region lead the way by achieving high life expectancy and well-being with much smaller Ecological Footprints.

The Happy Planet Index provides a compass to guide nations, and shows that it is possible to live good lives without costing the Earth.

Source:  About the HPI

Follow this link to read the entire Viet Nam report.

MAA

Good Morning Future Wealth, Vietnam

For reformers, the country’s economic and political rise could be just about to start.

thediplomat_2016-02-29_13-39-14-386x262
Image Credit: Hanoi via Shutterstock.com

Good piece by Anthony Fensom about a joint report, New Report Lays Out Path for Vietnam to Reach Upper-Middle-Income Status in 20 Years, released on 23 February 2016 by the Vietnamese government and the World Bank, that suggests Vietnam could achieve upper-middle income status by 2035 with a PCI of more than $7,000.  (Last year’s nominal GDP was about $2,200.) Included is a projection of what the economic picture would look like with and without the recommended reforms.

vn2035-numbers-for-press-release

You can read a summary of the report and download it on this page.