Vietnam’s Roaring Economy Is Set for the World Stage

リンク: Vietnam’s Roaring Economy Is Set for the World Stage.

Vietnam’s renunciation of statist economics in favor of capitalism in the early 1990s was a surprising development for the global markets. Along with China’s embrace of the market, Vietnam’s success story has raised the living standards of its citizens, drawn a large contingent of high-skilled émigrés back to the country and created a strong base for future development. Multinational corporations took notice, pouring investment into the country. But like China as it began to emerge as a manufacturing heavyweight, Vietnam sells far more to the world than it buys. The US trade deficit with Vietnam of more than $5 billion has prompted US textile lobbies, who represent the sector hardest hit by Vietnamese imports, to push against granting full trade relations to the Southeast Asian country. Vietnam, formerly the staging ground of one of the most controversial wars of the 20th century, today has a vibrant economy that has enjoyed a gradual and peaceful transition to capitalism. “New York Times” journalist Keith Bradsher describes Vietnam as “more pro-business” than China – and international businesses and governments cannot overlook the Asian competitor’s effects on global trade. - YaleGlobal