HAVING IMPRESSED the world by taming the virus last year, Vietnam is now in the middle of its worst outbreak of covid-19 by far. Parts of the country are in strict lockdown and a swathe of factories, from those making shoes for Nike to those producing smartphones for Samsung, have either slowed or shut down, disrupting global supply chains. Yet integration with global manufacturing has helped keep Vietnam’s economy humming during the pandemic. In 2020 GDP rose by 2.
It is not just the level of exports but the nature of the exporters that makes Vietnam different to China. Indeed, its deep connection to global supply chains and high levels of foreign investment makes it seem more like Singapore. Since 1990 Vietnam has received average foreign direct investment inflows worth 6% of GDP each year, more than twice the global level—far more than China or South Korea have ever recorded over a sustained period.
Foreign firms can continue to grow, providing more employment and output. But there are limits to how far they can drive Vietnam’s development. The country will need a productive and efficient services sector. As living standards rise it may become less attractive to foreign manufacturers over time, and workers will need other opportunities.
The group’s efforts to break into finished automotive production through VinFast, its carmaker, may be most important for the economic development of a country that is usually known for intermediate manufacturing. In July the company’s Fadil car, which is based on the design for Opel’s Karl make, became Vietnam’s best-selling model, beating Toyota. VinFast has grand ambitions abroad, too.
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👊🌐👊 ¡ Vietnam is rich ! 💸💱💸👊👈 soyrolo🦁🇨🇴🇨🇴🇨🇴🦁
Vietnam need to raise big corp to carry the nation economy,foreign big corps will benefit themself.Chaebol and Zaibatsu are both good models for Vietnam gov,follow them and get rich by our
trade and foreign investment are mainly came from China, so China's 'Common Prosperity' is working
Vietnam will continue to benefit from China's woes and missteps.
Vietnamese workers are slaves for western economies with long hours, low pay, poor working conditions and no union protections. Yet during Vietnam's lookout, these workers are required to live and work on manufacturers without the ability to go home.
China 2.0
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