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The making of Asia’s next tiger
Vietnam has rapidly emerged as one of Southeast Asia’s fastest-growing economies, with a per capita GDP of around $5,000, compared to India’s $2,400. The country is attracting significant foreign investment in manufacturing and technology while strengthening its position in global supply chains through agreements like CPTPP and RCEP.
Booming Tourism Industry
Vietnam’s tourism sector has seen exponential growth, contributing nearly 10% of the national GDP. Key reasons behind its success include:
(i) High International Tourist Footfall: Over 20 international flights land daily in Da Nang, with a strong influx from South Korea, China, and Taiwan.
(ii) Seamless Organization & Safety: Vietnam ensures easy public transportation, multilingual signage, and a strong safety record, especially for female travelers.
(iii) Culinary & Cultural Appeal: Traditional dishes like pho, banh mi, and spring rolls have gained global recognition, while night markets and street food hubs seamlessly integrate locals and tourists.
(iv) Urban Cleanliness & Infrastructure: Unlike many South Asian cities, Vietnam’s urban areas are well-maintained with efficient waste management and clean streets, enhancing the tourist experience.
Economic & Geopolitical Strategy
(i) Balanced Foreign Relations: Vietnam maintains a strategic balance between China and the U.S., ensuring economic stability while navigating geopolitical complexities.
(ii) Trade Relations with the U.S.: In 2024, Vietnam-U.S. trade turnover exceeded $132 billion, with a 23.3% increase in exports to the U.S.. However, the country faces risks of potential tariffs under a second Donald Trump presidency.
(iii) Historical Ties with China: Despite deep cultural and linguistic connections, Vietnam’s historical conflicts with China shape its cautious engagement with its powerful neighbor.
Economic Transformation & Future Challenges
(i) Đổi Mới Reforms (1986): Marked Vietnam’s shift from a centrally planned economy to a market-oriented model, leading to WTO accession in 2007 and rapid economic growth.
(ii) Sustainability & Urban Planning: While Vietnam’s growth mirrors the Asian Tigers (South Korea, Taiwan, Singapore, Hong Kong), challenges like pollution, environmental concerns, and sustainable urbanization remain critical.
(iii) Global Economic Shifts: As the world moves towards reshoring and friendshoring, Vietnam must diversify its industries beyond exports to maintain growth.
Conclusion
Vietnam’s rise offers a blueprint for success for nations in the Global South seeking economic development and tourism growth. Its strategic planning, global market integration, and strong governance have positioned it as Asia’s next economic powerhouse.
Disclaimer:
This analysis is based on the editorial content published in The Hindu and is intended solely for informational and educational purposes. The views, opinions, and interpretations expressed herein are those of the author of original article. Readers are encouraged to refer to the original article for complete context and to exercise their own judgment while interpreting the analysis. The analysis does not constitute professional advice or endorsement of any political, economic, or social perspective.
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