The Asian Dream: Vietnam’s Rise From Ruin

It is hard to believe that just 45 years ago, Vietnam was reeling from a long bitter war with U. S., the most powerful nation on the planet at that time.  In March of 1973, the last US troops withdrew from Vietnam and former U.S. president, Richard M. Nixon is reported declaring, “the day we have all worked and prayed for has finally come.”

Flash forward today, in 2018, Vietnam has just Selected its new state president, Nguyen Phu Trong, following the death of its former State President Tran Dai Quang.  While the nation seeks to increase its growth rate, it has seen enormous growth over the years in infrastructure, investment and increased quality of life. 

“In the environment, the rate of industrial parks and processing zones operating with a sewage treatment system would be 89%.”  An official release stated.  These are key markers in developing economies where many times sanitation and environmental degradation are overlooked in favor of developing industry over safety standards.

Additionally, Vietnam continues to make key investment deals with the European Union as it second largest trading partners. An official release indicated that, “While EU investment stock in Viet Nam remains modest standing at €8.3 billion in 2016, an increasing number of European companies are establishing there to set up a hub to serve the Mekong region.”

A new trade agreement between the EU and Vietnam will eliminate more than 99 percent of customs duties on traded goods. More and more, developing economies like Vietnam are using prudent planning, support from neighboring states and regional alliances to create solid growth.

 

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