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What's the future of Vietnam like?

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Vietnam has a bright future. It’s economy is growing at around 7% a year, one of the fastest rates in the world. It has a stable government. It’s people are hard working, smart, value education and they are very entrepreneurial. Since the economy opened up in the 1980’s the country has improved basically every year. It’s gone from one of the poorest countries on Earth after having basically 30 plus years of war to a stable lower middle income country.

Go to Hanoi or Saigon now and the places are booming. There are new high end apartments, malls, and transportation projects all over. Both cities are getting metro systems. Vietnam is becoming a favorite country in Asia for foreign direct investment, it’s replacing China as a place to assemble products like cell phones. Samsung has one of its biggest plants in the world in Vietnam. South Korean companies are huge investors in Vietnam.

And the good thing is that growth in Vietnam appears to be more broadly shared than in say India. Vietnam and India have very similar per capita GDP’s but there is a lot less visible poverty in Vietnam than India. There’s actually more homeless in a typical big American city than in Hanoi or Saigon. Even places like Jakarta or Manila which are richer on paper than Vietnam have a lot more problems with homeless and slums. Vietnam has a lower income inequality rate than most other developing countries.

So if Vietnam just continues growing for 10–15 years it will become a very nice place, similar on paper to Malaysia. And in the long run there is no reason Vietnam cannot reach the level of Taiwan or South Korea. It’s basically an accident of history that Vietnam became a poor country given the intelligence and work ethic of its people.

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Believe me, Vietnam is still developing steadily, growing every day. But it will never become a leader or a bottom country. And really nature, the climate in Vietnam is so beautiful, supporting agriculture, long coastline, many mountains. So the future of Vietnam will last forever, forever, never perish... Remember my words

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