You are always reading about how China has been breaking annual growth records. And then it was India’s turn to steal the limelight.
But after throwing off the Soviet shackles, Vietnam signed an accord to roll back trade barriers with the USA. And its stagnant economy has literally leapt into action.
In recent eBulletins, you’ve gained an overview of just how rapidly both China and India have performed over the past 5 years. But Vietnam seems to have sneaked under the radar. Yet it is right on our doorstep, and likely to provide some competition to our manufacturing industries.
Vietnam’s exports to America (principally textiles, seafood and furniture) have tripled to $US32 billion — creating millions of new jobs, and resulting in billions of dollars of foreign investment.
Apart from China, Vietnam (at 8.4% pa) has been the fastest growing economy in Asia, over the past 5 years. And, in only 15 years, it has managed to reduce its poverty rate from 51% to 8% – a feat not even China could match.