Top 10 Things You Didn't Know About Vietnam

1. Vietnam is the second-fastest-growing economy in Asia

Not Japan, not Singapore, but Vietnam is the country with the second-fastest-growing economy in all of Asia, just behind China.

This is a remarkable transformation after a quarter-century of severe devastation from war. The aftermath of those wars forced our people to rebuild from ruins, under the reformist guidance of the Communist Party of Vietnam through the 'Doi Moi' (Renovation) policy in 1986. While other countries had much more time and opportunities to develop their economies, Vietnam's success demands admiration and respect from the world for the resilience of the Vietnamese people after the horrors of war.

2. Leading the world in agricultural exports

Despite the trend of reducing agriculture, our country still stands among the world's leading exporters of agricultural products, with key items such as coffee, rubber, black pepper, cashews, rice, and more.

In 2010, Vietnam ranked second in the world for rice and coffee exports, supplying 116,000 tons of various spices to countries worldwide. Additionally, Vietnam holds the fifth position globally for tea exports with renowned brands, and sixth for various seafood products like catfish, tuna, squid, and shrimp.

Our country has traditionally relied on rice cultivation for economic activities, and trade has always been associated with these rice crops. Therefore, it can be said that our country's economic foundation has roots in agriculture. Subsequently, catching the trend of transitioning the economic structure from agriculture to industry and services, our contribution to the GDP per capita from agriculture has sharply decreased from 40% to 20% in a rapid 15-year period.

This is a figure that the world has never seen in any Asian country, as even large countries like China and India took 29 and 41 years, respectively, to fully integrate into the Industrialization-Modernization era. This remarkable transformation has significantly contributed to the development of our country's economy.

In the list of countries becoming attractive markets for foreign investment, Vietnam proudly ranks at the forefront. Even a reputable agency of the UK's Economist Intelligence Unit (EIU) has ranked our country 4th in the world's top economies attracting foreign investment, surpassing many other developed economies.

It's not too difficult for people within the country to find a tourism facility, company, restaurant, hotel, etc., with joint ventures between Vietnamese individuals and foreigners, even 100% owned by foreign individuals.

Many used to believe that Vietnam was following the development path of China, entirely copying the formula that mainland China had pursued. However, this is a misconception for those who fail to carefully observe Vietnam's sustainable development.

Thanks to the government's well-suited policies that create favorable conditions for foreign investors and attract a large pool of affordable labor, this is a common formula across many Asian countries, with mainland China being the most prominent. Yet, our country has many positive and distinctive policies compared to neighboring nations.

Considering personal household consumption in Vietnam accounting for 65% of the GDP structure, while China achieves a lower target of 36%. The economic growth of the mainland has been rapid due to high foreign investment capital and export-oriented foreign trade, but our country has a more balanced approach between services and manufacturing, with each sector contributing a high percentage to the GDP at 40%. These aspects partly demonstrate the sustainable and widespread growth of our economy, with competitiveness in various sectors and contributing to the increased stability of development.

Although a few decades ago, our country faced widespread illiteracy, sometimes reaching a critical level with an 85% red alert for illiteracy. However, at the present time, the remarkable technological change in the life of Vietnam is easily noticeable.

Our young population is well-educated and increasingly gaining access to scientific and technological achievements. The number of mobile phone subscriptions in the country has reached 170 million, of which 154 million are mobile subscriptions. In 2010, there were up to 7.7 million Internet subscriptions, an astonishing figure compared to a few decades ago. Currently, the number of young people in the country exposed to the Internet is steadily increasing annually.

In order to develop the country and meet the needs of the people, the government has undertaken the construction of a sizable and modern railway system, extending from one end of the country to the other. Additionally, the power grid has expanded to cover 96% of the country's territory, including remote and mountainous regions as well as island districts.

Major airports are strategically located in the cities of Ho Chi Minh, Hanoi, and Da Nang, accompanied by large seaports such as Hai Phong city, which are progressively growing to facilitate the transportation of goods and trade between Vietnam and countries worldwide.

Currently, our country is surpassing others in the region in terms of the lending capacity of banks. With a complete credit history and a declaration of repayment ability, citizens can borrow a significant amount from any domestic bank. Each year, the amount of money lent by Vietnamese banks is increasing, reaching a percentage of 33%.

This demonstrates the flexibility and dynamism of our country's economy but also raises concerns about potential impacts on the overall nation, as the issue of bad debts continues to grow, causing problems for the domestic banking system and taxpayers.

Vietnam is a highly promising market for foreign labor, with the annual influx of foreign workers increasing, contributing to the development of the country's economy.

Currently, there are over 100,000 foreign experts in technology and software working in Vietnam, including high-level specialists from leading corporations such as Hewlett-Packard, Panasonic, and IBM.

Thanks to the young workforce and a strong shift from agriculture to industry, the rapid economic development of our country has been boosted, providing significant momentum for overall national growth. However, the number of young laborers is gradually decreasing, showing signs of aging and weakness, and the transition from agriculture to industry is no longer a driving force.

With both major drivers showing signs of weakening, many have predicted a slowdown in our country's growth in the coming decades. Therefore, Vietnam needs to implement reasonable solutions, enhance comprehensive labor efficiency to maintain and improve economic growth.