How Vietnam Became An Economic Miracle?

How Vietnam Became An Economic Miracle?

Vietnam’s GDP per capita increased from $95 to over $2,700 since 1990, despite its population growing by a quarter.

Even after accounting for inflation and local purchasing power, Vietnam experienced a four fold increase. Over this same period, the poverty rate has dropped from 60% to less than 5, with the nation becoming a leading exporter. Samsung alone accounts for over a quarter of Vietnamese exports. As a result, Vietnam’s economy has become the poster child for economic development. Making massive gains on almost every indicator.

Though how did this previously war torn economy turn it all around in the space of thirty years, being the only major Southeast Asian economy to avoid a recession in 2020?

To answer this, we need to take a look at what happened to Vietnam’s economy after the Vietnam war.