The Hanoitimes – Globalization has been good for Vietnam. Its GDP per person grew from about US$1,500 in 1990 to about US$6,500 today, but unlike in some fast growing economies, its new prosperity has been shared. In 2017, Vietnam’s trade as a percentage of GDP reached over 200%, the highest level for any country with over 50 million people in the World Bank’s data, which goes back to 1960, stated the World Economic Forum (WEF). Of the world’s twenty most populous countries, it blows away number two Thailand at 122%. The measure is calculated by adding the value of exports and imports then dividing the figure by GDP. Countries with high measures are typically rich and small. Hong Kong, Singapore and Luxembourg all have rates over 300%. Companies in these countries make products for export because the domestic market is too small consume all of their output, for which Vietnam is an outlier. Vietnam’s exceptionally globalized economy is a result of its focus on exports for economic growth. Like China before it, Vietnam has opened up its cheap labor market to foreign investors and become a hub for low-cost manufacturing. The country is now a major exporter of electronics and… Read full this story
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