Economic Growth in Vietnam from 2017-2020

The Communist Party of Vietnam (CPV) has governed the whole of Vietnam since they won the war against the USA. But the government adopted a capitalist economy because CPV had decided the new policy called Renovation (“Doi Moi” in Vietnamese) in 1984. They have opened their market and invited foreign companies and their money, and stably have been developing little by little. Especially, their economy has been growing at over 7%, increasing every term over these past several years. It is the highest rate of growth among ASEAN countries, and it also has attracted investments from foreigners. As wages have been increasing, Vietnamese could pay more money for various things. Investors are expecting they will be not only good laborers, but also consumers supporting the big market in Vietnam. Japan made more investments than any other country in Vietnam in 2017 and 2018, but it was outstripped by South Korea in 2019, because Samsung Electronics had built big factories in Vietnam. ...