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.

It is the recent tendency that investment value from China and Hong Kong has been increasing rapidly.

It can be seen as an influence of the US-China trade friction.

That’s because many production bases have moved to Vietnam from China, but some specialists say parts of investments from Hong Kong include companies from China.


The government of Vietnam is afraid of this phenomenon because if Chinese products are exported to the US from Vietnam, it would damage their economy and politics.

 They made rules to avoid the risk of Chinese economical invasion.


The global economy has been influenced by SARS-CoV-2, but it is said that the government of Vietnam succeeded in shutting down the virus, because they refused entry to the country as soon as they found the infected from foreign countries.


They forced infected people to isolate in hospitals, their houses or other facilities, and banned restaurants, shops, hotels from opening, so people couldn’t go out without certain reasons.


The government also paid a total of 1.2 trillion USD to companies and people in Vietnam.


These strict regulations made them succeed.  Their economic activities could begin to restart little by little from the end of April in 2020.





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