Vietnam's Economic Transformation

Vietnam has experienced remarkable economic growth, averaging over 6% annually for more than 30 years, shifting from one of Asia's poorest economies to a significant global player. This transformation is evident in the bustling urban centers, particularly Ho Chi Minh City, which has seen skyscrapers and modern amenities replace older infrastructure. The reduction in poverty and improvement in living standards has led to healthier citizens and increased private sector activity, fueled by substantial foreign direct investment. Companies like Samsung, which manufactures a majority of its mobile phones in Vietnam, highlight this progress as the country positions itself for higher-value manufacturing.