Vietnam's economy growing faster than China?, Per capita wise that is. Options

[Byron]

http://www.vov.org.vn/2004_09_01/english/kinhte1.htm

The British Economist magazine recently run an article about the Vietnamese economy, affirming that Vietnam has one of the highest growth rates in Asia. Foreign direct investment (FDI) in Vietnam accounts for more than eight percent of gross domestic product (GDP) in 2003, even higher than that of China in terms of proportion. However, this is not a surprise as Vietnam has always maintained an economic growth rate of 7.4 percent during the past 10 years. Such a growth rate is also predicted for this year. Thanks to the continued growth rate, the lives of Vietnamese people throughout the country have been constantly improved.

According to the World Bank (WB), in 1993, 58 percent of Vietnam’s population was the poor. By 2002, that figure fell to 29 percent.

Vietnam’s growth rate is sustainable, the article said. Despite having been seriously affected by SARS in 2003 and the bird flu epidemic in 2004, the Vietnamese economy has maintained a high growth rate. Even towards the end of the 1990s, when the monetary crisis in South-east Asia started in Thailand in 1997 and drove regional economies to the brink of regression, Vietnam’s growth rate never dropped below 4.8 percent.

The article quoted Associate Professor Dr Do Duc Dinh, Deputy Editor in chief of the World Economic magazine run by the Institute of the World Economy, Science and Society of Vietnam, as saying that Vietnam’s export turnover in 2003 reached almost US$20 billion.

Worth of note was that exports to the US doubled in 2003 from 2002 following the signing of the bilateral trade agreement (BTA). Regardless of US lawsuits against Vietnam for dumping catfish and shrimp on its markets and the imposition of garment and textile quotas on Vietnamese businesses, exports are continuing to remain healthy.

From 2001-2003, Vietnam’s garment and textile exports to the US marked a sharp increase, from US$47 million to US$2.4 billion.

The sharp increase was attributable to improvements in State policies on agriculture and land allocation to poor farmers and high export growth rates on the back of a cheap workforce. In addition to this, the promulgation of the Enterprise Law in 2000 facilitated small businesses’ activities and created more jobs for workers, thus making substantial contributions to the growth rate of the national economy. Under the Enterprise Law, more than 50,000 enterprises were set up in Vietnam in late 2002.

Vietnam is seen as a champion among developing countries

The 2004 Vietnam Report released by the United Nations Development Program (UNDP) has highlighted Vietnam’s achievements in poverty reduction as the first and largest goal of eight Millennium Development Goals (MDGs). MDGs were pledged by State President Tran Duc Luong and leaders from 188 nations around the world in 2000.

Vietnam has made great strides in primary school education, clean water supplies, environmental protection, food security and reduction of mortality rate for children under five years old and mothers as well as improvements in the birth rate.

These achievements are very impressive as Vietnam’s per capital income stands at only US$400 per year. Vietnam has intensified huge investments in human resource development and illiteracy eradication across the country to lay a firm foundation for later successes in the renewal process, which was initiated in 1986. The UNDP report said during the past 15 years, thanks to continued economic growth, Vietnam is regarded as a champion among developing countries. It has reduced the poverty rate by a half, from 70 percent in the 1980s to around 29 percent in 2002. The achievement has helped Vietnam move closer and closer to MDGs targeting poverty reduction

[tongbao_vince]

Vietnam still has a higher poverty rate than China. On the big scale of things it is still and always be less than China in terms of economics. China grows from 8-13% a year. Even if it were 'growing' faster doesn't mean it will ever come close to rivaling China's.

Equatorial Guinea's growth rate is at least 20% a year.

So what is the exact point of this post? Glad to see Vietnam doing better but out of the entire article that mentions China just once - you highlight that particular line.

[Byron]

I never said Vietnam would ever beat China. I said Vietnam is growing faster. Obviously when you are more poor you will grow faster usually.

[Clean]

Vietnam still has a higher poverty rate than China. On the big scale of things it is still and always be less than China in terms of economics. China grows from 8-13% a year. Even if it were 'growing' faster doesn't mean it will ever come close to rivaling China's.

Equatorial Guinea's growth rate is at least 20% a year.

So what is the exact point of this post? Glad to see Vietnam doing better but out of the entire article that mentions China just once - you highlight that particular line.

I see some people have nothing better to do than just come in and put down other people's nation...

Honestly, does every single post created by a Viet have to turn into some suspicious anti-Chinese flame war? Jeez man. Like Byron said, it has nothing to do with general economics, just growth rate.

AND the point of this thread is to inform VIETS about Vietnam's current condition. It's like saying to Viets, although most of the hype is towards Chinese growth, Vietnam is also experiencing growth, so lets cheer for the home crowd. WOOT WOOT.

Jeez, fricken some people just have nothing better to do than go and assume the worst of every thread

[Nam Quoc Son Ha]

At the moment, the Chinese economy is expanding at a faster rate than Vietnam's. But from an economic point of view, Vietnam is still underperforming (other tiger economies were expanding between 9-15% during their early stage of economic development like Vietnam is currently going through). There are many reasons to this, such as slow economic/political reform and we're still shut out of the World Trade Organization. China, on the other hand is showing signs of overheating (which prompted the central government to take measures to curb the growth) at around the 9.3% barrier.

Thus I can say that with good economic policies and management, it is not impossible for Vietnam to achieve sustainable economic growth of 8-9% while China settling at 7% in the long run.

Being a smaller country, Vietnam has the benefit of being able to achieve a faster economic growth without destabilizing the economic equilibrium and cause overheating.

[supernovasp]

At the moment, the Chinese economy is expanding at a faster rate than Vietnam's. But from an economic point of view, Vietnam is still underperforming (other tiger economies were expanding between 9-15% during their early stage of economic development like Vietnam is currently going through). There are many reasons to this, such as slow economic/political reform and we're still shut out of the World Trade Organization. China, on the other hand is showing signs of overheating (which prompted the central government to take measures to curb the growth) at around the 9.3% barrier.

Thus I can say that with good economic policies and management, it is not impossible for Vietnam to achieve sustainable economic growth of 8-9% while China settling at 7% in the long run.

Being a smaller country, Vietnam has the benefit of being able to achieve a faster economic growth without destabilizing the economic equilibrium and cause overheating.

Yea, reformation is a big thing that Vietnam goverment needs to work on. Why are those upper officials are so stubborn,,,

[Nam Quoc Son Ha]

At the moment, the Chinese economy is expanding at a faster rate than Vietnam's. But from an economic point of view, Vietnam is still underperforming (other tiger economies were expanding between 9-15% during their early stage of economic development like Vietnam is currently going through). There are many reasons to this, such as slow economic/political reform and we're still shut out of the World Trade Organization. China, on the other hand is showing signs of overheating (which prompted the central government to take measures to curb the growth) at around the 9.3% barrier.

Thus I can say that with good economic policies and management, it is not impossible for Vietnam to achieve sustainable economic growth of 8-9% while China settling at 7% in the long run.

Being a smaller country, Vietnam has the benefit of being able to achieve a faster economic growth without destabilizing the economic equilibrium and cause overheating.

Yea, reformation is a big thing that Vietnam goverment needs to work on. Why are those upper officials are so stubborn,,,

Of course they want the system to remain the same so they can exploit it and get away with it.

[Byron]

Yes... grow.... grow.... yesssssssss......

[福州市长]

damn u guys only earn 400 US dollars per year...

[Nam Quoc Son Ha]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

[Jigoku Z]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

This post has been edited by Jigoku Z: Sep 4 2004, 09:52 PM

[Nam Quoc Son Ha]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

I'll flame you anyway, you're cool with that?

[福州市长]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

i'm not talking about u... i'm talking about those people lived in vietnam

[Jigoku Z]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

I'll flame you anyway, you're cool with that?

Typical Nam Q Son HAHAHA.... Well I'm glad to see Vietnam is doing better...

[福州市长]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

I'll flame you anyway, you're cool with that?

Typical Nam Q Son HAHAHA.... Well I'm glad to see Vietnam is doing better...

everyone wants vietnam can do better...

[Nam Quoc Son Ha]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

I'll flame you anyway, you're cool with that?

Typical Nam Q Son HAHAHA.... Well I'm glad to see Vietnam is doing better...

I'm just mucking around dude, relax

everyone wants vietnam can do better...

Not everyone. Certainly not racist skinhead CNA members. You're a CNA member aren't you, Jigoku?

[福州市长]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

I'll flame you anyway, you're cool with that?

Typical Nam Q Son HAHAHA.... Well I'm glad to see Vietnam is doing better...

I'm just mucking around dude, relax

everyone wants vietnam can do better...

Not everyone. Certainly not racist skinhead CNA members. You're a CNA member aren't you, Jigoku?

u talking about me or jig??

[hsinchi]

damn u guys only earn 400 US dollars per year...

Damn my family is richer than you... so what's your point?

He point was "damn u guys only earn 400 US dollars per year..." I'm not flaming so don't report me

I'll flame you anyway, you're cool with that?

Typical Nam Q Son HAHAHA.... Well I'm glad to see Vietnam is doing better...

everyone wants vietnam can do better...

Thanks

[VietNamDNCongHoa]

Economic growth is always good news for Viet Communist Party. It would help the party members richer and the poor people poorer. Where do you think they get the money to send their children studying oversea, or built their mansions? From their behinds? No, major factories in VN owned by government, or by high ranking people and their relatives.

This year so far, Viet Nam has exported 3.37 billion USD worth of textiles and garments, a 38.3 percent increase over the same period last year.
The export value would have been higher if there had been no problems with exports to the US. The mismatch between the number of US-bound exports that were granted export licenses by the Vietnamese side and those registered by the US customs led to a temporarly halt in the granting of visas to some Vietnamese products. To reduce non-tariff trade barriers, Vietnamese businesses have joined hands with their American partners in a new type of venture: American businesses sell raw cotton to their Vietnamese partners, who will use it to make garments for exports back to the US. This is considered a closed-circuit production model beneficial to both sides.
So far this year, 631 Vietnamese garment makers, accounting for half of those exporting products to the US, have received orders for 2004. In EU market, however, Viet garment makers faced problem with competition from Chinese. Garments are not restricted by quotas in EU. Therefore it contributed to a decline in exports to garment market.

The tourist industry in VN also enjoys healthy growth. Vietnam received 168,295 visitors from the US, mostly Viet Kieu, in the first seven month of this year, up 34.3% on-year.

As Vietnam economy depends more and more on US market, it‘s now the time to pressure Vietnamese communist government for political reform.

Most Viet overseas are seeking the peaceful democratization of Vietnam, specifically by pressuring the Vietnamese communist government leadership to abandon its authoritarian rule. Vietnam should have a pluralistic democracy. Viet communist government should respect individual freedom and human rights.

[tqt]

Economic growth is always good news for Viet Communist Party. It would help the party members richer and the poor people poorer.

Go join iamViet forum

As Vietnam economy depends more and more on US market, it‘s now the time to pressure Vietnamese communist government for political reform.

Pressuring the Vietnamese government to become a puppet of the U.S like the great Quoc Gia Viet Nam Cong Hoa during the war?