Vietnam has seen significant economic growth, driven by an entrepreneurial spirit. Surveys reveal a high value placed on wealth, with positive attitudes towards capitalism. Historical resentment towards the U.S. is less pronounced than in other regions. The country has seen a remarkable drop in poverty rates, influenced by market reforms and a focus on future growth. Women’s role in business is prominent, and universities encourage entrepreneurial thinking despite some restrictions on free speech.
In recent years, Vietnam has showcased remarkable economic growth, highlighted by a strong entrepreneurial spirit among its people. A survey by Ipsos MORI indicated that 76% of Vietnamese respondents view wealth as critical, significantly higher than the 28% average in Europe and the U.S. Moreover, terms like freedom, innovation, and prosperity are commonly associated with capitalism in Vietnam, reflecting positive attitudes towards wealth generation.
Despite its historical backdrop of conflict with the U.S., anti-American sentiment is notably lower in Vietnam compared to other regions, such as the Middle East and parts of Europe. Scholar Đinh Minh Tuấn pointed out that Vietnamese focus on the future rather than the past, appreciating favorable working conditions in American firms. Many younger Vietnamese, including Ngyuen Xuan, emphasize learning and adopting American practices as keys to success.
Vietnam’s transformation began after the socialist planned economy led to dire economic conditions following the war. The Đổi mới reforms in 1986 marked a pivot towards a market economy and private property rights. The country which had a per capita GDP of just $98 in 1990 now boasts a poverty rate that has plummeted from nearly 80% in 1993 to just 3% today.
Conversations with business leaders reveal a prevailing capitalist mindset despite the nominal commitment to socialism. As competition increases and foreign regulations tighten, many firms are relocating to Vietnam. The role of women in business is noteworthy, with 36% of executives being female, a higher percentage than in several neighboring countries and Germany.
Vietnam’s universities are fostering entrepreneurial initiatives, with programs emphasizing wealth creation and entrepreneurial thinking. Institutions like the Foreign Trade University are actively promoting positive societal perceptions of wealth. In contrast, Western universities often lean more towards critical perspectives on capitalism.
While Vietnam experiences restrictions on press freedom, it is relatively freer than China, with access to social media and alternative information sources. Although publishing requires approval from a censorship office, many authors succeed in getting their works out, although some subject matter may face challenges. This climate allows the Vietnamese to engage with global narratives beyond domestic outlets, potentially shaping a more open society over time.
Vietnam is undergoing rapid economic growth characterized by strong entrepreneurial attitudes and a shift towards market-centric policies. With a significant percentage of the populace prioritizing wealth, the country’s business landscape shows promise, especially among women and young entrepreneurs. Despite limitations in press freedom, the Vietnamese society is increasingly open, showcasing resilience and a future-oriented approach.
Original Source: www.realclearmarkets.com
