Since the late 1980s when Vietnam began to move towards a more market-driven economy, the formula that proved successful in newly-industrialised economies has worked its magic.
Cumulative foreign direct investment has surged from about $1bn to more than $80bn by 2015 since the turn of the millennium. The majority of this has flowed into the manufacturing and processing sector, which has led to a sharp increase in manufacturing production and subsequently an impressive 10% year-on-year growth in exports. We are also witnessing the transformation of Vietnam's manufacturing industry, with a shift from labour and resources-intensive production activities to more sophisticated production methods, making Vietnamese goods more attractive to the global market. G...
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