The Southern part of Vietnam is booming. As a Vietnam Veteran, I find that interesting. It was always my impression that the Vietnamese people were good and hard working and if they were left to their own devices they could do just fine. For too many years the area was beset with the problems of war starting with the fight for independence from France in the 1950’s and the Vietnam War through 1975. For decades that poor country was wracked with the constant destruction of war. After decades of national recuperation and despite having to operate under the yoke of a stifling communist government Vietnam is booming.
In this episode a story from Forbes/ Asia titled: What ‘Stark Tower’ Tells Us About Vietnam’s Economy by Johan Nylander a Contributor that illustrates the new and rising prosperity of the country is featured. In his article, Nylander describes the Bitexco Financial Tower. It is the city’s tallest building and in its 68 floors rising 262 meters above ground houses everything from financial firms to a mall with European luxury brands and a variety of fine cafés and restaurants. He goes on to say “just five years ago, it was the country’s tallest building. Next year, it’ll be fourth tallest.”
The growing economy is turning the country into a magnet for foreign investment and trade. Vietnam is expected to benefit greatly from the recently approved TPP trade agreement. With all the new growth Vietnamese traditionalists have the luxury of beginning to worry about preserving heritage and conservation of historic buildings.
The one big cloud on the horizon that could spoil the party is the aggressive nature of their big neighbor to the North. China too is growing and has the tendency to throw their new found weight around. Specifically they are claiming the Spratley and Paracel island groups in the South China Sea. This will allow the Chinese to exploit the rich fishing grounds and petroleum deposits in the area as well as controlling the critical sea lanes where much of the East Asian commerce passes through. Let’s hope they work that out.
As a Vietnam Veteran I wish Vietnam the best.