Is Vietnam the Next Economic Power?

Summary

Vietnam, a nation often known for its historical wars, is rapidly emerging as a significant economic force. With a rich geographical setting, including major deltas and abundant natural resources, Vietnam has a thriving agricultural, fishing, and manufacturing sector. Despite historical and geographical challenges, including a complex relationship with China, Vietnam is forging new economic ties globally. With a growing population and dynamic industries, Vietnam's future as a powerful economy seems promising, despite potential threats from its northern neighbor, China. Whether in agriculture, tourism, or manufacturing, Vietnam is proving to be a burgeoning powerhouse on the world stage.

Highlights

• Vietnam is a rising economic force with a fast-growing GDP, ranking 40th globally but expected to rise further. 🚀
• Its strategic location and abundant natural resources boost its key industries like agriculture, mining, and manufacturing. 🌱
• Vietnam has a complex history with China, affecting its current geopolitical strategies. 🗺️
• The manufacturing sector is significant, with Vietnam producing large portions of global electronics and textiles. 👕
• Vietnam's tourist appeal is skyrocketing, drawing millions each year to its historic cities and beautiful landscapes. 🏝️

Key Takeaways

• Vietnam is quickly becoming an economic powerhouse with a booming agriculture, manufacturing, and service industry. 🌾
• Its geographical landscape provides both strategic advantages in trade and challenges in defense. 🏞️
• Despite its communist label, Vietnam thrives on private ownership and foreign investment. 💼
• Vietnam's population is growing but stabilizing, supporting its economic development. 👥
• Tensions in the South China Sea pose challenges, yet strengthen Vietnam's ties with Western nations. 🌊

Overview

Vietnam is charting a course towards becoming a formidable economic power. This Southeast Asian country, historically known for its tumultuous past with colonial and cold war eras, is now building a reputation for economic dynamism. Its economic framework includes a robust mix of agricultural exports, significant manufacturing output, and a fast-growing service sector propelled by tourism. With its recent economic reforms, Vietnam embraces private enterprise while still under a communist banner, presenting a unique model of growth.

Geographically, Vietnam's extensive coastlines and river systems position it as a crucial player in regional trade. The country's rich natural resources support thriving agriculture and seafood industries, making it a major exporter worldwide. However, Vietnam's strategic advantage also presents challenges, especially concerning its historical tensions with China over the South China Sea. These regional disputes have nudged Vietnam towards forming alliances with Western nations, bolstering not just defense but also economic opportunities.

As Vietnam progresses, its population dynamics also play a crucial role. With an increasing yet steady population growth, the nation is poised for a shift towards urbanization, thereby enhancing its industrial and economic capacity. Vietnam's integration into the global market, coupled with its cultural richness and scenic allure, augurs a brighter economic future. The challenges from its proximity to China notwithstanding, Vietnam aims to leverage its strategic partnerships and strong resource base to secure its economic aspirations.

Chapters

• 00:00 - 00:30: Introduction to Vietnam's Geographical and Historical Context The chapter titled 'Introduction to Vietnam's Geographical and Historical Context' discusses Vietnam's global image and historical significance. Known to Americans, French, and Chinese as a significant site of military conflict, Vietnam remains a communist nation with one of the fastest-growing economies. Despite its longstanding regional power due to its unique location, Vietnam historically lacked the ability to project power outward. However, with a vast population, burgeoning economy, and growing industries, Vietnam is increasingly perceived as a potential future global power.
• 00:30 - 01:30: Geographical Significance and Historical Strength The chapter discusses Vietnam's geographical significance and historical strength by exploring its unique shape and strategic location. The elongated shape, running along the coast of the South China Sea, has endowed Vietnam with a maritime orientation. This geographical positioning has significantly influenced Vietnam's history, economy, and the way of life of its citizens. Additionally, the chapter notes two important river deltas in the North and South that further emphasize the importance of water bodies to the country's development. Through these geographical features, Vietnam has become a notable regional power with a strong naval presence.
• 01:30 - 02:30: Vietnam's Delta Regions and Agricultural Significance This chapter discusses Vietnam's delta regions, focusing on their agricultural significance. The Red River Delta in the north is integral to Northern Vietnam, housing Hanoi, the capital, and is the hub for about 75% of the region's agricultural and industrial activity. Historically, this area was vital for the early Vietnamese kingdoms. In contrast, the southern delta, located at the southern tip of Vietnam, is described as even more powerful than the northern delta in terms of its significance.
• 02:30 - 03:30: Vietnam's Geopolitical Strength and Challenges The chapter discusses Vietnam's geopolitical strengths, specifically its control over the Indochina region due to the Mekong River Basin. The river, although not entirely within Vietnam, traverses several countries including Laos, Cambodia, Thailand, China, and reaches Tibet, covering half of the Indochina region. This geographic feature provides Vietnam with significant influence over regional trade. Moreover, Vietnam's tropical and wet climate reduces its dependence on these rivers compared to other countries.
• 03:30 - 04:30: Historical Background and Economic Reforms The chapter titled 'Historical Background and Economic Reforms' delves into the geographic and climatic challenges faced by regions in Vietnam, especially highlighting the differences between the southern and northern areas. The south is characterized by its vast rainforests, while the north, though more temperate, still maintains a tropical climate compared to regions like Europe. These conditions along with mountainous terrains, particularly in central Vietnam and along its western and northern borders, have historically influenced settlement patterns. As a result, the northern part of Vietnam has been the historical center of the country due to its relatively easier living conditions compared to the challenging tropical and mountainous environments elsewhere.
• 04:30 - 06:30: Economic Growth and Industry Breakdown The chapter discusses Vietnam's geographical and demographic characteristics, emphasizing its dense population along the coast and the two major river deltas. It highlights Vietnam's natural defensive advantages, which have historically made it extremely difficult for major world powers like China, the Mongols, and the United States to conquer and maintain control over the region. Despite periods of occupation, such as under French or Han Chinese rule, the Vietnamese people have consistently resisted cultural and political replacement, maintaining their distinct identity over millennia.
• 06:30 - 08:30: Demographics and Urbanization Trends The chapter discusses Vietnam's rapid growth under the Socialist Republic of Vietnam, providing historical context from when the country was divided into Communist North and Capitalist South after the departure of the French from Indochina. It highlights the conflict between the two sides, with the North supported by China and the USSR, and the South backed by the USA and regional allies. The war concluded with a Communist victory and the unification of Vietnam in 1976. The chapter hints at significant economic developments that began in 1986.
• 08:30 - 10:30: Geopolitical Tensions with China The chapter discusses the economic transformation in Vietnam following the implementation of the Doi Moi economic reforms. These reforms, which were introduced to address economic stagnation, opened up Vietnamese markets to private ownership and foreign investment, mainly in farms and industries. As a result, there has been significant economic growth in Vietnam since the 2000s. The country's GDP per capita has increased by approximately ten times, and its GDP growth rate remains high, around 7% annually. Currently, Vietnam's GDP stands at about $354 billion, making it the 40th largest economy globally, with expectations of continued growth due to the sustained high growth rate.
• 10:30 - 11:30: Vietnam's Future Prospects The chapter "Vietnam's Future Prospects" discusses Vietnam's economic potential by 2050. It is projected to become one of the world's top 20 largest economies, marked as the fastest growing economy among nations. The economic growth is majorly attributed to its robust agricultural sector, leveraging its tropical climate to lead in exports of rice, sugar cane, cassava, cashews, bananas, and coffee, with millions of tons exported annually. Additionally, Vietnam's fishing industry substantially contributes due to the abundance of rivers and lakes.

Is Vietnam the Next Economic Power? Transcription

• 00:00 - 00:30 oh Vietnam if you're American French or Chinese you might know it as the place your grandpa fought in and lost it's one of the few Nations on Earth that still claims to be communist while having one of the fastest growing economies on Earth the Vietnamese have been a regional power for centuries because of their unique location they have never been able to project this power outwards but with a huge population growing economy and increasing industry in Vietnam many people are seeing it as the power of the future so will Vietnam be
• 00:30 - 01:00 great power if not the regional power what is Vietnam's future the first thing to talk about is what I always talk about Vietnam's geographical situation the first thing that anyone notices when they see Vietnam is how long it is it is quite a thin country straddling the coast of the South China Sea this made Vietnam a very Naval country and the ocean is something the people and economy depends on but that's not the only water the country has if you zoom in on the North and the South you'll see two important delt
• 01:00 - 01:30 the north for the Red River and the south for the meong the Red River is not too large only stretching up into China but the Delta on the base is where Vietnam has functioned for centuries it is home to Hanoi the capital as well as around 75% of Agriculture and Industry of Northern Vietnam and when the Vietnamese first coalesced as a people group it was in this Northern Delta where they built Their Kingdoms the southern Delta is surprisingly even more powerful it makes up almost the whole tip of Southern Vietnam housing its most
• 01:30 - 02:00 populous city hoian city and even though the Mong isn't really in Vietnam it still goes through plenty of other countries Laos Cambodia Thailand and up into China stretching to Tibet the Mong River Basin covers around half of the Indochina region which gives Vietnam a huge amount of control over the Region's trade and Vietnam doesn't depend on these Rivers like some other countries do because Vietnam is already a wet country Vietnam is quite tropical
• 02:00 - 02:30 especially in the South with huge rainforests the north is a little more temperate but still very tropical compared to other temperate areas like Europe frankly tropical areas are hard to live in which is why the north of Vietnam was the center of the country for most of its history and what makes this area even harder to live in are the mountains just look at this a mountainous jungle Valley the mountains are mostly in central Vietnam as well as its Western and Northern borders most people avoid this problem by physically avoiding it the Vietnamese population is
• 02:30 - 03:00 crowded onto the coast as well as the two Deltas but it comes with a major upside Vietnam is practically impossible to conquer just ask the Chinese the Mongols or Americans three major world powers who fail in the Vietnamese jungle mountains and if you do end up conquering it like the French or Han Chinese the Vietnamese people will not let you replace them even living under Chinese rule for a thousand years through its mountains jungles length and rivers it's just one of the hardest places on Earth to take over fast
• 03:00 - 03:30 forward to today in Vietnam under the Socialist Republic of Vietnam is fast growing the country was split in half after the French left the occupation of Indochina of course the two sides went to war the Communist North was aided by China in the USSR and the capital South was aided by the USA and some Regional allies the war was gruesome and ended in the north winning and the Communist takeover of Vietnam emerging in 1976 but in 1986 after after economic
• 03:30 - 04:00 stagnation the country implemented what is known as dooy it opened up Vietnamese markets encouraging private ownership of farms and Industry and foreign investment and ever since dooy in the 2000s Vietnam's economy has boomed increasing GDP per capita by around 10 times and nowadays the GDP growth rate is around 7% annually which is very very high the GDP is already around $354 billion US 40th largest on Earth but due to that high growth rate it's expected
• 04:00 - 04:30 that in 2050 Vietnam will be around the 20th largest economy on Earth it is potentially the fastest growing economy out of Any Nation but how is their economy divided in terms of Agriculture Vietnam is a beast the tropical climate means plants can Thrive there it is a major exporter of rice sugar cane cassava cashews ma bananas and coffee it exports millions of tons of each in relation to agriculture Vietnam's fishing industry plays a key role in its system because of all the rivers lakes
• 04:30 - 05:00 and huge Coastline Vietnam has been a seafood Powerhouse for its whole history millions of tons of shrimp and catfish are caught and exported another huge industry is Mining and specifically petroleum extraction although that's not to say mining minerals like anamy boxy gold ruby and iron isn't a big thing in the Vietnamese mountains Vietnam has some offshore oil reserves which are currently capable of bringing in over 400,000 barrels a day renewable energy just is not on the menu in Vietnam and
• 05:00 - 05:30 probably the biggest industry in Vietnam nowadays is manufacturing contributing to over 40% of the GDP it's becoming more and more common every year to find products wherever you might live that say made in Vietnam check your shirt right now I'm sure a large chunk of you have this phrase on it its proximity to China AKA The Factory of the world means it can take a significant number of jobs from China or be given to them electronics companies are moving from South Korea to Vietnam as well 40% of
• 05:30 - 06:00 Samsung phones are made in the country and other manufacturing Industries include automobiles textiles food processing chemicals and Footwear if anything is pulling Vietnam out of poverty it is the manufacturing industry and lastly there's the service industry yeah there's Banking and finance but the main service is tourism in 2019 Vietnam welcomed 18 million tourists to their country the most in its history they come for the mega cities of Hanoi or hoi min or the plethora of jungle field
• 06:00 - 06:30 mountains and Bays just look at this no wonder the tourism industry is blowing up it's no surprise that when of Vietnam open to the world's economy through doy Moy or foreign investment they prospered manufacturing tourism and the vietnamese's pockets blew up when Vietnam gave the world an access to their huge population but just what will that population look like in the future right now the population is around 96 million people it will peak in around 2050 with 109 million and slowly decrease after stabilizing at basically
• 06:30 - 07:00 what it is today by 2100 this means that even though the population will grow it will not be too much of a burden on the country's food water and housing supplies however not all these people are the same Vietnam is split into multiple ethnolinguistic groups the one in charge is the kin constituting around 85% of the population but especially in the highlands other groups dominate such as the Hong Dao T and muang people with about 50 others the people of Vietnam do not really live in ities though with an
• 07:00 - 07:30 urbanization rate of around 34% the two largest cities make up around half that rate and as Vietnam transitions to a more middle power developed Nation more people will live in the cities around the country which will grow the manufacturing industry even faster causing even more Prosperity the growing but stable population is amazing for any country going into the Future Okay so Vietnam has a great economy and demographics surely there has to be some major issue and there is look right above V Vietnam it's China
• 07:30 - 08:00 but wait these are both communist and name countries in the same region who both opened up to the world at the same time just look at their Flags they should be best friends that's not the case though Vietnam is anything but a Chinese Ally a thousands of years of attempted and successful Conquest in Vietnam isn't going to go well with the people there b the whole Vietnam war aid thing was less as allies and more against the Americans after the war Vietnam set up a new Cham Rouge regime in Cambodia which China hated Vietnam
• 08:00 - 08:30 and China had a short 3-week war in 1979 after that so all ties were ruined shortly again after the Vietnam War and see the sea specifically this sea the South China Sea Vietnam claims this region as their economic exclusive Zone a Zone where only they are exclusively allowed to operate economically the problem is their claim overlaps with malaysias Bruna the Philippines Taiwan and most importantly China China basically claims the whole sea they
• 08:30 - 09:00 honestly need it if they want a chance to challenge the US navali and you see these islands in the middle they're key to owning the sea Vietnam used to own all of the parisel and spratley Islands but after the Vietnam War China took all of the paracels to this day they still own them but Vietnam still has 29 islands in the spratley instead of taking them by force China has decided to just build new islands and reefs to increase their chance of owning the region tensions are high in the South
• 09:00 - 09:30 China Sea even hosting a clash between Chinese and Vietnam ships over a Chinese oil rig in Vietnam's EZ this whole situation has essentially made Vietnam an American Ally because face it if China and Vietnam ever got into a naval war Vietnam isn't going to win ever since 1995 relations between Vietnam and the US have been warming up as well as with other Western Nations and nowadays both agree on keeping China in their Zone which has made them friends despite their past together Vietnam has a good
• 09:30 - 10:00 future ahead of it its economy is one of the fastest growing in the entire world its stable yet growing population ensures that once more people urbanize and even faster economic growth will occur especially in manufacturing Fields its geography both gives it one of the best defenses on Earth and control over all trade in the Mong River but that same geography places it next to increasingly aggressive China forcing Vietnam to open up to Western Nations economically and militarily for Aid against a potential Chinese attack so to answer the question and the title of
• 10:00 - 10:30 this video Vietnam is absolutely an economic power of the future or Vietnam will be an economic power of the future if China doesn't take it over but don't worry the Vietnamese people are used to Chinese attacks I'm sure it'll be fine if you enjoyed this video please give the Thumbs Up And subscribe buttons in economic boom thank you so much for watching this whole video