Book explores if VN can develop like former tiger economies South Korea, Taiwan (China)
Book explores if VN can develop like former tiger economies South Korea, Taiwan (China)
Over the last 25 years, Việt Nam has grown from being one of the poorest nations in Asia to an upper-middle income country that is an important manufacturing hub for the world.
The book “Vietnam – Asia’s Rising Star” explores Việt Nam’s remarkable economic development over the past quarter century and examines whether the country is poised to follow in the footsteps of South Korea and Taiwan (China). — Photo courtesy of VinaCapital |
Brook Taylor, CEO of asset management at VinaCapital, who has lived in Việt Nam since 1997, and American Sam Korsmoe, who has been involved with Việt Nam since 1990, point this out in their book "Vietnam – Asia’s Rising Star”, which has now been translated into Vietnamese.
The book, which explores Việt Nam’s remarkable economic development over the past quarter century and examines whether the country is poised to follow in the footsteps of South Korea and Taiwan (China), is published in Vietnamese as “Việt Nam – Ngôi Sao Đang Lên của Châu Á” by Quảng Văn Education and Publishing and Hồng Đức Publishing House.
It cites 2000 data showing Việt Nam’s exports and imports were worth US$30 billion and GDP was around $31 billion.
By the end of 2023, trade had increased to $683 billion and the economy to $450 billion.
Its extreme poverty rate has declined to less than 1 per cent from over 50 per cent in the 1990s.
These are data-supported historical trends.
The more interesting questions are about Việt Nam’s economic future: Can it sustain the high levels of growth for which it has become known? Will free trade and foreign direct investment be the country’s path to sustainable wealth? Can it grow and develop like the former tiger economies like South Korea and Taiwan (China), which experienced 50 years of economic growth to become high-income countries?
These are the topics that Taylor and Korsmoe explore in the book.
They have personally witnessed the country’s remarkable transformation over the past 25 years.
Taylor says: “Based on nearly every business and economic metric that can be measured, Việt Nam has grown consistently for 25 years in a row. We wanted to know if it could continue to grow for another 25 years, and if so, what are the drivers that will make this happen?”
Korsmoe says: “We wanted to research and write about the how and why of Việt Nam’s growth up to now.
“But more importantly, we wanted to know if Việt Nam can escape the middle-Income trap in future.”
More than three years of research and writing have produced two versions (English and Vietnamese) of a book that has six case studies and economic forecasts for up to 2050.
They offer a brief look at Việt Nam’s history, and then focus on its future and whether or not it qualifies as a tiger economy and can grow like they did.
Professor Carlyle Thayer of the University of New South Wales Canberra wrote the foreword for the English language book.
“Vietnam – Asia’s Rising Star will fill a lacuna in the literature on Việt Nam because it is interdisciplinary, contemporary, and forward-looking,” he wrote in the foreword.
The book should be read by “anyone with an interest in Việt Nam….and anyone else with an interest in the future of Asia”.
