The Rise of Entrepreneurial Spirit and Wealth in Vietnam
Vietnam has undergone significant economic transformation, with 76% of its citizens prioritizing wealth compared to 28% globally. The spirit of entrepreneurship is strong among its population, marked by historical appreciation for American business practices. The Đổi mới reforms have drastically reduced poverty, and the country embraces capitalist ideals, making it an attractive destination for investors seeking to escape more regulated markets.
Vietnam has demonstrated remarkable economic growth and a vibrant entrepreneurial spirit, evident during my visits in 2014, 2022, and 2024. According to a survey conducted by Ipsos MORI, 76 percent of Vietnamese respondents prioritize wealth, a striking contrast to the global average of 28 percent in Europe and the U.S. This enthusiasm for capitalism, associated with positive traits such as freedom and innovation, highlights the country’s unique economic landscape.
Despite the historical context of the Vietnam War, anti-American sentiment is notably less prevalent than in other regions, such as parts of Europe and the Arab world. Scholar Đinh Minh Tuấn remarked, “We Vietnamese don’t look back to the past, but to the future,” emphasizing a focus on building a better relationship with America. Many Vietnamese admire the work culture in American companies and encourage learning American practices for success.
Following the war, Vietnam’s pride surged after defeating a significant military power. However, the introduction of a socialist planned economy hindered growth, leading to widespread poverty until the Đổi mới reforms in 1986 initiated a shift towards a market economy. By reducing poverty rates from 79.7 percent in 1993 to only 3 percent today, these reforms have transformed the Vietnamese economy significantly.
During discussions with business leaders, the practicality of socialism in Vietnam is questioned. One entrepreneur noted, “some people may still talk about Marxism-Leninism, but in reality, everyone here takes a capitalist approach to business.” The country’s regulatory environment has also attracted businesses fleeing from China’s tightening grips.
Moreover, there is recognition of women’s impactful role in the Vietnamese workforce, with 36 percent of executives being women—higher than in Thailand and Germany. Educational institutions, such as the National Economics University and the Foreign Trade University, promote entrepreneurship through workshops and business competitions, diverging from more leftist ideologies seen in Western universities.
While Vietnam remains a one-party state with limited press freedom, there are signs of greater accessibility compared to China. Young people increasingly rely on social media for news rather than traditional media outlets. Freedom in publishing is still contingent upon state approval, as seen with the rejections I encountered when attempting to publish works discussing capitalism.
Vietnam’s journey from a war-torn country to an economic powerhouse reflects its commitment to entrepreneurship and wealth generation. With a strong inclination towards capitalism, a rising female presence in leadership, and a vibrant youth culture leveraging technology, Vietnam stands out as a land of opportunity. Despite its complexities, the country’s focus on progress and adaptability towards economic growth is evident.
Original Source: www.realclearmarkets.com
