Why the Vietnamese Dong Will Reset
Economic Potential and Modernization
By JC Collins
Vietnam has achieved a truly remarkable thing. While being a dumping ground for U.S. dollar inflation and having its own currency consistently devalued, Vietnam has managed to produce one of the fastest economic expansions and modernizations in the history of the world. It’s a model of modernization built upon the experience and lessons of China, Korea, and other Asian countries which developed before it.
The modernization of Europe and the Americas took centuries. The modernization of China was achieved in approximately 50 years. Compare that to the astonishing modernization which only began in Vietnam in the mid 1990’s. In less than 20 years, the country has turned from a destitute population on the verge of starvation to an expanding middle class that is considered by all economic indicators to be the fastest such expansion in the world.
