Part 5/11:
The results were transformative: Vietnam’s GDP per capita skyrocketed from around $100 in the early 1990s to over $4,100 by 2020, positioning it as one of the fastest-growing economies globally. The percentage of extreme poverty plummeted from over 70% to below 5% during this period, reflecting significant improvements in the economic condition of its citizens.
Manufacturing became the linchpin of Vietnam’s economic resurgence, thanks in large part to investments from global giants such as Samsung and Nike. By becoming a key player in international supply chains, particularly in textiles, footwear, and electronics, Vietnam exponentially increased its production capabilities, exporting over $350 billion worth of goods annually.