Did you notice that Vietnam has come long way since global economic crisis, 2008? Meanwhile the aftermath of subprime mortgage crisis has had huge effect on the world economy, in Vietnam, the rate of economic growth is unstoppable. It has risen from year to year since then. The stunning progress results from the increasing growth of export. According to Vietnam’s government, the amount of export this year will be expected to reach an all-time high.
What’s going on there, Vietnam? To describe Vietnam in a word, it is ‘Hot’ because this place has been regarded as a key production plant of ‘Big companies’. Actually, many global companies such as Microsoft, Intel, Samsung, Nike, Apple’s Foxconn, and so on have moved into the southern Vietnam where it was an originally orchard.
Interestingly, until just a few years ago, most people took it for granted that China was bar far the best as the production plant of global companies. However, Vietnam grabbed big companies’ attention, and it changed the currency of global industry. Vietnam’s cheap labor not only made even G2 quivered, but also this rookie hit the accelerator with TPP(Trans-Pacific Partnership), where China is not included because this treaty was basically designed for keeping an eye on G2, China. In the near future, we will see much more ‘Made in Vietnam’ than China’s.
According to the one article in Korean Economy, the minimum wage is $1.96 per hour in Vietnam, and 3.27 in china. However, there is a prospect that this minimum wage in Vietnam will continuously increase. Truly, in Vietnam’s minimum wage increased every year more than 10%.
Lastly, if you ask me about the following, although we need to notice Vietnam, for now, the power of 'Made in Vietnam' will be able to bring much more money into Vietnam.
Source, Korean Economy http://www.hankyung.com/news/app/newsview.php?aid=2015110839341
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