Vietnam has witnessed significant economic growth, with a strong entrepreneurial spirit driving the pursuit of wealth, evidenced by surveys showing 76 percent of citizens viewing wealth as important. Despite its war history, the country embraces capitalism positively and promotes entrepreneurial endeavors in its educational institutions. Challenges such as censorship exist, yet Vietnam offers more media freedom compared to many other nations.
Vietnam’s growth is marked by a robust entrepreneurial spirit, evident from my visits in 2014, 2022, and 2024. In a survey conducted by Ipsos MORI, 76 percent of Vietnamese indicated the importance of wealth, significantly higher than in Europe and the U.S., where only 28 percent felt similarly. The concept of capitalism is associated with positive attributes like freedom and prosperity in the country.
Despite historical conflicts, Vietnam showcases minimal anti-American sentiment compared to other regions. Scholar Đinh Minh Tuấn emphasized that the Vietnamese prioritize their future over past grievances, noting better work conditions in American firms. Many young people, like entrepreneur Ngyuen Xuan, view American cultural norms as pathways to success, often encouraged by family.
The aftermath of Vietnam’s war with the U.S. led to initial pride concerning socialism, but subsequent economic downturns shifted perspectives. The launch of the Đổi mới reforms in 1986 signified a pivotal turn towards a market economy, drastically reducing poverty levels. In 1990, Vietnam boasted the world’s lowest per capita GDP, which has dramatically improved since then.
Business dynamics have shifted with foreign investments, particularly from companies seeking to evade tightening Chinese regulations. Conversations with entrepreneurs in Vietnam reveal a predominantly capitalist mindset, despite the official commitment to socialism. Additionally, women play an essential role in business, with 36 percent of executive positions held by women, surpassing neighboring countries.
Educational institutions in Vietnam emphasize entrepreneurship, with universities fostering innovative thinking. Workshops such as “Rich people, rich country” are indicative of a societal focus on wealth creation. Contrasting with Western educational environments that may resist capitalist ideals, Vietnam’s universities encourage entrepreneurial endeavors and celebrate business success.
The press in Vietnam operates under a one-party system, with state ownership of newspapers. However, there is a burgeoning online space through YouTube and social media for younger audiences. My experiences with book publication face censorship hurdles, yet the overall media landscape in Vietnam offers more freedom than in China, where access to Western platforms is severely restricted.
Vietnam’s entrepreneurial spirit and positive view of capitalism exemplify a significant shift in attitudes toward wealth. With a history of overcoming past conflicts and adopting market reforms, Vietnam has transformed rapidly and positively. While challenges remain regarding media freedom, the country’s economy and social dynamics reflect a proactive approach toward a prosperous future, distinctly marking its path compared to other nations.
Original Source: www.realclearmarkets.com
