Vietnamese Want Education, Growing Economy, Employment Opportunities and Consumer Goods such as Apple iPhone 3g

Vietnam: Land of Magic, Beauty, Riches, Hard Work and Beautiful People

Vietnamese Want Education, Growing Economy, Employment Opportunities and Consumer Goods such as Apple iPhone 3g

A recent trip to Vietnam has helped me realize the economic rise and fall of this important Asian country.

Who has not heard a recent story about Hanoi, Vietnam's stock market and growing economy? Most of you have read about the recent efforts by many countries including ours to renew contact with the Asian country with the highest diaspora in the States, specifically California. For that matter, we have Little Saigon in the Golden State. Just a few years ago, many Vietnamese were leaving Australia and the U.S. to go back home to invest in the soaring stock market, real estate market. The economic growth was a sure thing. Exports were booming. These expatriates returned to build and brought with them lots of cash. Foreign investment was also flooding in. With all of these economic activities, the country was admitted to the World Trade Organization.

It was with fanfare that millions of Vietnamese celebrated the adoption of capitalist ideas by the communist country. The country is waking up to the marvels and pitfalls of the capitalist system. These days, workers are protesting for higher wages. Inflation has been eating up their incomes. Shares have plunged. People are losing their precious, hard-earned money. The hope of those who expected to strike it rich is being dashed. The good thing is that many of the factors that attracted more than $22 billion in foreign investment to Vietnam are still in place: emerging middle class, adoption of western economic reforms, half of Vietnam's 84 million citizens are under age 30, importance of education and literacy programs, demand for consumer goods and relatively cheap labor. The strength of the economy rests on the shoulder of the young population.

The growth that Vietnam knows has been fueled by young entrepreneurs creating and investing in the new economy. At the same time, the Old economy was present with the booming telecommunications, manufacturing and construction industries. Many U.S. companies wanted to have a presence in Hanoi. Starbucks wanted to grow and get its coffee from Vietnam. Exports of clothing, shoes, rice and coffee brought in the much needed cash for many retailers and farmers. Little did most Vietnamese that this growth would be stunted by the soaring food and oil prices all over the world. Inflation is a major problem right now according to a Vietnamese Restaurant owner who was seeking to open a sister restaurant over there. The government is in control and is paying attention to the recent problems.

In the meantime, if you want to vacation in Vietnam, you will have lots of fun. The people are nice. They want you to visit again. Tourism is very important to the overall economy too. If you decide to venture out, away from rated restaurants, make sure to take care of your water. In the countryside, you may catch worms if the water was not boiled. Two college students who vacationed in Vietnam tell of their trouble with worms when they got back to the U.S. One of them made the mistake of eating unwashed local fruits. He could not turn down the large variety of tropical fruits he was being offered on his walks in the village.