The Wake of War
Vietnam: beacon of freedom?
In another sign that Vietnam is beginning to attract a critical mass of foreign investment, Vietnamese regulators approved Intel Corp.'s plans to proceed with the country's single biggest technology project to date, a chip-assembly plant in Ho Chi Minh City.
Intel's arrival is expected to be announced Tuesday at a ceremony with political leaders and Intel Chairman Craig Barrett. The size of the company's investment, likely to be several hundred million dollars, and its prominence in the technology sector signal a turning point in Vietnam's economic emergence.
The country is already an important exporter of food and textiles, and its success in attracting capital is growing. Merrill Lynch estimates that foreign direct investment in Vietnam reached $5 billion in 2005, an eight-year high. The influx helped lift annual economic growth to rates approaching those of Asia's biggest booming economies, China and India. During the past six years, Vietnam's gross domestic product has grown at an annual average of 7.4%, adjusted for inflation.
Like my Fukuyama post
(for which I expected severe opprobrium), it makes me question my neoWilsonian beliefs. We failed to install capitalism and democracy in Vietnam, but they found it. Estonia found it, Socialist India and Communist China are finding it.
I definitely veered toward some basic precepts of isolationism in 2005. Not just the tough times -- a better feeling for the difficulty of affecting change from outside.
Freedom on the March
Posted by John Kranz at February 23, 2006 11:24 AM
I wonder if the Soviet Union communist/socialist system not collapsed, if "creeping capitalism" would have had a chance to settle in?
They were the hardest of the hard core, keeping their satellites in line.