Vietnam’s export prowess turns to excess

Vietnam’s economy rocketed up 8% last year as manufacturers like Samsung Electronics, LG and Hon Hai Precision Industry powered exports. Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. Now overseas demand is stuttering. Most of Vietnam’s neighbours, including China, reduced their dependence on exports by developing dynamic private enterprises that moved up the value chain and hiked wages: a virtuous cycle. Most of Vietnam’s neighbours, including China, reduced their dependence on exports by developing dynamic private enterprises that moved up the value chain and hiked wages: a virtuous cycle.