Q. Consider the following statements:
1. Vietnam has been one of the fastest-growing economies in the world in recent years.
2. Vietnam is led by a multi-party political system.
3. Vietnam’s economic growth is linked to its integration with global supply chains and focus on exports.
4. For a long time, Vietnam’s low labor costs and stable exchange rates have attracted global manufacturers. 5. Vietnam has the most productive e-service sector in the Indo-Pacific region.
Which of the statements given above are correct?
Exp: Option c is the correct answer.
Statement 1 is correct: Vietnam has been a development success story. Economic reforms since the launch of Đổi Mới (economic reforms initiated in Vietnam) in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world’s poorest nations to a middle-income economy in one generation. Between 2002 and 2021, GDP per capita increased 3.6 times, reaching almost US$3,700.
Statement 2 is incorrect: Vietnam is a one-party socialist republic. Thus, this statement is incorrect.
Statement 3 is correct: Vietnam’s export-led growth strategy and global integration are among the key factors behind the country’s remarkable achievements in growth and poverty reduction over the last two and a half decades.
Statement 4 is correct: By ending restrictions over trade and foreign investment, Vietnam attracted companies like South Korea’s Samsung, which saw the country, with its well-educated workers and low wages, as an attractive platform for manufacturing and exports.
Statement 5 is incorrect: Vietnam do have one of the most productive e-service sector in the Indo-Pacific region but cannot be called the most productive e-service sector in the entire Indo-Pacific region.
https://www.worldbank.org/en/country/vietnam/overview
