Powered by manufacturing, economic growth in Vietnam jumped from 2.8 percent in 1986 — when reforms were introduced — to 7.1 percent last year.
Once-isolated and among the poorest countries in the world, Vietnam has over the last three decades emerged as a manufacturing hub where large multinational firms such as Intel, Samsung, Adidas and Nike have set up bases in. "The country has already become a major exporter of textiles, electronic goods and footwear, among other items, with one in ten of the world's smartphones produced in Vietnam," Australian bank ANZ said in a recent report.
Vietnam is still considered a lower middle-income country by the World Bank and a frontier market by major index providers — which means the country is thought to be less established and riskier to invest in. But that's still a long way from the time when it was one of the poorest nations in the world, economists noted.
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