Economic Development the Country I Essay

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Capital stock in Vietnam has increased manifold in the past decade, and has fuelled the country's strong economic growth.

Vietnam does not have extensive natural resources. Most of the country is heavily farmed. The country is self-sufficient in oil, gas and hydroelectricity however, which is a benefit. Crude oil is a major export commodity. Much of the other export commodities are farm-based (coffee, tea, rubber, rice).

Vietnam's technology and innovation is nascent. Telecommunications infrastructure is improving. Cell phone and Internet usage is rapidly growing. However, the country is a follower in terms of technological innovation. The education system does not support strong innovation. Development in other areas, such as pharmaceutical or manufacturing, is slow.

Vietnam's government can take several steps to address the deficiencies among the four wheels. They can improve technology and innovation in a couple of ways. One is to invest more in infrastructure.

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Another is to invest in education so that Vietnamese can develop skills in technology disciplines.

The government can do little about the natural resources. They are well set in terms of energy, and should take steps to protect that. If they developed the oil and gas sector they could be open for exploitation. It is recommended that they protect their energy security.

Lastly, Vietnam can take steps to encourage more capital to enter the country. The country underperforms at encouraging investment from certain major world economies. Canada is the leading western economy in terms of foreign investment in Vietnam. Thus, there is significant room to bring in more investment from the U.S., the UK and especially Vietnam's former colonial master France.

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