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Vietnam still has many elements of communist rule, just like China. The economy is largely controlled by state enterprises, often run by incompetent and corrupt
by blackhawkC17 2y ago
Vietnam still has many elements of communist rule, just like China. The economy is largely controlled by state enterprises, often run by incompetent and corrupt bureaucrats.
Private players often get hampered by these horribly run state enterprises. There's also the issue of pervasive corruption that ruins everything it touches.
- alephnerd 2y agoJust having significant SoEs doesn't make a country "Communist". By those standards so are Indonesia, Pakistan, Saudi Arabia, and India. I've done a lot of work within VN and my SO is herself VNese, so I've had the opportunity to travel and meet with operators there. Most of the capacity that is built is done so by private players. While there are still a couple oversized SoEs, they cannot compete with the much larger Japanese, South Korean, Singaporean, and Chinese players because Vietnam has FTAs with all those countries.