{"id":2004,"date":"2026-06-23T06:10:48","date_gmt":"2026-06-23T06:10:48","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2004"},"modified":"2026-06-23T06:10:48","modified_gmt":"2026-06-23T06:10:48","slug":"fortune-archives-the-moment-vietnams-economy-took-a-right-turn","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2004","title":{"rendered":"Fortune Archives: The moment Vietnam\u2019s economy took a right turn"},"content":{"rendered":"<div>\n<p>This \u201cwhite flag\u201d was <em>Doi Moi, <\/em>a series of reforms in Vietnam that allowed foreign investment and private ownership in the centrally planned economy. \u201cIn a historic reversal of dogma, Party General Secretary Nguyen Van Linh, 74, has begun acknowledging that a strong dose of capitalism is essential to revive Vietnam\u2019s moribund economy,\u201d Leinster wrote.<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2002\">As public sentiment sours, Indonesia awaits MSCI verdict which risks $13 billion in capital outflows<\/a><\/p>\n<p>Forty years after <em>Doi Moi, <\/em>Vietnam is now Southeast Asia\u2019s most exciting economy. The country has slotted itself into global supply chains, with Vietnamese factories churning out electronics, apparel, and other goods bound for Western markets. Chinese, Korean, and Japanese companies are pouring money into the country. And it\u2019s not just manufacturing: Vietnam is becoming both a tourist hotspot and a budding pop culture hub.<\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<p><em>Doi Moi<\/em> played a big part in that, REE Corporation chair Nguyen Thi Mai Thanh told me recently when I was in Ho Chi Minh City to report on the nation\u2019s resurgence<em>. <\/em>\u201cThe fundamental problem was simple: Goods were scarce while money kept being printed,\u201d she explained. \u201c<em>Doi Moi<\/em> was like a fresh wind blowing into the Vietnamese economy.\u201d (Nguyen\u2019s REE Corporation became the first state-owned enterprise to privatize, and later the first to publicly list.)<\/p>\n<p>Vietnamese companies on this year\u2019s Fortune Southeast Asia 500, released earlier this week, generated $177.9 billion in revenue; the country is responsible for a quarter of the revenue growth on the list.\u00a0<\/p>\n<p>In 1988, Leinster was careful to sound a note of caution: \u201cThe enthusiasm with which Vietnamese describe their capitalist-influenced future can be contagious while you are there. But can Vietnam ever be made safe for market socialism?\u201d\u00a0<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=2000\">South Korean chipmakers are being paid such massive bonuses it\u2019s becoming an inflation problem for the central bank<\/a><\/p>\n<p>It seems like it has. Vietnam grew by 8% last year; Hanoi hopes to grow the economy by 10% annually by the end of the decade, and become a high-income country by 2045. \u201cVietnam has done quite a lot of things right, no matter how you look at it,\u201d Alberto Vettoretti, a top ASEAN executive for Ascentium, an Asian business services firm, told me.\u00a0<\/p>\n<div>\n<div><\/div>\n<\/div>\n<p>But there are still plenty of challenges: Executives and investors warn that there\u2019s not enough liquidity, not enough labor, not enough infrastructure, not enough value-added manufacturing, not enough energy, not enough managers.\u00a0<\/p>\n<p>Still, that \u201centhusiasm\u201d Leinster saw in 1988 is still there. \u201cI feel a lot more excitement when I walk about Ho Chi Minh City right now than when I go to some industrial zones and startup parks in China,\u201d Vettoretti told me. \u201cThere\u2019s a real sense of hunger.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/crosscountrymovingteams.com\/?p=1998\">Europe must take opportunity to \u2018dream bigger\u2019 if it\u2019s to seize its innovation moment<\/a><\/p>\n<div>\n<div>\n<div><\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In 1988, Fortune found a nation waving \u201cthe economic equivalent of a white flag.\u201d<\/p>\n","protected":false},"author":1,"featured_media":2003,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"tags":[],"class_list":["post-2004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fortune-archives"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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