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You seemed to confound the difference between countries becoming developed economies and there being disparity. I think they are not mutually exclusive. Countries can all be developed and there could still be disparity among them. If anything, all data points in this direction. Wealth gap among the global population have been shrinking rapidly for the last 30 years.
Weird calling China their ally. I was in Vietnam last year (i loved it) and i caught quite a lot of negative comments about China, and Chinas attempt to take over Vietnams exclusive economic zone in the South China Sea. They were much more friendly to Americans and seemed to have mostly forgotten about the US-Vietnamese war in an emotional sense. I don't know if we could call China an ally since they are stealing Vietnamese ocean territory. This is the only country I've ever visited outside of the US that I've ever thought that I would want to move to. The experience there was exceptional and eveeything was so cheap yet luxuries were readily available that I genuinely felt rich within the country.
Since vietnam do not have USA milltray base ,it's not that friendly towards USA ,never be fooled by the appearance .chinese people are actually more friendly towards american and chinese culture been greatly infulenced by the USA ,the enterpreneurial spirit of american inspired chinese people for two generations, but does that mean anything ?NO! Plitics is only politics .Vietnam is rope walking ,it want the USA Economic assistance and not anger china at the same time since they are rely on china in a lot of ways ,Are vietnam goona be more friendier to USA than china ,i doubt that , no matter how vietnemse express their hate towards china ,and their love toward the USA , the fact is their politican obvious have a cool mind ,they won't make the same mistake 30 years ago .won't they ?their goal is for the benefit of vietnam and it's people .and they may play both sides to gain benefits
China is a no non-aligned nation, so bacisally china do not have ally offically , but the reason why Economics Explained called vietnam china's ally ,is because it can not be USA ally (or the corret word puppet ) no matter what ,it will never allow USA to set base in it's soil unlike japan and s.korea ,any asian country who is not USA ally is chinese ally , because american always believe something like you are either with us or against us .andy by the way ,china never steal vietnam's ocean ,keep in mind ,china is there ,too .much longer than vietnam as a country/nation ever existed in there , and it's dispute .and unlike the USA who Setal native indian's land and drove the indian in north america to extinct , and blame their descendants who have the same gene in south America as illegal immigrants , so who is the real illegal immigrants ?you tell me .
To answer your question, the people side with U.S and the government side with China. The guy above me is what we usually call “Việt cong” employed by the government to speak good thing about Việt-china relationship.
@@user-jh2so5uo9s not really. Vietnam people tend to not know much about the US outside of it's glamour. People who knows tend to hate the US the same as they hate China. Vietnam is always walking that fine rope because it's the only way that it's gonna survive and not have to fight war after war. In fact, the southern Vietnam having way more Chinese influence than the North is no surprise: the US and the old RVN government are very ready to sell the nation to anybody who bid the highest. It's just kinda the problem.
I'm an expat in Vietnam. Vietnam is an exciting place to be in, obviously developing rapidly, and somewhere I want to live for the rest of my life. Most of my friends think the same. @@RealManasBose Vietnam's pretty liberal about everything. I don't think UA-cam's on their scope
I was in vietnam 6 years ago, they are some of the nicest friendliest people I've met in the world who were confident, striving for further education and career driven. Without a doubt their economy growing well makes sense and I really hope they become the next big asian economy because they deserve it. We had two Veterans visiting for the first time since the war on a tour, turned out the guide lived in the same area where they were fighting and they shared bizarrely similar specific events. It was a very emotional situation mainly for the American guys who not only felt bad for what had happened there but were still clearly affected by the war itself. What amazed me that the Vietnamese guide said in response to a question about Vietnamese sentiment towards Americans, 'in vietnam we don't hold grudges and we are happy that the war is over, we can all move forward and become friends and look forward to the future'. That's a powerful cultural psychology in an age of victimisation and division. Looking forward to the growth of Vietnam in the decades to come and visiting my friends there again one day. 🇦🇺🇻🇳
Soon after Doi Moi in the 90's I used to visit Vietnam regularly on business. I was impressed by its smart and industrious people. A friend of mine in HCM City - a Hong Konger - used to manage the country's first building with escalators that attracted many local "tourists". Remembering that, the images of VN today with many tall buildings is nothing less than a shock to me. It reminds of China I first saw in 1989. Beijing was full of run-down grey buildings and bicycles then. But. . . Don't make the mistake of seeing VN as the "next China". China has a huge domestic market. It has more money than anyone else but the USA (only because it can print $). It produced more engineering PhD's than the rest of the world combined. VN on the other hand, depends totally on foreign sources for materials, investment and technology. VN runs a chronic deficit vs. China because much of the raw materials are imported. VN's larger manufacturers are of foreign origin. Samsung Vietnam accounts for 35% of VN's export and 28% of it's GDP. Samsung moved factories from China for VN's cheaper and abundant labor, but they can pack up and move to one of VN's neighbors like Cambodia any time. VN's efforts to attract foreign investments worked well and gave VN a leg up on the competition. Now VN must learn to become self-sufficient. Otherwise, as the competition heats up, there's no guarantee that VN can continue its current trajectory and reach a "developed nation" status any time soon.
For much of Vietnam's existence, it has been at odds or at war with China minus about 100 years total, I think many Vietnamese and Chinese would disagree with that "ally" characterization, and before anyone brings up "they are large trade partners with each other" well China and the USA are each other's largest trade partner as well and I think we all know how that relationship is going and has been going lol.
Totally agree. But I do hope the East and South East Asian region can become far more developed and the countries can enjoy a relationship closer to that of Northern and Western Europe.
As a Vietnamese, I have to disagree with EE about your critisism about Vietnam depending on China. Yes Vietnam depends on China. But like every countries depends on China LOL. If you check import and export, then China is only the 3rd biggest market we export to, and even if China is the largest exporter to Vietnam, it only contribute 14% of our import. In term of investment/debt, Japan and South Korea are actually the biggest investors to Vietnam, not China. I would say Vietnam is even less dependent on China than say, Australia or US. And certainly, we are less dependent on China than almost all of the developing countries currently. And no, China is not the ally of Vietnam, yes it was, but ever since the war with China in 1989, right after Vietnam-Cambodia war, we never consider China as an ally. Business partner sure, but ally, well I will consider Japan or Russia as allies of Vietnam instead. Oh, and ASEAN too. I do agree with your other criticism though, our industry is kinda low-cost manufacturing without any sophisticate. The agriculture isn't systemized and large-scale. It's totally right and we need to diversify it. Edit: My mistake. The war between China and Vietnam was on 1979, not 1989. And yes that's a war, not a conflict like India-China just now. Ten thousands of deaths for each side at least. There are many minor conflicts happening later until 1990s when Vietnam and China began to solve out the border
@@highlighthilltop5470 the US has favorable view among many vietnameses due to being opponent of China. however, vietnam would politically avoid joining military alliances and prefer to be neutral out of the new superpower struggle
Wow! That actually seems like amazingly little trade with China to me considering just how huge and nearby China is! That's comparable to the fraction of US trade which is with Mexico. It looks like Vietnam actually trades more with the US than with China! For comparison, Google tells me that 28% of Australian trade is with China, so it looks like Australia is actually FAR more dependent on China than Vietnam is. Couple that with the disputes I keep hearing about where China is trying to poach territorial waters from Vietnam in the South China Sea by building artificial islands, and I'm starting to think that this video paints a VERY misleading picture of the Vietnam - China relationship!
@@highlighthilltop5470 no, our history teach us that no alliance last forever, in geopolitics only national interest mattered. Some Vietnamese do think US in more positive light than China but it's hardly a compliment, considering that Vietnam is among countries that hate China the most in Asia (only behind Japan - based on a research I found recently)
No they’re the authoritarian nation that destabilises you if you don’t do as they please? The fact that economics channels conveniently ignore the fact they’ve orchestrated 56 military coups in the last 60 years in Latin America alone is just sad
WAZZA TELEVISION and other countries don’t do the same? Russia over Crimea and eastern Ukraine, and Georgia . China annexing Tibet. China and its 9 dash line dispute over the South China Sea with its neighbors? The French involvement in Africa and pull over its old colonies and collusion in a shadow war alongside America? It’s called the Great game son and there’s multiple participants and it’s been a thing since forever.
Bonanzaking oh so because everyone else does imperialism it’s fine for the US to do it. This is why there’s a growing anti America sentiment in Africa. To you it’s a game. To us it’s a dictator that kills our people.
WAZZA TELEVISION I’m not saying it’s ok. I’m just saying it’s foolhardy to just blame America because that will not bring you peace. There’s still other countries that will naturally fill any power vacuum. It’s been the pendulum shift of global powers going back to the very rise of civilization.
Ad nói thế là đúng rồi mà bạn . Vì có chấp nhận hay không thì nền kinh tế của vn phụ thuộc rất nhiều vào trung quốc chưa kể đến khá nhiều văn hoá và phong tục tập quán của họ dù cho có mâu thuẫn lẫn nhau về chính trị
@@unknow8794 cultural similarities are NOT proves for cultural dependency. All East Asian cultures has a lot in similar to each other (yes Vietnam is a SEA country but the Kinh people (the dominant ethnic of Vietnam) and all Viettic people are not SEA natives but East Asians). And not just in Asia, there are a lot of countries in the world that bear similarities to another. For example, Ukraine, Belarus and Russia (and most Slavic countries) share a lot of commonalities, but their languages are not identical and are not cross-compatible; or if you still not believe me, take the Baltic state of Estonia for example, they are Finnic people and share a lot of similarities to Finish, but neither their language nor their culture are dependent on one another (Estonian and Finnish are not cross compatible, much like Chinese to Vietnamese, Korean and Japanese). All in all, no, cultural dependency is not real, at least in Vietnam where our culture spans more than 3000 years, and it would be very disrespectful to our ancestors to say that we are culturally dependent on any foreign country. Ps: I am Vietnamese but i replied to you in English because most people viewing this video might not be Vietnamese.
China won't care about whether Vietnam is an ally or not. Remember you are not Russia and you have very limited power to help. Your angry is like a joke.
@@betas4292 you know...he is angry about that misleading line in the video, because it is false information not that he is angry because VN and China “are best allies” (VN and China are not best allies, Vietnam fought in a war against China as recently as 1979, and the 2 country’s relationship was normalized in 1990 but has never returned to the state of ally like it was in the 1960s)
TBH I have no ideas where the PH stands in regards to China and your West PH Sea, one day your president Duterte acts tough against China, next day he says China is the PH's best friend!
I've been to Viet Nam half a year ago and I fell in love with the country! I wish all the best to these lovely and hard-working people and I hope to see them continuing to grow and develop. Also, they have dealt so well with the pandemic and they are neighboring China! Really well done!
It's exactly because being a long time and close neighbour that Vietnam has learnt not to trust China when China said covid-19 was not transmitted human-to-human :)
Just a quick note, while diplomatic relations between the PRC and Vietnam are pretty normal, and they're close trading partners, they are not allies. Due to the Third Indochina War there is still mistrust between the two (Vietnams history also features an endless cycle of being conquered by the Chinese than winning back independence), and the border is highly militarized. The main source of tension today is the South China Sea despite, in which China claims and tries to assert control over nearly all of the waters off of Vietnams coast, which has pushed Vietnam closer to the USA of all nations, despite the history there... Despite having the strict "Three nos" policy, Vietnam has been supportive of the USAs "freedom of navigation" operations and has even allowed US Aircraft Carrier to dock in their ports.
Codyyyyyy since I got you alone and I’ve been watching for a long time i just gotta say keep it up your a great youtuber I’ve been watching for years your amazing !
@@thedripkingofangmar6778 I don't think so the environment being harsh is what drove the European people to invent , whilst Africa had all year round food and warm climate hich stunted invention because of the lack of reason to
@@justinlau1337 Cant argue with morons that call other people idiots because they have different opinions. That's why they're poor and their communist congressmen just have Cyprus citizenship while they still work as grab drivers delivering food.
@@justinlau1337 Agree. That's why I said "most of" not "all". For the north of VietNam and poor people in the South (which made up most of the population) the war is a war for independence. Only a small percent benefited from the South Regime. Also, the South Regime is US puppet, they lost the national election with a 9 to 1 ratio, then dishonor the result and create the regime.
Russia is not even an ally of Vietnam also, Soviet Union and the Eastern Europe bloc were the last allies of Vietnam before it became a neutral nation in 1990s
Vĩnh Long 永隆 So 永隆 is your Chinese name? I can pronounce it just from your Vietnamese name and the pronunciation is very similar to Cantonese if I’m not wrong. You know what, I share the same character 永 with you and I wanna say thanks to you for letting me know its Vietnamese pronunciation.
Leo Lau Yeah, my full name is Trương Vĩnh Long, which is 張永隆 in Chinese character. The "tr" in Vietnamese prounce the same with "zh" in Mandarin :D So you speak Mandarin or some kind of Chinese dialects?
I think Vietnam didn’t ally China because China invade Vietnam many *many* times historically, and even once they were both communist, the Chinese invaded again, in the 1980s I believe. So basically, they were historically rivals, and that wasn’t about to change just because they were both communists.
Honestly this is the first video I was disappointed by EE. I am an American and even I am well aware of China’s influence in history in the region. In particular, the Vietnam communist party as far as I know tried to make closer ties to USSR. But when the USSR started to dwindle, they instead turned to America. Honestly it is kind of badass that throughout its history Vietnam has kicked out militarily superior countries like China throughout and later the US, but Vietnam and China only get along with trade. Tensions are rising with the South China Sea and Vietnam is growing to be as influential of a ‘communist state’. Heavy air quotes there because generally communism is not practiced other then centralized power (closer to socialism) Vietnam might soon be able to assert its own economic muscles but the china heavy bias made me raise a brow considering Vietnam biggest trading partner isnt China. It is now the US. (I honestly do not know how.) Source, because I actually use citations: wits.worldbank.org/countrysnapshot/en/VNM en.wikipedia.org/wiki/China-Vietnam_relations en.wikipedia.org/wiki/Vietnam_under_Chinese_rule freedomforvietnam.wordpress.com/tag/the-first-battle-of-bach-dang/
Twenty-Fifth i think the reason of so many wrong infos in the video is because economic explained comes from australia, a country with a vietnamese diaspora that is very radical and very anti vietnam to a level that i cannot talk to them constructively . I recognized the moments he said the war was a civil war (absolutely not), which is a talking point of many foreign vietnamese
@@Vermilion2049 Lol, it's just 41 years ago, most soldiers still alive. Just go asking Vietnamese soldiers and Chinese soldiers, they will tell you who got their asses kick.
Vietnam and China are still trading partners, but there's some issues in this relationship: the South China Sea problem, and the fact that Vietnam is so dependent on China
@@GamerFish99 It's a love-hate relationship. China is essential for Vietnam's survival, but they keep each other at a distance. Plus South China Sea disputes.
This video on Vietnam is among the most interesting episodes I’ve watched. I get the impression that Vietnam is growing basically off the backs of the hardworking people there who value their relationship with the world. I also think that Vietnam might not make the leap towards a high income nation status so easily within a generation or two as they do have an advanced education system though there is no doubt that they are working on it. Vietnam is a fascinating country of rich potential because of its hardworking people, natural beauty and strong agricultural technology. Most of all, the people there are accommodating and not hung up with religious beliefs. It’s possible that Vietnam will prosper without being a technology driven country but find a happy middle ground like New Zealand.
fane babanu That is a remarkably shallow take. First off, they are not their biggest trading partner with Imports, that goes to the US. Two, look at the polling for vietnamese people over issues such as the South China Sea, they really do not like one another on this one point. Three, look at their history. China has had 4 wars with Vietnam. It is a remarkably old country and their relations are not just as simple as trade from one point to another. There is a bunch of skepticism. Finally, Four, you dont have to like a country to trade with them. US and Japan traded quite alot right before World War 2 even though tensions and distrust in the region was also high. Why? Because Japan needed US Resources. You can easily argue that just because you trade with a country that the people and politicians do not like them. Sometimes the world is not as simple as ‘we trade, we good’ but more ‘we need this, they have that’. Sources: wits.worldbank.org/countrysnapshot/en/VNM en.wikipedia.org/wiki/Vietnam_under_Chinese_rule
@fane babanu Take it from a Nguyễn, trade partner =/= ally. Look at the trade relations between the US and China, and then compare that to their diplomatic relations. They both heavily rely on one another to keep their economy going, but calling them allies? You'll be laughed out of every single room you're in.
@fane babanu I don't think you understand trading relations compared to allies I won't say anything tho because comments above got it covered just want to ping you.
@fane babanu if you want a best-fit answer, Vietnam is a neutral country. Not like the Swiss kind of neutrality, but the Singaporean kind. Of course there are times that we favour a side over another, but we never deliberately, exclusively take a side, especially when it is between superpowers. And yes, Vietnamese definitely considers the Americans and Russians better partners than the Chinese.
Well, Vietnam has already transformed its manufacturing industry to focus more on semiconductor and locomotive. There has been a strong insentive to be less depending on tourism. Also their agriculture industry is no joke They are totally self-reliant on crops and even have enough to export . They are one of the largest agriculture exporter in South east Asia. I'm a Vietnamese who study economics so I can give you my 2 cents.
I also believe in the post-marxist vision of communism fullfilled by automation. And if people believe this is not possible: Lokk at the history of the Internet and Open-Source and Free-Software. In the 80s free software was unthinkable by most tech companies. Today even Microsoft gains 60% of it's revenue of Linux clusters as a driver for their cloud services. As complexity raises the need for cooperation and open standards grows rapidly. This concenrs Inet technology as well as cars and robots. Also 3D printers and other machinery get's affordable for consumers, and open technology to enable people to build it by themselves So as a takeaway for those who fear a dystopian future of very few controlling everything: We already started to liberate knowledge and technology as a public good, and it will not be easy to hinder people to build up machines.
as long as humans are cheaper than robots, widespread automation won't happen. that's why developed nations have more robots than undeveloped ones, a worker in japan or USA is more expensive than a robot doing the same. instead, a low pay worker is cheaper than a robot in places like bangladesh or vietnam.
@@ernstschmidt4725 We're starting to get towards the tail end of that period. There's a reason Tesla isn't building its cars in a Vietnamese sweatshop.
Vietnam's industry is significant, not behind agriculture as you say. Vietnam's exports lead the region and are the main driver of economic development. Three-quarters of the export value is in electronic industrial goods such as mobile phones.
@peace leader vi.m.wikipedia.org/wiki/Hi%E1%BB%87p_%C4%91%E1%BB%8Bnh_th%C6%B0%C6%A1ng_m%E1%BA%A1i_t%E1%BB%B1_do_Li%C3%AAn_minh_ch%C3%A2u_%C3%82u-Vi%E1%BB%87t_Nam Wut were you saying?
This was a particularly shallow dive into Vietnam's potential development path and the problems associated with the middle income trap tbh. You could have also tapped into the potential trade opportunities associated with the new trade deals that have been signed such as the EU trade deal and the CTPP. In addition Vietnam is also expected to run into the same demographic transition problems by 2030 as the young workforce begins to age and birthrate haven't been keeping up as well. I do agree that the question of whether all economies can be developed economies is an interesting but at somepoint it feels like a problem of borders rather than a problem of economies. If we are talking about just GDP numbers than yeah almost by definition you will have a hierarchy because the ability to generate income higher than others will come from the ability to have future claim from the income of others due to investments. If we are talking about standards of living though, that may not actually be the case since there is a diminishing return on the value of money and also in a sense standard of living so if the cost of delivering a certain level of standards drop in the future due to new technologies and automation, then its every much possible that all countries become developed.
As a Dutch person I'd very much like to move to Vietnam in the near future. Vietnam is definitely going places if and when it can get rid of its top down corruption... In the meantime I'll just continue studying the vietnamese language and culture as much as possible.
My wife is Vietnamese and I've been there a bunch. I would be surprised if they are not on-par (or about-on-par) with the developed parts of Asia within two decades or so. I think a lot of their current troubles can be attributed to the Vietnam war and French colonial history (as well as the communist influence), as a people they are definitely capable of developing a complex and rich society.
Do Malaysia pls, neighbor to tiny Singapore with so much potential and advantages but still stuck in the middle-income trap even after rapid industrialization in the 1980s
New Economic Plan 👍 because Bumiputras are SO oppressed by Indians and Chinese Malaysians... (fyi, that's sarcasm) It's not like alienating people who have lived in your country for generations is literally shooting yourself in the foot.
Yea, i wonder what other country also *discriminate their own citizen according to their race* and has it embedded in their *constitution* FYI, to those from overseas, the Malaysian government rolled-out a fair amount of incentives *EXCLUSIVE for the bumiputeras* (ie those of Malay race and indigenous tribe) in Malaysia: education scholarships, housing discount, etc. Heck, our main political party (UMNO) is only reserve for the Malays. I can't join because i'm not a Malay The bumiputera economic policy has been going on for 40+ years now, *why don't they see any huge progress? is it because of corruption?* the bumis should ask themselves that.
天吉Mark Also most of the bumiputera don't even benefit those that are in living in poverty. The rich keeps benefiting from these privileges while the poor or rural bumiputeras continue to live in poverty.
As a Vietnamese member of the more academic class in this society, I am actually stunned by how accurate your video is. Very objective and well-researched, not perplexed or influenced by political motives like most other UA-cam videos are.
I don't know I just teared up when he said Vietnam was the poorest country on the world in the 80s. Reminds me of my mom who fought in the border war in the 70s against China and had to endure so many days of hunger post civil war. I don't want to see the efforts of our families and ancestors go to waste
I’m Vietnamese and currently live in Australia. There are lots of good points backed by reliable evidence on this video. The Vietnamese labour force is pretty cheap compared to nearby nations, not because of mostly related primary industries with limited values added, but mainly due to stagnant improvement of productivity. Vietnamese people have the spiritual strength of warriors, however when it comes to economic activities, these strengths are not converted proportionately into economic values due to a lot of factors, essentially be the lack of social innovation. Vietnamese people are still struggling to choose between equality and fairness, the latter is when the most resources would be allocated to the most beneficial ones rather than equally divided. It’s exactly opposite the case in many developed countries where wages are frozen despite huge increase in productivity with technological advancements. The second thing is the reliance on China, that’s not just the case for Vietnam but lots of developed countries and Vietnam is just the playground of political games between them. Obviously Vietnamese are immensely influenced by China in so many aspects, but the negative sentiment towards China is the one that makes Vietnam stands out as it appears to be a more reliable and sensible than Chinese. Still, it takes a long way to get out from the enormous shadow of our mighty neighbor. Overall, I don’t think the world can be a whole bunch of just developed countries as the videos points out the developed nations just find the best way to take advantages from poorer countries, there’s not a globally fair platform for competition and cooperation so the win-win case is just impracticable than in theories.
Nah we just lack of royal citizen like japan taiwan korea and china , they dont flee the country when it need that how they growth even if they are corrupt ( if you think japan korea and China ain't corrupt when it develop you death wrong )
Nga Nguyen Thi Thank you for your comments, however I do not agree with a few points here. Vietnamese people are patriot, or loyal to traditions, the consensus throughout the history and most recently combat to Covid19 have illustrate that patriotism and social strength. A lot of Vietnamese living overseas came back and got help Vietnam development to some extent, they also remit funds and expand business to Vietnam. And the reason for fleeing the country is personal interests, not because they hate Vietnam, they just can’t love Vietnam the way current citizens are expected. Even Japanese, a rich and good country citizens, they choose to live in other countries, not because of corruption or other matters. Everything has to be both sides discussion, and Vietnam has not successfully retained or attracted talents. Corruption is everywhere, disregards of poor or rich country, I am currently in Australia and corruption is unavoidable, just how accountability and transparency in their policies are appraised.
@@nganguyenthi4736 Lol, i always thought u guys are more patriotic and loyal since tons of chinese and korean actually migrate or i will say flee to other countries every year. Speaking of corruption, ur country s custom s definitely known as corrupted towards foreigners especially chinese for charing extra fees, but china and others are not any better lol, it s inevitable just as someelse also mentioned that. He s probanly also aware of the Aussie Post scandal haha cuz i m also living there
It probably is possible for all nations to become developed, but it will require some low-paid labor force to sustain them, so in order to create this fairly cheap robotics will probably need to exist. Additionally, more resources will be needed than that which is available on earth, requiring the extraction of resources from space. If the ability to do both these things economically exist, it is possible for all nations to become developed.
According to a dead guy w/ 2 first names the only source of wealth in the universe is human labor. Machines, as sophisticated as they are/eventually become, can only transfer value, not create it. I'm not sure if modern self thaughting bots break this postulate, but I'd guess no. Even if YT's algorithm self improves to the point of making it more addictive than crack, it still wouldn't be capable of creating new content, incorporate new functions to the platform, in short, innovate. A world as you describe would be a world without innovation, therefore without growth. Even a population increase of 0.00000001% per century would mean a steady decrease in wealth, an expiration date to universal prosperity.
@@linkewitsch This is indeed the case, the main point of the robots is to increase the production value of consumer/capital goods each person can produce. That way the majority of people (or share similar to that in most developed nations) can focus on innovation, which will create further wealth. Essentially, the idea is that robots replace most of the unskilled labor that is done today so the majority of people can focus on skilled labor.
@@yolo0909 he's wrong because we're not "allies" - China to Vietnam is more like a bully classmate that Vietnam has to put up because he sits next to you and can punch your gut anytime he wants. Money does matter but we prefer our integrity and freedom, thank you very much.
@@hieu-headless really ?since when china bullyed vietnam ?always vietnam attak china at first ,like how you attack cambodia , the only difference is cambodia lost and china successfully push you back .oh ,you never been taught that in school history lessons ,don't you ?
@@kellyma2992 Do you even research and fact check before you bark ? I see you every where in the comment section ,talking about the same thing as if it your job or something .
Finally. I've been waiting for this video. Thanks for making this one. Đổi Mới = change in better direction. Also during the 80s and mid 90s the trade embargo with U.S, collapse of USSR made it hard for many Vietnamese. My dad was a successful small business owner during that time but after the collapse of USSR he lost his business. Good thing that the Vietnamese government did not go to the way of self-sufficient like North Korea, embarace private entities and look at how it turn out.
@@EconomicsExplained Maybe all countries could be developed without an underclass as more and more things are automated but for that to happen the development of automation should be equitable among the countries which while highly unlikely is still possible.
"we need to pick up the history book when everyone else put it down...". cannot be more true today in the US of A. And so many still blindly believe in American Exceptionalism.
I do believe that every nation can become developed. It’s just that developed nations has more to them than a strong low-cost manifacturing industry. Developed nations typically has a larger focus on education-intense industries as well as a good bit of innovation and entreprenuership. What manifacturing still exists in the worlds most developed nations are mostly high-value items where the wage-costs are either a lesser part of the total cost or where cost of the product is less important than the quality of the product. There is no fundamental limit on how rich a nation can become (other than finite amount of natural resources in the universe). It’s merely a measure of how much a nation can output in value compared to the amount of people having to live off that output. Becoming a cheap manifacturing hub for richer countries will only get you part of the way towards a membership with the worlds most developed countries.
Kunta Kinte Developed nations are not defined as developed because everyone within them are equally rich. Differences in wealth is necessary for motivating people to work, innovate and start businesses but there is no need for this to happen between countries. If it was, why would people in developed nations work? What would motivate already relatively rich people to work even more?
@@andebest Oh My God! You completely misrepresented my argument. I didn't say everyone in a developed economy is Rich. I said only few people in a capitalistic economy are rich. In a developed economy, most people are middle class. In a developing country, most of them are poor. Now a mostly middle class people is only useful for their labor. The rich people, who employ them, determine the amount of money they are supposed to earn. It is the same case on the international stage. The poorer countries provide labor and raw materials. But it is the wealthy countries that determine the price of these labor and raw materials. If for some reason Congo wakes up tomorrow and decides to hike the price of coltan 50 times over, then they would easily become rich but they can't do that because they don't dictate the price.
Kunta Kinte I agree that this is the case today but I can’t see why this has to always be the case. A developed nation typically has an economy structured differently than a developing one. Becoming developed requires more than just being useful for low-cost labour for richer countries. I can’t see why a developing nation cannot focus it’s economic gain from say low-cost labour industries to educate it’s population and compete in the world economy with a higly educated population and as such attracting more higher payed jobs as well as using some of it’s capital gains to setup companies that functions in the world economy the same as those of developed nations. The low-cost labour industries would eventually be replaced by mostly machinery and thus increasing the output per worker or we would have to accept that there is no such thing as a $10 sneaker.
Yes. The world can sustain all nations being developed. However. There will always be a difference in wealth between nations. Simply by how wealth and resource distribution works. When it comes to infrastructure, work quality and life quality, we have enough resources for every nation to reach a developed state! Some will just rnd up wealthier then others.
In theory you could have all nations as developed. But within the nationals we'll have wealth disparity. Unless we create enough wealth distribution inside those countries to reduce the wealth disparity.
I mean not all developer nations live as wealthy as the US. You can look at Japan it has a low income. Mostly because lf taxes. But they still live in a good country.
Seriously love the idea of the hierarchy of nations theory you talked about. It would be very interesting to hear you elaborate on why exactly Pareto distributions of wealth always form
We've seen the quality of life increase in most nations over the centuries while also seeing income inequality get better over the course of centuries. As bad as the American income gap is right now, it is eclipsed by most medieval and pre-literate empires. I think it's possible for scenarios like The Orville and Star Trek to become reality, technology improving may be the key to that future.
Are you sure? The richest people in the world today have access to more purchasing power than has ever existed in human history. There is not only vastly more currency, but more importantly there are vastly more people, goods, and services available in the modern world. I'm not sure how you would argue that income inequality is not the highest it has ever been - in both absolute and relative terms.
@@xandercorp6175, what I'm arguing is that many still have access to modern luxuries. The quality of life in an average developed nation far exceeds the quality of life for royalty as late as the 1800's. I'd much rather be poor in a 21st century developed world than the richest person in the dark ages.
I saw lots of people commented about China and Vietnam not being on really good terms. I visited Vietnam recently and also got the impression that China is actually Vietnam's arch-enemy. Sure, they may be very dependent on them economically, but from what I've learned Chine has always been their biggest thread and oppressor for centuries. Funny how I was explained that "Americans are OK, we beat them in just a decade, and they also helped us against French and Jananese. French were a little bit tougher - it took us 40 years to fight them off. But, the worst has always been China. We haven't been able to get rid of them for a millennia now" :-D
@@xrpwealthticket5211 Wow, really? I didn’t know that. I had always gotten a really positive feedback on the country as a place to visit. Tourists are getting kicked out? Is it covid related maybe? Did you really laugh out loud? Why? I was just relating what I had heard from others and now some people are getting kicked out....yes that is hilarious.
I hope that Vietnam continues to prosper. I also hope that their country wins many lawsuits against Agent Orange manufacturers. The US only admitted that it causes Parkinsons Disease in 2021, so American vets could sue for disability once it was placed on the formulary. I am sure many Vietnamese died from cancer and other complications, so good luck with the country’s lawsuits against Monsanto. I also hope that the lemur reserves and other unique wildlife are preserved as Vietnam grows. Hopefully, they will do a better job with environmental protections than their neighbors in the West. Namaste
I think Vietnam economy is on a good trajectory as more and more companies are relocating here from China. Samsung for example, and even Apple is planning on moving to Vietnam. That’s a lot of potential for the economy and I feel like more and more westerners are also noticing it as a tourist spot.
So, this is a small thing, I still enjoy all your videos, but I kind of really like that you decided to use an alternative font for the text and visuals of this episode. Mixing them up episode to episode I think would definitely give more of an appeal as it'd make it so like each video has its own visual theme. Anyways, great video.
The USA prevented all growth in Vietnam even after the war because the small nation was trying to become autonomous. That's a reason people seem to leave out all the time. Of course there's other reasons, but constant interference from a world superpower including a drawn out war has left Vietnam with little chance for development.
That's because the US and its allies rule this world. They make the rules and if you want to participate in the game that they set then cool, If not then then they will go for your nation if you try to undermine their game. If you don't like the US, then pray for another superpower in the future, the likely candidate is China. But also be ready to live in a world where the rules are set by the new superpower.
That's the reason they are so afraid of China, poor countries will have the option to orbit China instead, and the chinese are offering far better deals.
Vietnam, Bangladesh and Ethiopia were the rock star economies of the 2010s, and are likely to maintain their status in the 2020s. You mentioned the Coronavirus... But Vietnam is one of a handful of countries that passed the test with flying colours! Until a recent mini-outbreak in Danang, they went four or five months with zero deaths despite a population of 98 million. Because Vietnam has handled Covid so well, they will have suffered the least economic disruption, meaning they should be in good position to take advantage in the post-Covid era. In fact, another video on economic growth rates show it is African countries, along with Bangladesh, Vietnam and China who are the only countries to have positive growth this year. That means Covid will actually help them catch up with already developed countries.
As someone who currently lives in Vietnam, calling them allies with China is just wrong. Not only were these countries at war with each other until 1989 but your average Vietnamese person feels intense hostility towards China. There have been protests against Chinese business practises and Chinese foreigners have been treated like absolute dogs here since Covid 19. But this hostility was here when I arrived here 4 years ago too. The Doi Moi reforms weren't inspired China, they were the result of the end of Soviet aid and pressure from communist cadres from the center and the South to change the economy
6 years ago my teacher was talking about how one of his students was going on vacation in Vietnam. Everyone thought they were crazy. We talked about the "Hanoi Hilton" and how Hilton actually built a hotel there any everything.
Of course there's space for every country to grow, and for the future of the climate, this is exactly what we need. People living in big cities use resources far more efficiently than people in poorer nations who don't have access to the same technology. There's many things we create now that use fewer inputs than in the past and also don't pollute the environment as much either. And with poorer countries becoming richer, that's also more chance that those people will be able to come up with inventions of their own, ones that will help us in how we utilise resources, and how we will work toward solving global warming. But countries staying poor doesn't help anyone in any dimension.
I’m a Vietnamese and I wish to instill in my fellow Vietnamese minds that when we do something, we do it for a better good of the world community. Ie... adding value to the worlds by actively contributing our ideas and innovations to help solve the worlds problems, societal, environmental, economical.. but I don’t dare to say .. political ... to be honest, i think ... a country can only fully unlock its tremendous potential if there was no limitations to what the people believe in .. and full participations of all people who can have a say in nations decision making... enough saying.. yes, Vietnam will continue to experience economic boom for another 10-15 years and then will start plateau from there... just like many middle income countries in the region. Breakthrough and innovations can only come with freedom of speech and that word start with D and ends with Y... Good Luck Vietnam
Where does India fall into this? Talking about 'some people being rich first', India has some of the worst income inequality and also has diverse income streams, though mostly dependent on domestic consumption
@@AndrewManook I agree. If India can secure manufacturing contracts and bring that sector to at least 25% of its GDP (from its current ~15%) it would be solid. Though serious reforms of financial services sector is needed for consumer and business confidence regarding loans.
I'd like to question how countries benefit from the passive revenue from multinational corporations. It sounds eerily like trickle down economics. For starters multinational corporations look at corporate taxes as an obstruction to their profits, so routinely dodge taxes. And given that they again avoid employing local labour very little of the international revenue goes to the local economy. In summary, they seek to maximize the dividends to their shareholders, who are muiltinational. Even if a majority of these shareholders were local, the shareholder class also routinely dodge taxes. So instead your left with the spending of those shareholders, who have a greater propensity to save their income.
It's basically trickle up economics. The multinational corporations spread throughout the world, and make sure the money is going to the CEOs. Most of the money.
@@A_B_1917 The CEOS hide the money in their mattrasses. They dont invest it in new,profitable production. Your knowledge of economics and economic history is zero. Are you conscious that you livee in a scientific-industrial-capitalist economy, the wealthiest in history? Are you conscious?
@@TeaParty1776 Yeah, they invest it in sport cars, villas, extravagant food, etc. Some productive investments serve only to make them even richer to induldge in further excesses, while millions die of starvation every year. Wages of average workers are hardly rising in most places, and unemployment is still existant despite the fact that anti-capitalist socialist nations of former Eastern Bloc could actually provide full employment for populace.
@@A_B_1917 Wages, jobs and new production have been rising for the 250 years of industrial capitalism. Ancient, global poverty is down to 8%. Over the last 30 yrs, billions of people in Asia, So. America , east Europe and even Africa have risen to the middle class. Capitalism inherited, not created, ancient poverty. This economic history is easily available online from many sources. There is zero evidence for your claims. You evade your own personal experience as a computer user and citizen in a (semi) capitalist economy. You have a historically unique vast amount of production for your use. You are not in a tribal culture. You are intellectually lost in anti-capitalist mysticism. Ideals are guides to reality, not reality. And mans needs realistic, not Garden of Eden, ideals. There is no instant karma. Life takes long-range planning. Look _out_ at reality ,not inward. Focus your mind. Dont drift w/emotion. Create ideas that guide production, not the politics of resentment against achievement. Rational Optimist-Matt Ridley
@@TeaParty1776 Neither I, or any socialist, or any other member of any ideology will deny that historically, in the past capitalism did what you describe. Really, just like feudalism before it, capitalism was a great tool that improved society. WAS is a key word. Past tense. It's outlived it's use. The wages for few decades now are stagnant in most countries when you account inflation, we had 3 global recessions within 12 years, housing is getting ridiciolous everywhere, our climate is in danger and inequalities keep growing. Just like feudalism, capitalism had it's place in history, and it did it's job. But just like feudalism was replaced with capitalism, it's time to replace capitalism with something else.
Well, as he said, yes and no. Take Vietnam for example, which is a developing country. It is still considered a 'poor country' but the standard of living for the middle class in Vietnam > the standard of living of the middle-income American born in 1900. poor countries rise over time but rich countries do too and the definition for 'poor quality of life' goes up too. Simply put, get 1000 cows (representing world resources) split over 1000 people (world population). If one person owns 500 cows, he kinda screws over 999 people. IF some new discovery makes all cows produce double the milk (invention/innovation), everyone gets a better SOL but it's not necessarily evenly spread. There are caveats, for example, remote work that kinda tries to even out the playing field, but then again this type of wealth redistribution is frowned upon especially by those originating from developed countries, as it makes their already competitive fields even more competitive. Which makes me doubtful that it will become mainstream
It's a beautiful place, would live there if my grandparents let me live with them and help with the family business. Gold and logging is pretty profitable.
A delicate topic imo. The fact of the matter is that we live in times that are showing clear signs of a lack of morality , but we also are going through the process of globalisation. Multinationals are indirectly playing a huge roll in this transition and governments can only do so much to protect their work force and economy. It is strange how industrialized nations have to become self sufficient while developing countries need to provide as much goods and services to others while they are respectively trying to maintain or grow their economy. The hole picture looks like an insanely complexe set of dominos being set in place while no one contributing to its creation truly knows its final shape or purpose. Albeit on a personal level these questions can be easily answered and the same can be said about the level of business' , but on the scale of national and international organisations there has been elements set in place through out history that might trigger wars if they were upset for the sake of evolution or progress. There is also the question of corruption that has a huge effect on this enormous dynamic that may border controversy if properly addressed , especially when it reaches national or international levels. Capitalism is a great motivator but in the end it unfortunately leads to injustice in one form or another , which may be somewhat corrected by proper socialist laws. This is where we , as a species , lack proper consensus. The role of the UN at the moment is to soft and we lack a common authority that would overlook , but not rule , and yet bring justice and fairness when injustice occurs at an international level. I say bring the embezzler to justice and have banks become more transparent than ever so that we all stand on equal grounds.
'In the late 1980s Vietnam started the reforms. It was mainly because their ally - Soviet Union - was not feeling very good. China was going through similar reforms' I understand that it is not a video about USSR, but it's a very disingenuous oversimplifying: China has started the reforms even before that, but Vietnam began reforming in late 1980s because Soviet Union began reforming. Soviet economy has been struggling for decades but there were factors (like the West's will to buy overpriced oil and gas from USSR in 1973-early 1980s) which were keeping it (and subsequently lots of other planned economies which were supported by USSR) afloat. When these factors ended, USSR revitalized the early-1970s ideas of adding free-market elements to the economy - this was one of the factors of Perestroika - and the same thing started happening for Soviet Union's allies. USSR hasn't fallen in one day - probably if there were no tension between heads of different bureaucratic structures in different parts about whether Perestroika and democratization are fast enough or should be slowed down, the Communist Party would've left and USSR would be kept as a democratic state (without like Baltic states, who'd leave regardless). Vietnam's reforms were in appliance with soviet economic reforms up until the collapse of Soviet Union. Though I would even assume that Vietnam's closeness to China is the thing that kept Communist Party of Vietnam in power, because by November 1991 communist regimes have fallen in most countries which were going through reforms and in all the other communist parties were not in power anymore - Vietnam was the only one. You probably didn't mean it like that, but your quote (in the start of the comment) reinforced this strange idea that Soviet Union was not being reformed and just snapped into the collapse. Though Russian economy could not be characterized as 'market economy' until January 1992, we can say for example that elections in USSR in 1989-1991 were more democratic than in most post-Soviet countries in 2018-2020. We really tend to think that what happened to USSR was easy. P.S. I'm sorry, I'm still pretty fresh from my friend telling me today that no one in 1970s Russia could've known who ABBA is because foreign music was forbidden in USSR (it is one more stereotype - actually only 'anti-Soviet songs' were forbidden and anti-Soviet songs in English were pretty ineffective; there were lists of 'not recommended music' but they were not official and published by over-zealous individuals who had opportunity to write an article in one of many Soviet magazines).
@Flare I'm not sure why you are answering me about it, but I pretty much agree with everything you said (except for the opinion that Economics Explained might be paid by CCP just because he doesn't clearly express his disgust with PRC's government).
Wyacheslaw Kodanev It appears to be a Falungong-affiliated account. Most UA-cam commenters bashing China usually do not mention Falungong when doing so, except that movement’s adheres. And Flare is just replying to all comments with higher number of likes here.
@@suheti ah, I see, thank you. Falungong is a pretty controversial topic, so when I saw this word here I thought that a person writing it might be a member of this cult.
@@suheti yeah, definitely. It was also about dominance in the region: communists in Laos were pro-USSR and therefore were mostly supported by Vietnam and communists in Cambodia were pro-PRC. This USA-USSR-PRC triangle was an extremely important factor in SEAsian politics in that period.
Could you do a video on the economics of Vertical Farming? Seems like a potential silver bullet regarding the issue of land allocated for agriculture and the growth of city populations. Furthermore, is there a chance that reliance on a system such as this might help countries like Vietnam to use less of their land for agriculture, so that it can be used for conservancy, housing, and industry?
This is the first video from EE that seems tone deaf, but it is not the economics. The History of China and Vietnam is heavily glossed over, China is no longer Vietnam’s largest trading partner (The US inches out), The South China Sea has made many asian countries wary of their larger influence of China (heck the name is in the title for that one) and does not talk about the general distrust Vietnamese people have of China. As an American, I find it telling Vietnam opened to the US first with Trade and friendly relations, not China. Also, to any vietnamese who are reading this, you guys are a bunch of badasses for kicking China out throughout your history and also kicking us out. I sincerely hope the South China Sea issue do not bring your countries to war with your bigger neighbor. It is an okay video, but I think it glosses over crucial history. Yes the trade between the two still exists, but the people are distrustful and skeptical of one another. Honestly, cant blame Vietnam considering China is asserting dominance over their territorial/shared waters. Sources: www.pewresearch.org/fact-tank/2017/10/16/how-people-in-asia-pacific-view-china/ en.wikipedia.org/wiki/Vietnam_under_Chinese_rule wits.worldbank.org/countrysnapshot/en/VNM www.cfr.org/blog/vietnams-response-united-states-changing-approach-south-china-sea (Albeit this one is more opinion oriented).
Nice sources. And agree, this video is an example of why economists normally work on papers in pairs or more. While the economics presented are not *entirely* wrong, there needs to be a local economists input into the story to avoid alot of the obvious errors.
Yeah, the North kicked the US, not the South - we loved the US 😜 And the US is smart - they took in millions of Vietnamese immigrants, allowing them to grow up with American children, to help our nations gain mutual understanding and respect. Love America 🇺🇸😊
Quite interesting, though I have to emphasise how mischaracterised the China-Vietnam relationship was in this video, as others have in their comments. Vietnam has never been allied to China, though on occasion there has been cooperation between the governments when they have a common objective. There’s strong historical and contemporary animosity in Vietnam towards China that makes any animosity towards France or the USA seem mild or at least historic.
I'd say yes. All nations can become developed. I'd honestly say they would have to in order to stay stable and may be necessary for other countries to aid in that development for said other nations' national security. Areas that use large amounts of labor, and maintain a competitive edge due to a cheap force, will be increasingly eliminated by automation. Eventually it will no longer be cost effective to hire human workers for these jobs. So they will need to either embrace this automation themselves, which would require a higher skilled workforce, and more developed economy in general, to produce or they will need to move into other areas. However, thanks to automation and A.I., those other areas would also likely require higher skilled labor and more developed economy to get into as well. On top of that, as this is happening, there will be an increasingly large number of people out of work. Whom the government needs to figure out how to put back into work and likely provide some type of unemployment until that occurs (food riot is something else). Which would become a problem to pay for as a country's source of taxes continues to drop with no way of regaining that unless they developed. If this does not occur then such countries will become increasingly unstable. Which leads to bad. Which leaks into other nations. Causing more problems. To keep that from happening it may become necessary for other countries to invest in these other nations. The higher amounts of automation also makes things like national UBI more viable. Governments need to keep their people content and if they can't provide enough jobs to employ someone then their next best option would be to use that automation to keep their pop content. But even that requires a developed workforce.
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Why is this 55 mins ago🙄
how is this 55 min ago :o
Please make a video on Vietnam vs India. And China vs USA
You seemed to confound the difference between countries becoming developed economies and there being disparity. I think they are not mutually exclusive. Countries can all be developed and there could still be disparity among them. If anything, all data points in this direction. Wealth gap among the global population have been shrinking rapidly for the last 30 years.
Please try and cover India also in your videos
Weird calling China their ally. I was in Vietnam last year (i loved it) and i caught quite a lot of negative comments about China, and Chinas attempt to take over Vietnams exclusive economic zone in the South China Sea. They were much more friendly to Americans and seemed to have mostly forgotten about the US-Vietnamese war in an emotional sense. I don't know if we could call China an ally since they are stealing Vietnamese ocean territory. This is the only country I've ever visited outside of the US that I've ever thought that I would want to move to. The experience there was exceptional and eveeything was so cheap yet luxuries were readily available that I genuinely felt rich within the country.
Since vietnam do not have USA milltray base ,it's not that friendly towards USA ,never be fooled by the appearance .chinese people are actually more friendly towards american and chinese culture been greatly infulenced by the USA ,the enterpreneurial spirit of american inspired chinese people for two generations, but does that mean anything ?NO! Plitics is only politics .Vietnam is rope walking ,it want the USA Economic assistance and not anger china at the same time since they are rely on china in a lot of ways ,Are vietnam goona be more friendier to USA than china ,i doubt that , no matter how vietnemse express their hate towards china ,and their love toward the USA , the fact is their politican obvious have a cool mind ,they won't make the same mistake 30 years ago .won't they ?their goal is for the benefit of vietnam and it's people .and they may play both sides to gain benefits
China is a no non-aligned nation, so bacisally china do not have ally offically , but the reason why Economics Explained called vietnam china's ally ,is because it can not be USA ally (or the corret word puppet ) no matter what ,it will never allow USA to set base in it's soil unlike japan and s.korea ,any asian country who is not USA ally is chinese ally , because american always believe something like you are either with us or against us .andy by the way ,china never steal vietnam's ocean ,keep in mind ,china is there ,too .much longer than vietnam as a country/nation ever existed in there , and it's dispute .and unlike the USA who Setal native indian's land and drove the indian in north america to extinct , and blame their descendants who have the same gene in south America as illegal immigrants , so who is the real illegal immigrants ?you tell me .
To answer your question, the people side with U.S and the government side with China. The guy above me is what we usually call “Việt cong” employed by the government to speak good thing about Việt-china relationship.
@@user-jh2so5uo9s not really.
Vietnam people tend to not know much about the US outside of it's glamour. People who knows tend to hate the US the same as they hate China.
Vietnam is always walking that fine rope because it's the only way that it's gonna survive and not have to fight war after war. In fact, the southern Vietnam having way more Chinese influence than the North is no surprise: the US and the old RVN government are very ready to sell the nation to anybody who bid the highest. It's just kinda the problem.
@@user-jh2so5uo9s yeah im a vietnamese and i dont side with anyone espicially countries like china and the usa. You just talking bullshit.
I'm Vietnamese. Currently studying in foreign trade university in Vietnam.This video is really good and i love how you reasreach this.
tell us the economic policy progression over the years..and your plan since COVID
Question : why isn't UA-cam banned in Vietnam? Considering the fact that Vietnam is a one party state.
@@RealManasBose Because the world isn't like how American propaganda portrays it.
@@dingovory so you want to say Vietnam isn't a one party state?
I'm an expat in Vietnam. Vietnam is an exciting place to be in, obviously developing rapidly, and somewhere I want to live for the rest of my life. Most of my friends think the same.
@@RealManasBose Vietnam's pretty liberal about everything. I don't think UA-cam's on their scope
I was in vietnam 6 years ago, they are some of the nicest friendliest people I've met in the world who were confident, striving for further education and career driven. Without a doubt their economy growing well makes sense and I really hope they become the next big asian economy because they deserve it. We had two Veterans visiting for the first time since the war on a tour, turned out the guide lived in the same area where they were fighting and they shared bizarrely similar specific events. It was a very emotional situation mainly for the American guys who not only felt bad for what had happened there but were still clearly affected by the war itself. What amazed me that the Vietnamese guide said in response to a question about Vietnamese sentiment towards Americans, 'in vietnam we don't hold grudges and we are happy that the war is over, we can all move forward and become friends and look forward to the future'. That's a powerful cultural psychology in an age of victimisation and division. Looking forward to the growth of Vietnam in the decades to come and visiting my friends there again one day. 🇦🇺🇻🇳
Like!
Exactly 👍 ❤
Soon after Doi Moi in the 90's I used to visit Vietnam regularly on business. I was impressed by its smart and industrious people. A friend of mine in HCM City - a Hong Konger - used to manage the country's first building with escalators that attracted many local "tourists". Remembering that, the images of VN today with many tall buildings is nothing less than a shock to me. It reminds of China I first saw in 1989. Beijing was full of run-down grey buildings and bicycles then. But. . . Don't make the mistake of seeing VN as the "next China". China has a huge domestic market. It has more money than anyone else but the USA (only because it can print $). It produced more engineering PhD's than the rest of the world combined. VN on the other hand, depends totally on foreign sources for materials, investment and technology. VN runs a chronic deficit vs. China because much of the raw materials are imported. VN's larger manufacturers are of foreign origin. Samsung Vietnam accounts for 35% of VN's export and 28% of it's GDP. Samsung moved factories from China for VN's cheaper and abundant labor, but they can pack up and move to one of VN's neighbors like Cambodia any time. VN's efforts to attract foreign investments worked well and gave VN a leg up on the competition. Now VN must learn to become self-sufficient. Otherwise, as the competition heats up, there's no guarantee that VN can continue its current trajectory and reach a "developed nation" status any time soon.
most underrated comment! 100% agree.
For much of Vietnam's existence, it has been at odds or at war with China minus about 100 years total, I think many Vietnamese and Chinese would disagree with that "ally" characterization, and before anyone brings up "they are large trade partners with each other" well China and the USA are each other's largest trade partner as well and I think we all know how that relationship is going and has been going lol.
Totally agree. But I do hope the East and South East Asian region can become far more developed and the countries can enjoy a relationship closer to that of Northern and Western Europe.
If that means 100 years 'without' being at odds then yeah
@@quangduongang6230 Yes, that's what I mean 👍
As a Vietnamese, I have to disagree with EE about your critisism about Vietnam depending on China. Yes Vietnam depends on China. But like every countries depends on China LOL.
If you check import and export, then China is only the 3rd biggest market we export to, and even if China is the largest exporter to Vietnam, it only contribute 14% of our import.
In term of investment/debt, Japan and South Korea are actually the biggest investors to Vietnam, not China.
I would say Vietnam is even less dependent on China than say, Australia or US.
And certainly, we are less dependent on China than almost all of the developing countries currently.
And no, China is not the ally of Vietnam, yes it was, but ever since the war with China in 1989, right after Vietnam-Cambodia war, we never consider China as an ally. Business partner sure, but ally, well I will consider Japan or Russia as allies of Vietnam instead. Oh, and ASEAN too.
I do agree with your other criticism though, our industry is kinda low-cost manufacturing without any sophisticate. The agriculture isn't systemized and large-scale. It's totally right and we need to diversify it.
Edit: My mistake. The war between China and Vietnam was on 1979, not 1989. And yes that's a war, not a conflict like India-China just now. Ten thousands of deaths for each side at least. There are many minor conflicts happening later until 1990s when Vietnam and China began to solve out the border
Would you now consider the us more of an ally than China?
@@highlighthilltop5470 the US has favorable view among many vietnameses due to being opponent of China. however, vietnam would politically avoid joining military alliances and prefer to be neutral out of the new superpower struggle
Wow! That actually seems like amazingly little trade with China to me considering just how huge and nearby China is! That's comparable to the fraction of US trade which is with Mexico. It looks like Vietnam actually trades more with the US than with China! For comparison, Google tells me that 28% of Australian trade is with China, so it looks like Australia is actually FAR more dependent on China than Vietnam is.
Couple that with the disputes I keep hearing about where China is trying to poach territorial waters from Vietnam in the South China Sea by building artificial islands, and I'm starting to think that this video paints a VERY misleading picture of the Vietnam - China relationship!
H. Anh thanks for the reply,
Why do you think that is?
@@highlighthilltop5470 no, our history teach us that no alliance last forever, in geopolitics only national interest mattered. Some Vietnamese do think US in more positive light than China but it's hardly a compliment, considering that Vietnam is among countries that hate China the most in Asia (only behind Japan - based on a research I found recently)
America is a kind of senior manager who takes the credit of the presentation made by the junior analysts who worked 100 hours a week.
100% hahaha
No they’re the authoritarian nation that destabilises you if you don’t do as they please? The fact that economics channels conveniently ignore the fact they’ve orchestrated 56 military coups in the last 60 years in Latin America alone is just sad
WAZZA TELEVISION and other countries don’t do the same? Russia over Crimea and eastern Ukraine, and Georgia . China annexing Tibet. China and its 9 dash line dispute over the South China Sea with its neighbors? The French involvement in Africa and pull over its old colonies and collusion in a shadow war alongside America? It’s called the Great game son and there’s multiple participants and it’s been a thing since forever.
Bonanzaking oh so because everyone else does imperialism it’s fine for the US to do it. This is why there’s a growing anti America sentiment in Africa. To you it’s a game. To us it’s a dictator that kills our people.
WAZZA TELEVISION I’m not saying it’s ok. I’m just saying it’s foolhardy to just blame America because that will not bring you peace. There’s still other countries that will naturally fill any power vacuum. It’s been the pendulum shift of global powers going back to the very rise of civilization.
3:44 "The largest and most logical ally, China."
Me, a Vietnamese and entirely Vietnamese population: **ANGERY**
Ad nói thế là đúng rồi mà bạn . Vì có chấp nhận hay không thì nền kinh tế của vn phụ thuộc rất nhiều vào trung quốc chưa kể đến khá nhiều văn hoá và phong tục tập quán của họ dù cho có mâu thuẫn lẫn nhau về chính trị
@@unknow8794 cultural similarities are NOT proves for cultural dependency. All East Asian cultures has a lot in similar to each other (yes Vietnam is a SEA country but the Kinh people (the dominant ethnic of Vietnam) and all Viettic people are not SEA natives but East Asians). And not just in Asia, there are a lot of countries in the world that bear similarities to another. For example, Ukraine, Belarus and Russia (and most Slavic countries) share a lot of commonalities, but their languages are not identical and are not cross-compatible; or if you still not believe me, take the Baltic state of Estonia for example, they are Finnic people and share a lot of similarities to Finish, but neither their language nor their culture are dependent on one another (Estonian and Finnish are not cross compatible, much like Chinese to Vietnamese, Korean and Japanese). All in all, no, cultural dependency is not real, at least in Vietnam where our culture spans more than 3000 years, and it would be very disrespectful to our ancestors to say that we are culturally dependent on any foreign country.
Ps: I am Vietnamese but i replied to you in English because most people viewing this video might not be Vietnamese.
China won't care about whether Vietnam is an ally or not. Remember you are not Russia and you have very limited power to help. Your angry is like a joke.
@@betas4292 you know...he is angry about that misleading line in the video, because it is false information not that he is angry because VN and China “are best allies” (VN and China are not best allies, Vietnam fought in a war against China as recently as 1979, and the 2 country’s relationship was normalized in 1990 but has never returned to the state of ally like it was in the 1960s)
@@betas4292 look like do we care either? your country is not japan , need 50 years more to keep up with japan , sick man of asia
I wish all the best for Vietnam. My father cheered them on when they battled the USA and China, I will cheer on their economic growth!
Vietnamese love U
U do know, that Vietnam backed by Chinese kicked our butts, right??
@@irritatedanglosaxon1705 Vietnam and China fought a war in 1979 and were bitter rivals until 1991.
That sounds about right, mate! Where are you from, if you don't mind? Cheers!
The part of Vietnam that battled the US right? It was a civil war as well wasn’t it?
Vietnam is the pride and joy of ASEAN. Love from the 🇵🇭
if PH doesn't change its constitution, it will be left behind by Vietnam. PH electricity is more expensive than VN.
@@gabrielferrer3205 yes as of 2020 PH is behind VN now
TBH I have no ideas where the PH stands in regards to China and your West PH Sea, one day your president Duterte acts tough against China, next day he says China is the PH's best friend!
@Khalid Mumhanmud from Maharashtra yes PH is already behind. But still both countries are improving and developing fast.
@@tonyvu2011 hes playing both sides
We need the economy of Argentina
Or lack of recently..
So i am not the only one who lost hope to this, great!
Anime Sekai *cries in lack of opportunities
Astor Milanese 😎
llantos in inflation.
I've been to Viet Nam half a year ago and I fell in love with the country! I wish all the best to these lovely and hard-working people and I hope to see them continuing to grow and develop. Also, they have dealt so well with the pandemic and they are neighboring China! Really well done!
It's exactly because being a long time and close neighbour that Vietnam has learnt not to trust China when China said covid-19 was not transmitted human-to-human :)
@@tonyvu2011 idiot, that what Trump said.
@@JohnSmith-jw3zw no it's not. I'm chinese oveseas and never trust ccp
thank you for your kind words
"A powerful ally in the north. China."
Me, as a Southeast Asian:
*Angrily confused significantly*
Just a quick note, while diplomatic relations between the PRC and Vietnam are pretty normal, and they're close trading partners, they are not allies. Due to the Third Indochina War there is still mistrust between the two (Vietnams history also features an endless cycle of being conquered by the Chinese than winning back independence), and the border is highly militarized. The main source of tension today is the South China Sea despite, in which China claims and tries to assert control over nearly all of the waters off of Vietnams coast, which has pushed Vietnam closer to the USA of all nations, despite the history there... Despite having the strict "Three nos" policy, Vietnam has been supportive of the USAs "freedom of navigation" operations and has even allowed US Aircraft Carrier to dock in their ports.
The Vietnamese mentality is almost the most twisted in the world, which will only hurt him
@@frankfleming1103 what do you want Vietnam to do when China come and knock on their door for 4000 years?
@Flare Unfortunately, he doesn't have to be paid. Just intimidated by people above him (THEMtube).
huynh duc I expect them to go and knock on China’s door for 4000 years!
@@tompatterson1548 and engage in another meaningless war? No thanks.
Yes, robots will do the low cost labor. 😅
A wild Cody appears.
Codyyyyyy since I got you alone and I’ve been watching for a long time i just gotta say keep it up your a great youtuber I’ve been watching for years your amazing !
robots are replacing humans everywhere...
But, it need huge investment to buy the robot
But it depends on who owns the robots 👀
I believe all nations can become developed, just that some nations will be richer than others.
I believe the same. Some nations will get rich first, others can get rich later, maybe after heat death
Hello automation
I believe some countries are a lost cause. Some places are just too inospitable for human (and thus Economic) development.
@@frankxu4795 heat death delayed corona in way of production
@@thedripkingofangmar6778 I don't think so the environment being harsh is what drove the European people to invent , whilst Africa had all year round food and warm climate hich stunted invention because of the lack of reason to
I'm Vietnamese. China is not VN's ally. Not now, not for the last 2000 years
Also, most of VietNamese do not think the "VietNam War" is a civil war. It's a war for independent, against the US Empire.
yes, because in the last 2000 years, half of the time, the Northern Vietnam was part of China...
@@justinlau1337 Cant argue with morons that call other people idiots because they have different opinions. That's why they're poor and their communist congressmen just have Cyprus citizenship while they still work as grab drivers delivering food.
@@justinlau1337 Agree. That's why I said "most of" not "all". For the north of VietNam and poor people in the South (which made up most of the population) the war is a war for independence. Only a small percent benefited from the South Regime. Also, the South Regime is US puppet, they lost the national election with a 9 to 1 ratio, then dishonor the result and create the regime.
@@colinyuan5404 Agree, and people hated it. Revolts occured a lot and finally we won back our independence.
“Powerful ally to it’s north” unless you mean Russia, I don’t know what you’re talking about.
Russia is not even an ally of Vietnam also, Soviet Union and the Eastern Europe bloc were the last allies of Vietnam before it became a neutral nation in 1990s
Vietnam has friendly relations with China business wise, but alot of kidnappings for sure.
Vĩnh Long 永隆 So 永隆 is your Chinese name? I can pronounce it just from your Vietnamese name and the pronunciation is very similar to Cantonese if I’m not wrong. You know what, I share the same character 永 with you and I wanna say thanks to you for letting me know its Vietnamese pronunciation.
Leo Lau Yeah, my full name is Trương Vĩnh Long, which is 張永隆 in Chinese character. The "tr" in Vietnamese prounce the same with "zh" in Mandarin :D
So you speak Mandarin or some kind of Chinese dialects?
Vĩnh Long 永隆 Looks like you are an expert in Chinese.
Biggest mistake in this presentation is China. Vietnam has a long "History" with China (4000 years plus) they coexist in a wary kind of way.
I think Vietnam didn’t ally China because China invade Vietnam many *many* times historically, and even once they were both communist, the Chinese invaded again, in the 1980s I believe.
So basically, they were historically rivals, and that wasn’t about to change just because they were both communists.
Honestly this is the first video I was disappointed by EE.
I am an American and even I am well aware of China’s influence in history in the region. In particular, the Vietnam communist party as far as I know tried to make closer ties to USSR. But when the USSR started to dwindle, they instead turned to America.
Honestly it is kind of badass that throughout its history Vietnam has kicked out militarily superior countries like China throughout and later the US, but Vietnam and China only get along with trade.
Tensions are rising with the South China Sea and Vietnam is growing to be as influential of a ‘communist state’.
Heavy air quotes there because generally communism is not practiced other then centralized power (closer to socialism)
Vietnam might soon be able to assert its own economic muscles but the china heavy bias made me raise a brow considering Vietnam biggest trading partner isnt China.
It is now the US. (I honestly do not know how.)
Source, because I actually use citations: wits.worldbank.org/countrysnapshot/en/VNM
en.wikipedia.org/wiki/China-Vietnam_relations
en.wikipedia.org/wiki/Vietnam_under_Chinese_rule
freedomforvietnam.wordpress.com/tag/the-first-battle-of-bach-dang/
Twenty-Fifth i think the reason of so many wrong infos in the video is because economic explained comes from australia, a country with a vietnamese diaspora that is very radical and very anti vietnam to a level that i cannot talk to them constructively . I recognized the moments he said the war was a civil war (absolutely not), which is a talking point of many foreign vietnamese
Exactly.. It is awkward to hear him call china its ally given its historical AND recent past with the country.
Vietnamese knows that we are not friend with Chinese. But thank God, even foreigners know that too. 😂
Vietnam is nothing to China… Chinese history book doesn’t mention Vietnam for a word except Vietnam war…
You forgot to mention that Vietnam have a short war with China in 1979.
@@Vermilion2049 Lol, it's just 41 years ago, most soldiers still alive. Just go asking Vietnamese soldiers and Chinese soldiers, they will tell you who got their asses kick.
@@Vermilion2049 I tried to figure out whats your point. And you know what, it gave me a good laugh. Nice joke.
No, that was in the video.......
@Hải Hùng vietnemse always win and that's how you got kingdow cham and north Cambodia ,don't you ?
79-89 it last for 10yr
Vietnam doesn’t have an ally to the north
Yeah, dont Vietnam and China hate each other? They even had a war like 30 years ago.
I think he meant thailand
@@vedantaryaagrawal2432 You are not really a geography fan are you?
Vietnam and China are still trading partners, but there's some issues in this relationship: the South China Sea problem, and the fact that Vietnam is so dependent on China
@@GamerFish99 It's a love-hate relationship. China is essential for Vietnam's survival, but they keep each other at a distance. Plus South China Sea disputes.
A friendly greeting from a Vietnamese fan.
Wait... is your name pronounced the way I think it is...
@@tompatterson1548 Phúc Đạt Bích?
This video on Vietnam is among the most interesting episodes I’ve watched. I get the impression that Vietnam is growing basically off the backs of the hardworking people there who value their relationship with the world. I also think that Vietnam might not make the leap towards a high income nation status so easily within a generation or two as they do have an advanced education system though there is no doubt that they are working on it. Vietnam is a fascinating country of rich potential because of its hardworking people, natural beauty and strong agricultural technology. Most of all, the people there are accommodating and not hung up with religious beliefs. It’s possible that Vietnam will prosper without being a technology driven country but find a happy middle ground like New Zealand.
"powerful ally to its north"
I doubt a Vietnamese would agree with that
I know, right? Who needs enemies when you have wary eyes on your powerful "ally" in the North?
Ally is just a word. When thing happened we have to do thing ourselves
Ally is just a word. When thing happened we have to do thing ourselves
@@tamha3018 that's only because people do bad things usually worry at night
You can actually be an ally with anyone. Just depends on what you’re talking about.
1:01
EE: *"a fair dinkum developed economy"*
An Aussie at heart, we love you buddy
🤣
I feel like he does it just to confuse everyone who doesn't know
Reminded me of OzzyMan Reviews
He just made up that word
@@mvgsv168 its a real saying. It means true blue
Powerful ally to the north? That is not how I’d describe Sino-Vietnamese relations...
fane babanu That is a remarkably shallow take.
First off, they are not their biggest trading partner with Imports, that goes to the US.
Two, look at the polling for vietnamese people over issues such as the South China Sea, they really do not like one another on this one point.
Three, look at their history. China has had 4 wars with Vietnam. It is a remarkably old country and their relations are not just as simple as trade from one point to another. There is a bunch of skepticism.
Finally, Four, you dont have to like a country to trade with them. US and Japan traded quite alot right before World War 2 even though tensions and distrust in the region was also high. Why? Because Japan needed US Resources. You can easily argue that just because you trade with a country that the people and politicians do not like them. Sometimes the world is not as simple as ‘we trade, we good’ but more ‘we need this, they have that’.
Sources:
wits.worldbank.org/countrysnapshot/en/VNM
en.wikipedia.org/wiki/Vietnam_under_Chinese_rule
@fane babanu Take it from a Nguyễn, trade partner =/= ally. Look at the trade relations between the US and China, and then compare that to their diplomatic relations. They both heavily rely on one another to keep their economy going, but calling them allies? You'll be laughed out of every single room you're in.
@fane babanu I don't think you understand trading relations compared to allies I won't say anything tho because comments above got it covered just want to ping you.
@fane babanu if you want a best-fit answer, Vietnam is a neutral country. Not like the Swiss kind of neutrality, but the Singaporean kind.
Of course there are times that we favour a side over another, but we never deliberately, exclusively take a side, especially when it is between superpowers.
And yes, Vietnamese definitely considers the Americans and Russians better partners than the Chinese.
@fane babanu Cuba is our only true friend. The others are just friend with benefits.
Well, Vietnam has already transformed its manufacturing industry to focus more on semiconductor and locomotive. There has been a strong insentive to be less depending on tourism. Also their agriculture industry is no joke
They are totally self-reliant on crops and even have enough to export . They are one of the largest agriculture exporter in South east Asia. I'm a Vietnamese who study economics so I can give you my 2 cents.
thanks to American's agent orange, i dont think Vietnam agriculture products are safe for exporting
Is the common Vietnamese richer or poorer than a common chinese person? 🤔
@@hectorcardenas2171 newest data from World Bank: GDP per capita (current US$) of China is $10261, and Vietnam is $2715
Colin Yuan
Woah! Chinese people are generally way richer than vietnamese. 😲
@@hectorcardenas2171 poorer
One word on heirarchy of developed nations: Automation.
I also believe in the post-marxist vision of communism fullfilled by automation. And if people believe this is not possible: Lokk at the history of the Internet and Open-Source and Free-Software. In the 80s free software was unthinkable by most tech companies. Today even Microsoft gains 60% of it's revenue of Linux clusters as a driver for their cloud services. As complexity raises the need for cooperation and open standards grows rapidly. This concenrs Inet technology as well as cars and robots. Also 3D printers and other machinery get's affordable for consumers, and open technology to enable people to build it by themselves So as a takeaway for those who fear a dystopian future of very few controlling everything: We already started to liberate knowledge and technology as a public good, and it will not be easy to hinder people to build up machines.
@@mal_dun have you read Aaron Bastani FALC?
eeerugh I wouldn't be so sure. It's very easy for a few men to hold the keys to power once human labour is unnecessary.
as long as humans are cheaper than robots, widespread automation won't happen.
that's why developed nations have more robots than undeveloped ones, a worker in japan or USA is more expensive than a robot doing the same. instead, a low pay worker is cheaper than a robot in places like bangladesh or vietnam.
@@ernstschmidt4725 We're starting to get towards the tail end of that period. There's a reason Tesla isn't building its cars in a Vietnamese sweatshop.
Vietnam's industry is significant, not behind agriculture as you say. Vietnam's exports lead the region and are the main driver of economic development. Three-quarters of the export value is in electronic industrial goods such as mobile phones.
Will you do a video where you rank the countries you've talked about before you started the ranking system?
Don’t know much about their economy but they got some tasty food
Fingering Things ✔️ thank you for letting me laugh at your profile name
unhealthy food due to poor sanitizing.
Did you watch the video?
@peace leader vi.m.wikipedia.org/wiki/Hi%E1%BB%87p_%C4%91%E1%BB%8Bnh_th%C6%B0%C6%A1ng_m%E1%BA%A1i_t%E1%BB%B1_do_Li%C3%AAn_minh_ch%C3%A2u_%C3%82u-Vi%E1%BB%87t_Nam
Wut were you saying?
Internet Troll Vietnamese food is extremely healthy though
This was a particularly shallow dive into Vietnam's potential development path and the problems associated with the middle income trap tbh. You could have also tapped into the potential trade opportunities associated with the new trade deals that have been signed such as the EU trade deal and the CTPP. In addition Vietnam is also expected to run into the same demographic transition problems by 2030 as the young workforce begins to age and birthrate haven't been keeping up as well.
I do agree that the question of whether all economies can be developed economies is an interesting but at somepoint it feels like a problem of borders rather than a problem of economies. If we are talking about just GDP numbers than yeah almost by definition you will have a hierarchy because the ability to generate income higher than others will come from the ability to have future claim from the income of others due to investments. If we are talking about standards of living though, that may not actually be the case since there is a diminishing return on the value of money and also in a sense standard of living so if the cost of delivering a certain level of standards drop in the future due to new technologies and automation, then its every much possible that all countries become developed.
Every economics explained video is a shallow dive filled with ads in between. It's like he can only give his UA-cam fanbase a 2 foot swimming pool.
@@gh0s1wav Do you know of a better channel?
As a Dutch person I'd very much like to move to Vietnam in the near future. Vietnam is definitely going places if and when it can get rid of its top down corruption... In the meantime I'll just continue studying the vietnamese language and culture as much as possible.
You're always welcomed here! I love the Dutch :)
My wife is Vietnamese and I've been there a bunch. I would be surprised if they are not on-par (or about-on-par) with the developed parts of Asia within two decades or so. I think a lot of their current troubles can be attributed to the Vietnam war and French colonial history (as well as the communist influence), as a people they are definitely capable of developing a complex and rich society.
Do Malaysia pls, neighbor to tiny Singapore with so much potential and advantages but still stuck in the middle-income trap even after rapid industrialization in the 1980s
Laugh in Indonesian bureaucracy
New Economic Plan 👍 because Bumiputras are SO oppressed by Indians and Chinese Malaysians... (fyi, that's sarcasm) It's not like alienating people who have lived in your country for generations is literally shooting yourself in the foot.
Yea, i wonder what other country also *discriminate their own citizen according to their race* and has it embedded in their *constitution*
FYI, to those from overseas, the Malaysian government rolled-out a fair amount of incentives *EXCLUSIVE for the bumiputeras* (ie those of Malay race and indigenous tribe) in Malaysia: education scholarships, housing discount, etc. Heck, our main political party (UMNO) is only reserve for the Malays. I can't join because i'm not a Malay
The bumiputera economic policy has been going on for 40+ years now, *why don't they see any huge progress? is it because of corruption?* the bumis should ask themselves that.
Wow this comment section is getting hotter. Brb if there'll be fight.
天吉Mark Also most of the bumiputera don't even benefit those that are in living in poverty. The rich keeps benefiting from these privileges while the poor or rural bumiputeras continue to live in poverty.
As a Vietnamese member of the more academic class in this society, I am actually stunned by how accurate your video is. Very objective and well-researched, not perplexed or influenced by political motives like most other UA-cam videos are.
^
I don't know I just teared up when he said Vietnam was the poorest country on the world in the 80s. Reminds me of my mom who fought in the border war in the 70s against China and had to endure so many days of hunger post civil war. I don't want to see the efforts of our families and ancestors go to waste
I’m Vietnamese and currently live in Australia. There are lots of good points backed by reliable evidence on this video. The Vietnamese labour force is pretty cheap compared to nearby nations, not because of mostly related primary industries with limited values added, but mainly due to stagnant improvement of productivity. Vietnamese people have the spiritual strength of warriors, however when it comes to economic activities, these strengths are not converted proportionately into economic values due to a lot of factors, essentially be the lack of social innovation. Vietnamese people are still struggling to choose between equality and fairness, the latter is when the most resources would be allocated to the most beneficial ones rather than equally divided. It’s exactly opposite the case in many developed countries where wages are frozen despite huge increase in productivity with technological advancements. The second thing is the reliance on China, that’s not just the case for Vietnam but lots of developed countries and Vietnam is just the playground of political games between them. Obviously Vietnamese are immensely influenced by China in so many aspects, but the negative sentiment towards China is the one that makes Vietnam stands out as it appears to be a more reliable and sensible than Chinese. Still, it takes a long way to get out from the enormous shadow of our mighty neighbor. Overall, I don’t think the world can be a whole bunch of just developed countries as the videos points out the developed nations just find the best way to take advantages from poorer countries, there’s not a globally fair platform for competition and cooperation so the win-win case is just impracticable than in theories.
Nah we just lack of royal citizen like japan taiwan korea and china , they dont flee the country when it need that how they growth even if they are corrupt ( if you think japan korea and China ain't corrupt when it develop you death wrong )
Nga Nguyen Thi Thank you for your comments, however I do not agree with a few points here. Vietnamese people are patriot, or loyal to traditions, the consensus throughout the history and most recently combat to Covid19 have illustrate that patriotism and social strength. A lot of Vietnamese living overseas came back and got help Vietnam development to some extent, they also remit funds and expand business to Vietnam. And the reason for fleeing the country is personal interests, not because they hate Vietnam, they just can’t love Vietnam the way current citizens are expected. Even Japanese, a rich and good country citizens, they choose to live in other countries, not because of corruption or other matters. Everything has to be both sides discussion, and Vietnam has not successfully retained or attracted talents. Corruption is everywhere, disregards of poor or rich country, I am currently in Australia and corruption is unavoidable, just how accountability and transparency in their policies are appraised.
@@nganguyenthi4736 Lol, i always thought u guys are more patriotic and loyal since tons of chinese and korean actually migrate or i will say flee to other countries every year. Speaking of corruption, ur country s custom s definitely known as corrupted towards foreigners especially chinese for charing extra fees, but china and others are not any better lol, it s inevitable just as someelse also mentioned that. He s probanly also aware of the Aussie Post scandal haha cuz i m also living there
It probably is possible for all nations to become developed, but it will require some low-paid labor force to sustain them, so in order to create this fairly cheap robotics will probably need to exist. Additionally, more resources will be needed than that which is available on earth, requiring the extraction of resources from space. If the ability to do both these things economically exist, it is possible for all nations to become developed.
Or, if in theory we had an entirely sustainable / closed-loop resource consumption cycle, we wouldn’t need space extraction
maybe the need for resources will be the motivation we need to colonize the solar system.
According to a dead guy w/ 2 first names the only source of wealth in the universe is human labor. Machines, as sophisticated as they are/eventually become, can only transfer value, not create it.
I'm not sure if modern self thaughting bots break this postulate, but I'd guess no. Even if YT's algorithm self improves to the point of making it more addictive than crack, it still wouldn't be capable of creating new content, incorporate new functions to the platform, in short, innovate.
A world as you describe would be a world without innovation, therefore without growth. Even a population increase of 0.00000001% per century would mean a steady decrease in wealth, an expiration date to universal prosperity.
We just need some morlocks.
@@linkewitsch This is indeed the case, the main point of the robots is to increase the production value of consumer/capital goods each person can produce. That way the majority of people (or share similar to that in most developed nations) can focus on innovation, which will create further wealth. Essentially, the idea is that robots replace most of the unskilled labor that is done today so the majority of people can focus on skilled labor.
''Economics Explained
'' you motivated us to begin our UA-cam Journey!🙏
All the best!
New competition I see!!!!!
How did "Economics Explained" motivate you to make clickbait videos?
0:40 Since when are China and Vietnam allies?
since money matters more than ideologies.
@john greenfield how's he wrong?
@@yolo0909 he's wrong because we're not "allies" - China to Vietnam is more like a bully classmate that Vietnam has to put up because he sits next to you and can punch your gut anytime he wants. Money does matter but we prefer our integrity and freedom, thank you very much.
@@hieu-headless really ?since when china bullyed vietnam ?always vietnam attak china at first ,like how you attack cambodia , the only difference is cambodia lost and china successfully push you back .oh ,you never been taught that in school history lessons ,don't you ?
@@kellyma2992 Do you even research and fact check before you bark ? I see you every where in the comment section ,talking about the same thing as if it your job or something .
I guess with a thriving economy and a positive outlook whoever has a child in Vietnam in 10 years is gonna have a *fortunate son*
Sorry I had to do it
All fortunate son jokes will be angrily rewarded with a heart.
@@EconomicsExplained I'm only sad that it ain't me, it ain't me.
You really need to cover Bangladesh. Vietnam and Bangladesh are both expected to be roaring into greater prominence in the coming years
Finally. I've been waiting for this video. Thanks for making this one.
Đổi Mới = change in better direction. Also during the 80s and mid 90s the trade embargo with U.S, collapse of USSR made it hard for many Vietnamese.
My dad was a successful small business owner during that time but after the collapse of USSR he lost his business.
Good thing that the Vietnamese government did not go to the way of self-sufficient like North Korea, embarace private entities and look at how it turn out.
Last time I was this early they defeated the mighty US...now the fastest growing economy
And Humiliated the CCP
Poorer countries tend to grow faster than the already developed economy
Only 58,000 Americans died vs 1.2 million vietcong.
J W yea, but the USA lost the ideological war.
Anime Sekai they lost strategically not ideological, look at communism now
hi I'm Vietnamese. Thank you for doing this. Truly, I appreciate it.
No problem 😊
@@EconomicsExplained Maybe all countries could be developed without an underclass as more and more things are automated but for that to happen the development of automation should be equitable among the countries which while highly unlikely is still possible.
"we need to pick up the history book when everyone else put it down...". cannot be more true today in the US of A. And so many still blindly believe in American Exceptionalism.
thats the first i am seeing someone type 'US of A' and not USA
I do believe that every nation can become developed. It’s just that developed nations has more to them than a strong low-cost manifacturing industry. Developed nations typically has a larger focus on education-intense industries as well as a good bit of innovation and entreprenuership. What manifacturing still exists in the worlds most developed nations are mostly high-value items where the wage-costs are either a lesser part of the total cost or where cost of the product is less important than the quality of the product.
There is no fundamental limit on how rich a nation can become (other than finite amount of natural resources in the universe).
It’s merely a measure of how much a nation can output in value compared to the amount of people having to live off that output. Becoming a cheap manifacturing hub for richer countries will only get you part of the way towards a membership with the worlds most developed countries.
No, it is not possible. Think of it as a country. Not everyone within a country can be rich. The system will crash if everyone becomes rich.
Stop spreading capitalistic illusions.... The pie is only so big....for one to prosper another country has to be placed into poverty...
Kunta Kinte Developed nations are not defined as developed because everyone within them are equally rich. Differences in wealth is necessary for motivating people to work, innovate and start businesses but there is no need for this to happen between countries. If it was, why would people in developed nations work? What would motivate already relatively rich people to work even more?
@@andebest Oh My God! You completely misrepresented my argument. I didn't say everyone in a developed economy is Rich. I said only few people in a capitalistic economy are rich. In a developed economy, most people are middle class. In a developing country, most of them are poor. Now a mostly middle class people is only useful for their labor. The rich people, who employ them, determine the amount of money they are supposed to earn. It is the same case on the international stage. The poorer countries provide labor and raw materials. But it is the wealthy countries that determine the price of these labor and raw materials. If for some reason Congo wakes up tomorrow and decides to hike the price of coltan 50 times over, then they would easily become rich but they can't do that because they don't dictate the price.
Kunta Kinte I agree that this is the case today but I can’t see why this has to always be the case. A developed nation typically has an economy structured differently than a developing one. Becoming developed requires more than just being useful for low-cost labour for richer countries. I can’t see why a developing nation cannot focus it’s economic gain from say low-cost labour industries to educate it’s population and compete in the world economy with a higly educated population and as such attracting more higher payed jobs as well as using some of it’s capital gains to setup companies that functions in the world economy the same as those of developed nations.
The low-cost labour industries would eventually be replaced by mostly machinery and thus increasing the output per worker or we would have to accept that there is no such thing as a $10 sneaker.
"Economics Explained" Thank you very much! I never understood economics in school but the way you explain made me fall in love with this subject.
Happy to help!
@@EconomicsExplained Westerners are afraid of going to Vietnam and Vietnam being ruined by covid, what do you mean
Yes. The world can sustain all nations being developed.
However. There will always be a difference in wealth between nations. Simply by how wealth and resource distribution works.
When it comes to infrastructure, work quality and life quality, we have enough resources for every nation to reach a developed state!
Some will just rnd up wealthier then others.
dude, you cant look 100-200 years in the future. there may even be no more countries in the future as we have them now. so dont say always.
In theory you could have all nations as developed.
But within the nationals we'll have wealth disparity.
Unless we create enough wealth distribution inside those countries to reduce the wealth disparity.
no country has become wealthy without colonization or free trade with existing wealthy countries
I mean not all developer nations live as wealthy as the US. You can look at Japan it has a low income. Mostly because lf taxes. But they still live in a good country.
@@hunterashwill5766 yeah, I don't think the US is something to strive for. :-)
Vietnam looks incredible. I feel like countries are look sports team. They're not my home team, but I sure do feel happy seeing them "win" the game.
My favorite country in the world! 🇻🇳
Seriously love the idea of the hierarchy of nations theory you talked about. It would be very interesting to hear you elaborate on why exactly Pareto distributions of wealth always form
We've seen the quality of life increase in most nations over the centuries while also seeing income inequality get better over the course of centuries. As bad as the American income gap is right now, it is eclipsed by most medieval and pre-literate empires. I think it's possible for scenarios like The Orville and Star Trek to become reality, technology improving may be the key to that future.
Are you sure? The richest people in the world today have access to more purchasing power than has ever existed in human history. There is not only vastly more currency, but more importantly there are vastly more people, goods, and services available in the modern world. I'm not sure how you would argue that income inequality is not the highest it has ever been - in both absolute and relative terms.
@@xandercorp6175, what I'm arguing is that many still have access to modern luxuries. The quality of life in an average developed nation far exceeds the quality of life for royalty as late as the 1800's.
I'd much rather be poor in a 21st century developed world than the richest person in the dark ages.
@@benderisgreat95able I agree with your quality of life claim, but disagree with your income inequality / income gap claim.
@@xandercorp6175, you don't remember human history before monopoly laws. Rockefeller would be worth $400 billion today after inflation.
@@xandercorp6175, Amazon is the giant of our generation, but it still doesn't shine a candle to Standard Oil's rampage.
I saw lots of people commented about China and Vietnam not being on really good terms. I visited Vietnam recently and also got the impression that China is actually Vietnam's arch-enemy. Sure, they may be very dependent on them economically, but from what I've learned Chine has always been their biggest thread and oppressor for centuries. Funny how I was explained that "Americans are OK, we beat them in just a decade, and they also helped us against French and Jananese. French were a little bit tougher - it took us 40 years to fight them off. But, the worst has always been China. We haven't been able to get rid of them for a millennia now" :-D
lIKE
i never laughed sp hard watching youtube, when he said westerners are scared of going to vietnam.
Yeah kind of BS too. Vietnam is the cliche backpacking country to go to when you're 18 and just out of high-school
Ever person I know who travels sings Vietnams praises as well as most travel bloggers snd tv shows.
@@davidgill3356 lol 🤣 heard they are getting kicked out of Vietnam. That's the big story this week. People are getting kicked out
@@xrpwealthticket5211 Wow, really? I didn’t know that. I had always gotten a really positive feedback on the country as a place to visit. Tourists are getting kicked out? Is it covid related maybe? Did you really laugh out loud? Why? I was just relating what I had heard from others and now some people are getting kicked out....yes that is hilarious.
@@davidgill3356 yeah it's because of Covid. Normally we always welcome tourism
I hope that Vietnam continues to prosper. I also hope that their country wins many lawsuits against Agent Orange manufacturers. The US only admitted that it causes Parkinsons Disease in 2021, so American vets could sue for disability once it was placed on the formulary. I am sure many Vietnamese died from cancer and other complications, so good luck with the country’s lawsuits against Monsanto. I also hope that the lemur reserves and other unique wildlife are preserved as Vietnam grows. Hopefully, they will do a better job with environmental protections than their neighbors in the West. Namaste
I’m a simple man: I get recommended a video on a topic I have never looked up from a channel I have never seen before, I watch.
I think Vietnam economy is on a good trajectory as more and more companies are relocating here from China. Samsung for example, and even Apple is planning on moving to Vietnam. That’s a lot of potential for the economy and I feel like more and more westerners are also noticing it as a tourist spot.
last time i was this early
idk you asked for low effort
its so low effort i didn't even finish it
As an Australian Vietnamese, just wanted to say. Great video ! Although I do disagree on some points about relying on China. Keep it going EE
Thank you EE for making this video. I made a commet a couple of weeks ago asking you to cover my country and didn't expect it to come out so soon 😂😂😂
So, this is a small thing, I still enjoy all your videos, but I kind of really like that you decided to use an alternative font for the text and visuals of this episode. Mixing them up episode to episode I think would definitely give more of an appeal as it'd make it so like each video has its own visual theme. Anyways, great video.
Bangladesh is also a similar case study to Vietnam, would be interesting to see a video made on that!
The USA prevented all growth in Vietnam even after the war because the small nation was trying to become autonomous. That's a reason people seem to leave out all the time. Of course there's other reasons, but constant interference from a world superpower including a drawn out war has left Vietnam with little chance for development.
And they always will. In their videos, and in their history books.
ua-cam.com/video/mMubOw5H-yo/v-deo.html
That's because the US and its allies rule this world. They make the rules and if you want to participate in the game that they set then cool, If not then then they will go for your nation if you try to undermine their game. If you don't like the US, then pray for another superpower in the future, the likely candidate is China. But also be ready to live in a world where the rules are set by the new superpower.
That's the reason they are so afraid of China, poor countries will have the option to orbit China instead, and the chinese are offering far better deals.
@@johnweak628 And China's rules are better for some, but worse for others.
@@aryanbhuta3382 Or course
Please do a video on the economy of Yugoslavia
it will eventually be done as with every other country :)
They had one?
this is an insanely good video. thank you so much. This one really deserves more views
For all three people wondering - piano piece that is barely heard at the outro is Love me or leave me by jeick walker
Holy thanks!
“But there were some problems with this little *match made in heaven* ”
Dude, are you secretly trying to gain dislike from Vietnamese or what 🤨
Vietnam, Bangladesh and Ethiopia were the rock star economies of the 2010s, and are likely to maintain their status in the 2020s. You mentioned the Coronavirus... But Vietnam is one of a handful of countries that passed the test with flying colours! Until a recent mini-outbreak in Danang, they went four or five months with zero deaths despite a population of 98 million. Because Vietnam has handled Covid so well, they will have suffered the least economic disruption, meaning they should be in good position to take advantage in the post-Covid era. In fact, another video on economic growth rates show it is African countries, along with Bangladesh, Vietnam and China who are the only countries to have positive growth this year. That means Covid will actually help them catch up with already developed countries.
As someone who currently lives in Vietnam, calling them allies with China is just wrong. Not only were these countries at war with each other until 1989 but your average Vietnamese person feels intense hostility towards China. There have been protests against Chinese business practises and Chinese foreigners have been treated like absolute dogs here since Covid 19. But this hostility was here when I arrived here 4 years ago too. The Doi Moi reforms weren't inspired China, they were the result of the end of Soviet aid and pressure from communist cadres from the center and the South to change the economy
6 years ago my teacher was talking about how one of his students was going on vacation in Vietnam. Everyone thought they were crazy. We talked about the "Hanoi Hilton" and how Hilton actually built a hotel there any everything.
China is not Vietnam's ally. Vietnam has often been antagonistic towards China.
Of course there's space for every country to grow, and for the future of the climate, this is exactly what we need. People living in big cities use resources far more efficiently than people in poorer nations who don't have access to the same technology. There's many things we create now that use fewer inputs than in the past and also don't pollute the environment as much either. And with poorer countries becoming richer, that's also more chance that those people will be able to come up with inventions of their own, ones that will help us in how we utilise resources, and how we will work toward solving global warming. But countries staying poor doesn't help anyone in any dimension.
It’s all because of Fortunate Son.
Some folks are born made to wave the flag!
@@EconomicsExplained Ooh that red white and blue
I clicked so fast, when you uploaded.
Thanks for the support mate :)
@papa joe stalin of Stalinist stanistan communism is evil.
@@VeryProPlayerYesSir1122 LOL PUBGM cheater
@@votuanphu6299 nothing wrong with that.
I’m a Vietnamese and I wish to instill in my fellow Vietnamese minds that when we do something, we do it for a better good of the world community. Ie... adding value to the worlds by actively contributing our ideas and innovations to help solve the worlds problems, societal, environmental, economical.. but I don’t dare to say .. political ... to be honest, i think ... a country can only fully unlock its tremendous potential if there was no limitations to what the people believe in .. and full participations of all people who can have a say in nations decision making... enough saying.. yes, Vietnam will continue to experience economic boom for another 10-15 years and then will start plateau from there... just like many middle income countries in the region. Breakthrough and innovations can only come with freedom of speech and that word start with D and ends with Y... Good Luck Vietnam
Where does India fall into this? Talking about 'some people being rich first', India has some of the worst income inequality and also has diverse income streams, though mostly dependent on domestic consumption
India's services sector is expanding well with many western countries outsourcing financial and IT services departments there
@@VirtualWonderBoy services can only take you so far, manufacturing is needed for high employment.
@@AndrewManook I agree. If India can secure manufacturing contracts and bring that sector to at least 25% of its GDP (from its current ~15%) it would be solid. Though serious reforms of financial services sector is needed for consumer and business confidence regarding loans.
I'd like to question how countries benefit from the passive revenue from multinational corporations. It sounds eerily like trickle down economics.
For starters multinational corporations look at corporate taxes as an obstruction to their profits, so routinely dodge taxes. And given that they again avoid employing local labour very little of the international revenue goes to the local economy.
In summary, they seek to maximize the dividends to their shareholders, who are muiltinational. Even if a majority of these shareholders were local, the shareholder class also routinely dodge taxes.
So instead your left with the spending of those shareholders, who have a greater propensity to save their income.
It's basically trickle up economics.
The multinational corporations spread throughout the world, and make sure the money is going to the CEOs. Most of the money.
@@A_B_1917 The CEOS hide the money in their mattrasses. They dont invest it in new,profitable production. Your knowledge of economics and economic history is zero. Are you conscious that you livee in a scientific-industrial-capitalist economy, the wealthiest in history? Are you conscious?
@@TeaParty1776 Yeah, they invest it in sport cars, villas, extravagant food, etc.
Some productive investments serve only to make them even richer to induldge in further excesses, while millions die of starvation every year.
Wages of average workers are hardly rising in most places, and unemployment is still existant despite the fact that anti-capitalist socialist nations of former Eastern Bloc could actually provide full employment for populace.
@@A_B_1917 Wages, jobs and new production have been rising for the 250 years of industrial capitalism. Ancient, global poverty is down to 8%. Over the last 30 yrs, billions of people in Asia, So. America , east Europe and even Africa have risen to the middle class. Capitalism inherited, not created, ancient poverty.
This economic history is easily available online from many sources. There is zero evidence for your claims.
You evade your own personal experience as a computer user and citizen in a (semi) capitalist economy. You have a historically unique vast amount of production for your use. You are not in a tribal culture. You are intellectually lost in anti-capitalist mysticism. Ideals are guides to reality, not reality. And mans needs realistic, not Garden of Eden, ideals. There is no instant karma. Life takes long-range planning. Look _out_ at reality ,not inward. Focus your mind. Dont drift w/emotion. Create ideas that guide production, not the politics of resentment against achievement.
Rational Optimist-Matt Ridley
@@TeaParty1776 Neither I, or any socialist, or any other member of any ideology will deny that historically, in the past capitalism did what you describe.
Really, just like feudalism before it, capitalism was a great tool that improved society. WAS is a key word. Past tense.
It's outlived it's use. The wages for few decades now are stagnant in most countries when you account inflation, we had 3 global recessions within 12 years, housing is getting ridiciolous everywhere, our climate is in danger and inequalities keep growing.
Just like feudalism, capitalism had it's place in history, and it did it's job. But just like feudalism was replaced with capitalism, it's time to replace capitalism with something else.
There may always be a hierarchy however I believe the floor will still raise up the poorest counties over time
Well, as he said, yes and no. Take Vietnam for example, which is a developing country. It is still considered a 'poor country' but the standard of living for the middle class in Vietnam > the standard of living of the middle-income American born in 1900. poor countries rise over time but rich countries do too and the definition for 'poor quality of life' goes up too. Simply put, get 1000 cows (representing world resources) split over 1000 people (world population). If one person owns 500 cows, he kinda screws over 999 people. IF some new discovery makes all cows produce double the milk (invention/innovation), everyone gets a better SOL but it's not necessarily evenly spread.
There are caveats, for example, remote work that kinda tries to even out the playing field, but then again this type of wealth redistribution is frowned upon especially by those originating from developed countries, as it makes their already competitive fields even more competitive. Which makes me doubtful that it will become mainstream
I really don’t know too many Germans who haven’t been to Vietnam…
It's a beautiful place, would live there if my grandparents let me live with them and help with the family business. Gold and logging is pretty profitable.
A delicate topic imo.
The fact of the matter is that we live in times that are showing clear signs of a lack of morality , but we also are going through the process of globalisation. Multinationals are indirectly playing a huge roll in this transition and governments can only do so much to protect their work force and economy. It is strange how industrialized nations have to become self sufficient while developing countries need to provide as much goods and services to others while they are respectively trying to maintain or grow their economy. The hole picture looks like an insanely complexe set of dominos being set in place while no one contributing to its creation truly knows its final shape or purpose.
Albeit on a personal level these questions can be easily answered and the same can be said about the level of business' , but on the scale of national and international organisations there has been elements set in place through out history that might trigger wars if they were upset for the sake of evolution or progress. There is also the question of corruption that has a huge effect on this enormous dynamic that may border controversy if properly addressed , especially when it reaches national or international levels. Capitalism is a great motivator but in the end it unfortunately leads to injustice in one form or another , which may be somewhat corrected by proper socialist laws.
This is where we , as a species , lack proper consensus. The role of the UN at the moment is to soft and we lack a common authority that would overlook , but not rule , and yet bring justice and fairness when injustice occurs at an international level. I say bring the embezzler to justice and have banks become more transparent than ever so that we all stand on equal grounds.
I was thinking about it yesterday, the title in the thumbnail
'In the late 1980s Vietnam started the reforms. It was mainly because their ally - Soviet Union - was not feeling very good. China was going through similar reforms'
I understand that it is not a video about USSR, but it's a very disingenuous oversimplifying: China has started the reforms even before that, but Vietnam began reforming in late 1980s because Soviet Union began reforming. Soviet economy has been struggling for decades but there were factors (like the West's will to buy overpriced oil and gas from USSR in 1973-early 1980s) which were keeping it (and subsequently lots of other planned economies which were supported by USSR) afloat. When these factors ended, USSR revitalized the early-1970s ideas of adding free-market elements to the economy - this was one of the factors of Perestroika - and the same thing started happening for Soviet Union's allies. USSR hasn't fallen in one day - probably if there were no tension between heads of different bureaucratic structures in different parts about whether Perestroika and democratization are fast enough or should be slowed down, the Communist Party would've left and USSR would be kept as a democratic state (without like Baltic states, who'd leave regardless). Vietnam's reforms were in appliance with soviet economic reforms up until the collapse of Soviet Union. Though I would even assume that Vietnam's closeness to China is the thing that kept Communist Party of Vietnam in power, because by November 1991 communist regimes have fallen in most countries which were going through reforms and in all the other communist parties were not in power anymore - Vietnam was the only one.
You probably didn't mean it like that, but your quote (in the start of the comment) reinforced this strange idea that Soviet Union was not being reformed and just snapped into the collapse. Though Russian economy could not be characterized as 'market economy' until January 1992, we can say for example that elections in USSR in 1989-1991 were more democratic than in most post-Soviet countries in 2018-2020. We really tend to think that what happened to USSR was easy.
P.S. I'm sorry, I'm still pretty fresh from my friend telling me today that no one in 1970s Russia could've known who ABBA is because foreign music was forbidden in USSR (it is one more stereotype - actually only 'anti-Soviet songs' were forbidden and anti-Soviet songs in English were pretty ineffective; there were lists of 'not recommended music' but they were not official and published by over-zealous individuals who had opportunity to write an article in one of many Soviet magazines).
@Flare I'm not sure why you are answering me about it, but I pretty much agree with everything you said (except for the opinion that Economics Explained might be paid by CCP just because he doesn't clearly express his disgust with PRC's government).
Wyacheslaw Kodanev It appears to be a Falungong-affiliated account. Most UA-cam commenters bashing China usually do not mention Falungong when doing so, except that movement’s adheres. And Flare is just replying to all comments with higher number of likes here.
USSR has cut off with China since the later 1950s. I wonder whether that also adds on to Vietnam’s hostility towards China.
@@suheti ah, I see, thank you. Falungong is a pretty controversial topic, so when I saw this word here I thought that a person writing it might be a member of this cult.
@@suheti yeah, definitely. It was also about dominance in the region: communists in Laos were pro-USSR and therefore were mostly supported by Vietnam and communists in Cambodia were pro-PRC. This USA-USSR-PRC triangle was an extremely important factor in SEAsian politics in that period.
i've been wanting to go to Vietnam more and more this year...it's an absolutely BEAUTIFUL country!!
Wealth is generated, so every nation on this planet can become developed.
Lol
That is a very interesting take on Vietnam.
Could you do a presentation of the economy of Portugal?
I believe there will always be some economic disparity, but I believe that everyone can raise their standard of living through free market economics.
Could you do a video on the economics of Vertical Farming? Seems like a potential silver bullet regarding the issue of land allocated for agriculture and the growth of city populations.
Furthermore, is there a chance that reliance on a system such as this might help countries like Vietnam to use less of their land for agriculture, so that it can be used for conservancy, housing, and industry?
This is the first video from EE that seems tone deaf, but it is not the economics.
The History of China and Vietnam is heavily glossed over, China is no longer Vietnam’s largest trading partner (The US inches out), The South China Sea has made many asian countries wary of their larger influence of China (heck the name is in the title for that one) and does not talk about the general distrust Vietnamese people have of China.
As an American, I find it telling Vietnam opened to the US first with Trade and friendly relations, not China.
Also, to any vietnamese who are reading this, you guys are a bunch of badasses for kicking China out throughout your history and also kicking us out. I sincerely hope the South China Sea issue do not bring your countries to war with your bigger neighbor.
It is an okay video, but I think it glosses over crucial history. Yes the trade between the two still exists, but the people are distrustful and skeptical of one another. Honestly, cant blame Vietnam considering China is asserting dominance over their territorial/shared waters.
Sources: www.pewresearch.org/fact-tank/2017/10/16/how-people-in-asia-pacific-view-china/
en.wikipedia.org/wiki/Vietnam_under_Chinese_rule
wits.worldbank.org/countrysnapshot/en/VNM
www.cfr.org/blog/vietnams-response-united-states-changing-approach-south-china-sea
(Albeit this one is more opinion oriented).
Nice sources. And agree, this video is an example of why economists normally work on papers in pairs or more. While the economics presented are not *entirely* wrong, there needs to be a local economists input into the story to avoid alot of the obvious errors.
Yeah, the North kicked the US, not the South - we loved the US 😜 And the US is smart - they took in millions of Vietnamese immigrants, allowing them to grow up with American children, to help our nations gain mutual understanding and respect. Love America 🇺🇸😊
I see Vietnam to China as South Korea to Japan. The pattern economically and historically is so similar
Awesome presentation! I can’t wait to see Vietnam’s economy in about 20 years. 👍🏽
Informative and concise as always.good luck with the imf recognition
Last time I was this early there was a war going on in Vietnam
Quite interesting, though I have to emphasise how mischaracterised the China-Vietnam relationship was in this video, as others have in their comments. Vietnam has never been allied to China, though on occasion there has been cooperation between the governments when they have a common objective. There’s strong historical and contemporary animosity in Vietnam towards China that makes any animosity towards France or the USA seem mild or at least historic.
I'd say yes. All nations can become developed. I'd honestly say they would have to in order to stay stable and may be necessary for other countries to aid in that development for said other nations' national security.
Areas that use large amounts of labor, and maintain a competitive edge due to a cheap force, will be increasingly eliminated by automation. Eventually it will no longer be cost effective to hire human workers for these jobs.
So they will need to either embrace this automation themselves, which would require a higher skilled workforce, and more developed economy in general, to produce or they will need to move into other areas. However, thanks to automation and A.I., those other areas would also likely require higher skilled labor and more developed economy to get into as well.
On top of that, as this is happening, there will be an increasingly large number of people out of work. Whom the government needs to figure out how to put back into work and likely provide some type of unemployment until that occurs (food riot is something else). Which would become a problem to pay for as a country's source of taxes continues to drop with no way of regaining that unless they developed.
If this does not occur then such countries will become increasingly unstable. Which leads to bad. Which leaks into other nations. Causing more problems. To keep that from happening it may become necessary for other countries to invest in these other nations.
The higher amounts of automation also makes things like national UBI more viable. Governments need to keep their people content and if they can't provide enough jobs to employ someone then their next best option would be to use that automation to keep their pop content. But even that requires a developed workforce.
Thank you for this interesting and very informative video . 💓❤
Very interesting video, completely forgot about Vietnam's rapid growth. Also, love the new DougScore for economies