War-torn to economic miracle: How Vietnam has emerged as a China-plus-one beneficiary

What Happened

Vietnam has achieved sustained economic growth of 8% in 2025, reducing poverty from 80% in 1993 to below 5% today. Beginning with 1986 Doi Moi reforms shifting to market economy, Vietnam integrated into global supply chains through deregulation, special economic zones, and foreign investment incentives. Export share grew from 0.1% globally in 1996 to 1.5% in 2023. Merchandise exports surged from $32 billion in 2005 to $475 billion in 2025. Electronics now comprises 44% of high-technology exports, positioning Vietnam as China-plus-one alternative.

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