NEWS ANALYSIS: Focusing on the economy, not politics, catapults tiny Vietnam way ahead of SA 🔒
In Hanoi scooters, tourists and local shoppers crowd the sidewalks. Picture: DANIE POOLMAN
Labour market developments that demand skills that the country’s poor currently lack is also part of SA’s problems, despite it spending more on education than anything else. In its overview of SA, the World Bank notes that the country’s political transition is known as “one of the most remarkable political feats of the past century”. That says something. But then it adds: “SA has made considerable strides toward improving the wellbeing of its citizens since its transition to democracy in the mid-1990s, but progress is slowing.”
Visiting Vietnam and its capital city Hanoi gives life to these statistics. The atmosphere is vibrant, the energy invigorating with young and old jostling to get buyers for mouth-watering street food, the latest smartphones and branded clothes, shoes and bags at jaw-dropping low prices. Vietnam — armed with the necessary infrastructure and with “market-friendly policies” in place — became a hub for foreign investment and manufacturing in Southeast Asia. In 2017, according to a Financial Times article, Vietnam became the largest exporter of clothing in the region and the second-largest exporter of electronics. SA is a large importer of clothing from Vietnam.
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