Consider the following statements:
- Vietnam has been one of the fastest growing economies in the world in the recent years.
- Vietnam is led by a multi-party political system.
- Vietnam’s economic growth is linked to its integration with global supply chains and focus on exports.
- For a long time Vietnam’s low labour costs and stable exchange rates have attracted global manufacturers.
- Vietnam has the most productive e-service sector in the Indo-Pacific region.
Which of the statements given above are correct?
[UPSC Civil Services Exam – 2022 Prelims]
(a) 2 and 4
(b) 3 and 5
(c) 1, 3 and 4
(d) 1 and 2
Answer: (c)
Explanation:
Vietnam’s Economy:
Overview
- Vietnam is a country in mainland Southeast Asia with a literate and energetic population.
- Its long coastline provides access to marine resources and many attractive beaches.
- Since the late 1990s, the country’s economy has been on a vigorous upswing.
- GDP growth statistics report states that Vietnam is the fastest growing world economy with a growth rate of 7.31% in 2019. Hence, Statement 1 is correct.
Political System
- Vietnam is a single-party socialist republic state. Hence, Statement 2 is not correct.
Economic Growth
- Vietnam has surpassed the growth rate of other Asian economies including India and China.
- GDP growth is linked to its integration with global supply chains and its focus on exports. Hence, Statement 3 is correct.
- Vietnam has low labour costs and stable exchange rates which attract global investments. Hence, Statement 4 is correct.
- Unfortunately, their e-service sector isn’t that productive. Hence, Statement 5 is not correct.
