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Consider the following statements:

  1. Vietnam has been one of the fastest growing economies in the world in the recent years.
  2. Vietnam is led by a multi-party-political system.
  3. Vietnam’s economic growth is linked to its integration with global supply chains and focus on exports.
  4. For a long time, Vietnam’s low labour costs and stable exchange rates have attracted global manufacturers.
  5. Vietnam has the most productive e-service sector in the Indo-Pacific region.

Which of the statements given above are correct?

(a) 2 and 4

(b) 3 and 5

(c) 1, 3 and 4

(d) 1 and 2

Explanation

The correct answer to the question is (c) 1, 3, and 4. Here’s a breakdown of each statement:

  1. Vietnam has been one of the fastest-growing economies in the world in recent years: This statement is correct. Vietnam has experienced significant economic growth, with its GDP growth rate averaging 6.20% from 2000 until 2023. In 2022, Vietnam’s GDP growth rate reached 8.02%.
  2. Vietnam is led by a multi-party-political system: This statement is incorrect. Vietnam is an authoritarian state ruled by a single party, the Communist Party of Vietnam (CPV).
  3. Vietnam’s economic growth is linked to its integration with global supply chains and focus on exports: This statement is correct. Vietnam’s economic growth is associated with its integration into global supply chains and its focus on exports. The country has attracted top technology brands like Intel, Samsung, and Xiaomi to set up supply chains in the country.
  4. For a long time, Vietnam’s low labor costs and stable exchange rates have attracted global manufacturers: This statement is correct. Vietnam has low labor costs and stable exchange rates, which have attracted global manufacturers.
  5. Vietnam has the most productive e-service sector in the Indo-Pacific region: This statement is incorrect. Vietnam’s e-service sector is not the most productive in the Indo-Pacific region.

Learn more:

  • Vietnam has experienced rapid economic growth, transforming from one of the world’s poorest nations to a middle-income economy in one generation.
  • The country’s economic reforms since the launch of Đổi Mới in 1986 and beneficial global trends have contributed to its development success.
  • Between 2002 and 2021, Vietnam’s GDP per capita increased 3.6 times, reaching almost US$3,700.
  • Vietnam’s economic growth is expected to rebound to 6.5% in 2024.
  • The country aims to become a high-income country by 2045, with a focus on greener and more inclusive growth.
  • Vietnam’s political system is an authoritarian state ruled by the Communist Party of Vietnam (CPV), with the People’s Army of Vietnam having significant influence in the political system.
  • The country has attracted top technology brands like Intel, Samsung, and Xiaomi to set up supply chains in the country, thanks to its integration with global supply chains and focus on exports.

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