Essay Sample on Vietnam's Globalization Journey: From Poverty to Opportunity

Introduction

The country of Vietnam has faced an increase in global integration since it joined the World Trade Organization in the year 2007. The term globalization is related to politics, the environment and the economy of the country which has played a major role in changing the country from being a poor country faced by starvation to being a country which is among the most developing countries right now. Globalization has had several positive impacts on Vietnam which have created a lot of opportunities in the Vietnamese economy and the people who live there.

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The country has experienced an increase in the export revenues due to the integrated markets that are going regional and global. The export revenues have faced a gradual increase with the Vietnamese products being exported to over one hundred and fifty countries which have led to the growth of different economic sectors (Tran and Norlund 144). The revenue earned in the country has led to an increase in development due to it being used in the creation of industries which lead to job opportunities. The job opportunities have been a source of employment for many people in the country and this has led to improved living standards of the citizens of Vietnam.

An increase in foreign direct investments has also been noted with the increased globalization levels in the country. Foreign investors have been on the rise in Vietnam from various developed countries worldwide and this has made the country face an increase in foreign companies which make the country an industrialized one over time (Le 30). The foreign investors have also brought in machines that are used in various activities such as agriculture which has led to agricultural activities being conducted using machinery. The machines are fast and more effective and this has caused an increase in the number of agricultural exports as well as the reduction of hunger and starvation which has been a major menace in the country over many years. Foreign investors have also come with new skills that have led to an improvement in how economic activities are performed in Vietnam.

Globalization has also led to Vietnam facing an increase in the awareness and performance of different enterprises. When Vietnam joined the World Trade Organization, it meant that it entered into a competition with other companies from other countries that had strong financial power and skilled labor as well as experience (Mah 45). This led to a reduction of tariffs for doing business between two or more countries and this has contributed a lot to the domestic market of Vietnam becoming more competitive in the world trade. The barriers to trade between Vietnam and other countries have reduced such as lower tariffs and quotas for garments and textiles. Both of these commodities which are the second most main exports of Vietnam after crude oil have led to more exports between the countries of the World Trade Organization hence increased revenues and incomes which are used for more development. The increased competition levels of the country have made it improve the quality of the employees through training them and making them having improved skills as well as making them more competitive and effective.

Conclusion

Globalization in Vietnam has also led to a refining of the legal system and policies of the country according to the World Trade Organization's regulations which have led to the system being predictable, sustainable and more transparent. This has been the main reason behind many investors invading the country and making the export levels increase tremendously. The investors with their new technologies and skills have led to an increase in the market production and export levels which have created many job opportunities and increased development which has changed the economy of Vietnam with reduced starvation and poverty levels. Globalization has led to many benefits in Vietnam making it among the most developing countries in the World Trade Organization and this development is expected to continue increasing over the decades.

Works Cited

Le, Q. A. "The impact of globalization on the reform of higher education in Vietnam." International Journal of Business and Economic Affairs 1.1 (2016): 29-35.

Mah, Jai S. "Globalization and Aid Inflows in the Economic Growth of Vietnam." Global Economy Journal 13.1 (2017).

Tran, Angie Ngoc, and Irene Norlund. "Globalization, industrialization, and labor markets in Vietnam." Journal of the Asia Pacific Economy 20.1 (2015): 143-163.