Political Similarities Between Vietnam And The United States

Vietnam and the United States have quite a unique and contrasting relationship with each other. Despite functioning with major cultural and political ideological differences, both countries are in civil agreement and each proud of their own social and economic successes. The United States, built upon democracy, has thrived as a current global leader while Vietnam’s growth is entirely controlled by the Socialist Republic of Vietnam. Although under a communist regime, Vietnam’s GDP or economic growth has seen major progressions in recent years with the government’s commitment to reformation while the United States seem much steadier due to its size. The two countries make for a great evaluation due to the listed and other social differences that has resulted in their current economic state.

Keeping in mind that the United States is 30 times bigger than Vietnam and referred to as the most technologically powerful economy, the country ranks 3rd in the world at $18.62 trillion while Vietnam ranks 37th at $595.4 billion (Central Intelligence Agency, 2016). The national debt of the Vietnam sits at $102,466 million which might feel like pebbles to the United States’ whopping $20,442,474 million. The Vietnamese currency is dong which currently trades at 22,355 VND per U.S. dollar. Vietnam’s inflation rate is currently at 3.35% and the U.S. at 1.9%. Interest rates sit at 6.25% and 1.25% respectively. Only since 1986 when Vietnam committed to “doi moi” or a renovation policy did the country begin to see economic liberalization and structural reforms to modernize their economy and become more competitive in exportation hence the incredible gap in progression. Other advancements in Vietnam include the provision of basic services such as education and healthcare and increased access to basic infrastructure like electricity. (The World Bank,