Vietnam hosted President Donald Trump’s and North Korean Leader Kim Jong-Un’s meeting, the relations between these two nations have flourished by the time and has came a long way since the U.S abandoned its war against communist North Vietnam in 1970s.
Vietnam has reformed its policies from then and has now become a global trade center. Vietnam is a major production base for South Korea’s Samsung and also serves various other manufacturing giants. The “Doi Moi” reform (socialist-oriented market economy) was adopted by the communist rulers of the Democratic Republic of Vietnam (DRV), the increase in factory flood due to this reform, could also provide a model for the North Korean leader Kim Jong Un.
As a global trade center, Vietnam has grown quite rapidly, the economy expanded by 7% in the year 2018. Its GDP is now ranking in world’s top 50 economies. Poverty has also got down and life expectancy has also increased.
The meeting was held in Hanoi, Samsung opened its production factory in Hanoi and since the leading producers of computer chips and mobile phones invested so much in Vietnam, it led to other commitments by Microsoft and Intel too, to fuel up the economic growth.
The country is also facing challenges because of the weighty reliance on the export-led growth; this leaves the country economically vulnerable. Pollution, corruption and rural poverty are of serious concerns as well.
Vietnam has absorbed a lot of foreign flow of trade and investment, to sustain growth and remain competitive in the global market, the country has to make room for private businesses and encourage the adoption of more modern and advanced technologies.
Objectives of the Trump-Kim meet
By shaking hands, the two leaders expressed their gratitude towards each other and hoped for North Korea’s economic success. Mr. Trump also said that some people want the “Denuclearization” process to go at a pace, but, he and Kim are quite happy with the ongoing pace. Moreover, the U.S president said that, U.S will help North Korea in attaining the economic growth. But, offered no specifics on that.
Kim said that, there has been opposition in the past from the outside, but they've been able to overcome all those obstacles. Kim also said that he believes the last 261 days required much patience, but today he and Mr. Trump are sitting next to each other, giving Kim hope for success.