Neel Patel · Lives in Vietnam 7 yrs, qoura.com

I’ve been living in Vietnam for a year plus and it’s not a bad place to live if you are middle class or above in the large cities. Lots of foreigners are teaching English and earning $15+ an hour, which is a lot of money in Vietnam. I realize that is way more than the average Vietnamese salary (around $300–500 a month in Saigon I believe). But a lot of these people would be earning a similar wage back in their home country, but the cost of living would be 2–10 times more. For instance, my Vietnam apartment would cost at least 4–5 times more in a large US city like NYC or SF. I spend $4 a month for 3.5 gb of data, in the US that would cost me at least $60 or more. I can get a nice meal for $2 if I wanted, even more expensive restaurants are only $5–12. Even a hole in the wall restaurant in the big US city is $10+ nowadays.

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Lucia Millar · 

B.A in International Trade Law, Foreign Trade University of Vietnam (Graduated 2015). Answered December 11, 2024. Quora.com

No. It is not. Vietnam is a one-party socialist state that differs from the Soviet Union’s model. Interestingly, now, Vietnam’s economy is capitalist more than most of the so-called capitalist countries.

The total value of Vietnam’s annual exports and imports is approaching 1,000 billion USD, while Vietnam’s GDP is only around 500 billion USD. This indicates the extremely high openness of Vietnam’s economy. Although 1,000 billion USD may not be a large figure compared to economic powers like the US, China, or Germany when compared to what Vietnam had just 10 years ago, it represents significant growth and openness. This reflects a fundamental shift in economic management thinking from a Soviet-style model to a free market economy in Vietnam.

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