A New Decade

Vietnam’s Communist Party is seeking to elect its new leaders. It has started a new plenary session to elect a set of leaders to lead the nation. Vietnam has been growing economically at the rate that has surpassed 8% and has had an aim of growing faster. The new leadership of the Communist Party might bid more time to make Vietnam grow at a higher rate. Vietnam has had a divisive past. The legacy of communism in the twentieth century has left an indelible political mark on its history. The life under communism has been forgotten to give way to a fast-paced economic reforms and high growth economy. Vietnam has a market economy fuelled by sectors that promise high growth for its budding economy. The communist-style economy and rebellion on private property regime has been left to be judged by history. The idea of communism doesn’t interest its ruling classes. The benefit of the proletariat has been left on the efficiency that a market economy is capable of. The communism and its economic system has been shattered to be replaced by a market that serves global needs and satisfies the increasing domestic demands of the economy. The legacy of Vietnam and its division, guerrilla wars, and divided political groups tinged with nationalism have been left for the pages of history. Vietnam has decided to pursue market-led growth and not allow communism as a political idea to become, or be used as its guiding principle.

Vietnam is also considered to be one of the fastest growing nations of the ASEAN group, and has a future with a potential to reach a middle-income nation status in the next decade or before. Vietnam had been shrouded in the political ideology of communism which didn’t serve it too well. Now, the interests of the economy have been left to the throes of global markets and the efficiencies that it brings to a society. Its relationship with China has been another factor that makes it an important nation in South-East Asia. Vietnam has crucial ties with China and has had a profitable relationship with the Asian economic power since the last decade. Vietnam’s Communist Party must elect leaders with an economic understanding of the market economy and who are able to perform under pressure. The new leadership must build bridges as far as economy is concerned, and bring further commercial advantage to their nation. Vietnam has had a hurtful past mired in wars and dire political ideologies and their application to the society. The new leadership of the Communist Party must seek to mend ties with global powers and serve the aims of their nation. The communist past must be kept aside, and left on the side-shores of politics, and the hurt that it had caused to the Vietnamese people must be remembered. Politics must be used to enhance the nation’s interests in the new century with better cooperation with Asian nations. More cooperation should be considered a better way to deal with global challenges as climate change, poverty, and inequality. Vietnam must build an economically-resilient society equipped to deal with the challenges of the future.

Yuvraj Saharan

Capital Report