With a Similar political background, what can Pakistan learn from Vietnam in terms of economy?
Socialist Republic of Vietnam is a communist state in Southeast Asia. China, Laos, Cambodia, and the South China Sea are among its neighbors. It has been subjected to foreign incursion (by Chinese dynasties and France), and under the French occupation, the nation was divided into North and South Vietnam for economic growth, resulting in ideological and cultural disputes. These confrontations were then transformed into intermediate warfare with the addition of international participants during the Cold War.
When the country was reunited in 1976 under communist rule, the land sector was abolished, and the government began to implement economic reforms. Regardless, the war forced 1 million refugees to flee the country, including experts, educated people, professionals, and specialists from a variety of fields. The government’s many economic goals have since withered. Nonetheless, the Communist government announced Doi Moi monetary adjustments in 1986, prioritizing the “private sector” and launching a slew of initiatives to aid the agrarian sector.
The Doi Moi rose to prominence in the 1990’s as a result of Vietnam’s ability to attract international investment, and the public sector prospered, allowing the government to create jobs and reduce poverty in the country. In the mid-2000s, Vietnam signed a BTI (Bilateral Trade Agreement) with the United States, after which the government restructured the economy to be more manufacturing-based. Recently, the country has been ranked as Southeast Asia’s fastest-growing and second-largest economy.
Pakistan was predetermined in the same way that Vietnam was. The British monarchy ruled the Indian subcontinent until 1947. (India and Pakistan). Because Vietnam is associated with the French order, the subcontinent’s territory became a British colony. In 1956, Vietnam was successful in displacing foreign rule, but the country was also divided as two philosophies were adopted (socialism in North Vietnam and capitalism in South Vietnam). Pakistan embraced capitalist philosophy in the interval to protect itself from the Soviet Union.
Pakistan’s political situation has been wrecked as a result of authoritarian governments. Because to Ayub’s harsh policies, East Pakistan was separated from Pakistan and established as a free state in 1971. Each administration worked on constitution-making until 1973, because the first constitution was delivered in 1956 and the succeeding constitution was recognized in 1962. Because of political instability and a volatile region (India and Afghanistan), Pakistan has been unable to focus on the economy and financial reforms. On the other side, Vietnam’s economy was booming.
The plans for a Pakistan-China economic corridor were drawn up before China’s Belt and Road Initiative (BRI). The project was initially announced in late spring of 2013. In addition to supporting Pakistan on reaching energy independence, the Belt and Road Initiative has invested $12 billion in the construction of new roadways and the modernization of surrounding train routes. The China–Pakistan Economic Corridor (CPEC), which was officially started in 2015, is Pakistan’s most important economic achievement. It is the most significant investment since the country’s independence.
Pakistan can also generate employment and reduce poverty by strengthening the private sector. Because of the BRI and CPEC, Pakistan may attract more foreign investment by resolving intra- and inter-state conflicts through a negotiating approach. In today’s world, the importance of industrialization cannot be overstated, as it is critical to increase a country’s exports while reducing imports. As a result, Vietnam’s approaches and specialists will be extremely valuable to Pakistan, as they can present new procedures in agribusiness and the modern world. History demonstrates that Vietnam has extensive expertise in both light and heavy industries, and that as a result of this experience, Vietnam can play an important role in flourishing Pakistan’s economy.
To combat obliviousness, the government should make significant efforts to energize political stability and raise public knowledge of democratic values. Pakistan’s government, like Vietnam’s, should open doors and encourage hard work in order to achieve unity and growth. President Dr. Arif Alvi has recently emphasized the need of expanding reciprocal ties with Vietnam in all areas of mutual interest, including commerce and the economy. He was speaking with Samina Mehtab, Pakistan’s diplomat to Vietnam, on Pakistan’s tourism potential, which he saw as a good destination for Vietnamese tourists because to the Buddhist Gandhara development. It will be a significant step forward in establishing cordial relations with Vietnam and pursuing new prospects.
UME-AIMAN,
Political Science Department
International Islamic University
Islamabad,
