Phu Quoc Island: A Showcase of Modern Development

Phu Quoc has been transformed into a resort city modeled after Italian architecture, complete with recreated Roman ruins and an ancient‑style fountain. The island now hosts the world’s longest cable‑car ride over the sea, a project that cost €410 million and includes a hotel complex. In 2025 the island welcomed more than 6 million visitors, illustrating the scale of Vietnam’s tourism boom.

Economic Boom and Modernization

Vietnam’s economy has been growing at over 6 % annually, with tourism expanding by 60 % in the last decade. The average monthly salary in 2025 was about €325, while the number of millionaires reached nearly 20 000 in 2023—double the figure from ten years earlier. The government’s ambition to build a domestic “Silicon Valley” reflects a broader push to modernize every sector of the economy.

The Role of the Communist Party

The Communist Party has ruled Vietnam for half a century and steered the country’s rapid development. In 1986 the party launched the Doi Moi (“renewal”) reforms, liberalizing the economy and partially privatizing key industries, which spurred double‑digit growth and attracted foreign direct investment. Party control remains tight: more than 5 million members belong to the organization, real power sits in the Central Committee, and public discourse is tightly regulated. Students are even taught Vovinam Viet Vo Dao to reinforce discipline and national unity.

Business and Entrepreneurship

Several high‑profile entrepreneurs illustrate the new wealth. Mrs Thao, known as the “Coffee Queen,” founded King Coffee in 2017; the brand now competes with Starbucks and benefits from Vietnam’s position as the world’s second‑largest coffee producer. Quang Duy runs a 4‑hectare shrimp farm that yields about 25 tons of shrimp per year and generates almost €150 000 in turnover, while Vietnam overall produces over a million tons of crustaceans annually. TK Nguyen, an American of Vietnamese descent, invested €2.5 million in a skyscraper nightclub and €2 million in an e‑sports club, planning a dedicated e‑sports stadium. FPT, a market leader in technology and telecommunications, posted sales exceeding €2 billion in 2023; its CEO Mr Binh’s fortune is estimated at around €500 million, and the company is developing a corporate university to nurture future engineers.

Environmental Concerns

The rapid expansion of shrimp farming has taken a toll on the environment. Mangrove forests are cleared, and shrimp feed and excrement saturate coastal waters with salt, phosphorus, and nitrogen, harming marine life. Antibiotics are added to feed at a rate of 20 kg per pond each day. The Formosa factory’s discharge of 300 tons of chemicals into the sea caused a notable environmental disaster, and wild shrimp and fish catches have declined in surrounding waters.

Social and Political Dissent

Criticism of the party’s policies can lead to imprisonment or violence. Over 170 political prisoners are reported, including Pastor Nguyen Trung Ton, sentenced to 12 years for advocating individual freedoms. Opponents face surveillance, harassment, and pressure to flee abroad, while exile groups such as Viet Tan protest the regime’s human‑rights record.

Return of Expatriates

Children of Vietnamese migrants are returning to capitalize on new opportunities. TK Nguyen, for example, describes finding his “American dream” in Vietnam through nightlife and e‑sports ventures, illustrating the pull of the country’s growing market.

E‑sports and New Industries

The e‑sports market is expanding at roughly 8 % per year. TK Nguyen’s team won a national competition, earning €25 000, and he aims to position Vietnam as a Southeast Asian e‑sports hub. Professional players are increasingly celebrated as “rock stars,” attracting significant investment in clubs and stadiums.

Power Structures

General Secretary To Lam sets the political agenda and relies on powerful industrialists, often called “oligarchs,” who dominate key sectors. Although FPT is a private firm, the Communist Party retains strong influence; its CEO Mr Binh is believed to be a party member and is the son‑in‑law of a regime founder.

Challenges and Future Outlook

The economic miracle masks the Communist Party’s pervasive power. Balancing continued growth with environmental protection remains a pressing challenge, and the unspoken rule for profiting from Vietnam’s development is to avoid openly criticizing the party’s decisions. The nation’s future will hinge on how it reconciles rapid modernization with political control and sustainability.