This is why Korean boomers love investing and living in Vietnam.
It's literally how Korea used to feel in the 1970-80s.
The entire economy in VN is basically owned by Korean Chaebols like Lotte after they were kicked out of China in 2015-17 due to a trade war.
It's 60-40 Chaebols-Local Oligarchs
And the VCP is fairly worried that a 1980s SK or 1990s PRC style democracy movement might arise, because unlike China today, the Vietnamese government is very incompetent and pays their civil servants shit ($200/mo for senior govt doctors for example, $600/mo for the head of the Politburo, most soldiers are abused and unpaid conscripts), and western services like FB cannot be cracked down because it will scare western investors away and because most of the country is still dependent on the remittences of the 2nd-3rd gen diaspora living in North America and Eastern Europe, and the migrant workers in JP/SK/TW/CN.
There's a reason why KDramas are so popular in VN. It isn't just because of Hallyu wave (though that plays a role too) but also because the exact same kind of problems and mentality that Koreans have going from third world to first world are faced by Vietnamese as well.
Vietnam is at the same position as Korea was in the 1970s-80s essentially.
> Over the nine-year period of South Korean troop commitments to Vietnam, 40% of the country's overall export earnings during this period came from the money combat personnel were paid, making an average of $200 million each year.
> The total cost to the United States of paying for Korean participation was "peanuts compared to what it would be for a comparable number of Americans," but those payments are estimated to account for 4 percent of the GNP in 1967 and totalling more than one billion dollars.
This is why Korean boomers love investing and living in Vietnam.
It's literally how Korea used to feel in the 1970-80s.
The entire economy in VN is basically owned by Korean Chaebols like Lotte after they were kicked out of China in 2015-17 due to a trade war.
It's 60-40 Chaebols-Local Oligarchs
And the VCP is fairly worried that a 1980s SK or 1990s PRC style democracy movement might arise, because unlike China today, the Vietnamese government is very incompetent and pays their civil servants shit ($200/mo for senior govt doctors for example, $600/mo for the head of the Politburo, most soldiers are abused and unpaid conscripts), and western services like FB cannot be cracked down because it will scare western investors away and because most of the country is still dependent on the remittences of the 2nd-3rd gen diaspora living in North America and Eastern Europe, and the migrant workers in JP/SK/TW/CN.
There's a reason why KDramas are so popular in VN. It isn't just because of Hallyu wave (though that plays a role too) but also because the exact same kind of problems and mentality that Koreans have going from third world to first world are faced by Vietnamese as well.
Vietnam is at the same position as Korea was in the 1970s-80s essentially.