After the Han, a miracle on the Mekong?

Forty years after Vietnam initiated its economic reform policy known as Doi Moi, a farmer named Le Dong Phuong in the Mekong Delta city of Can Tho provides a potential starting point for evaluating the country's next major step. According to a 2024 World Bank report, Le initially harbored doubts about the feasibility of planting fewer seeds to maintain her rice yield.

However, after multiple visits to demonstration farms, she eventually became convinced of the benefits of the change. Vietnam's aspirations, set forth in its 14th Party Congress in January 2026, target an average annual GDP growth rate of at least 10 percent from 2026 to 2030, alongside the goal of becoming a high-income nation by 2045.

These ambitious objectives evoke memories of a similar Korean phenomenon: could a "miracle on the Mekong" follow in the footsteps of the "miracle on the Han"? In my opinion, Korea's most valuable contribution to Vietnam may begin with a straightforward examination of its own historical journey. The Korean experience demonstrates that education, infrastructure, and technological advancements played pivotal roles in enhancing the competitiveness of Korean firms.

Nevertheless, achieving success at the top level did not inevitably translate into prosperity for the entire supply chain. These insights serve as cautionary cues that Vietnam should carefully consider.