As the economy of Vietnam has been growing significantly, the number of industrial parks and development corporations, such as Vietnam Singapore Industrial Parks and Phu My Hung, has increased to help foreign companies invest in or move to Vietnam easier. Phu My Hung focuses more on the residential life within the town, meanwhile VSIP lets people work, live, and go out in the industrial parks. This concept of industrial parks was very fascinating as people in most developed countries usually don’t live and work in the same town. Also, when I learned about Vietnam’s globalization, I imagined foreign companies offshoring their factories to Vietnam, but actually globalization has been happening in every industry. When I walked around the giant mall in VSIP, I noticed there are a lot of international restaurants, cafes, clothing brands, convenience stores, and even movie theatres that are originally from Korea and Japan. Even though South Korea went through the similar developing process after the war, I believe that Vietnam truly got benefited from the global world economy in the 21st century, making the country internationally attractive. Also, VSIP was the first corporate to address CSR goals, which were focused on education, healthcare and infrastructure, and this shows how companies in Vietnam are moving from just growing the national GDP to focusing on improving the standards of living.
After having lunch at the mall, we headed toward the II-VI Incorporated, a vertically integrated company located in VSIP that focuses on producing thermoelectric devices and supplying them to major clients in various industries. As we walked around in the company, I noticed that the workers were mostly in early 20s, which show how the young, skilled and motivated population affects the workforce as we learned in lectures and site visits. This was a great example of the developing country’s competitive advantages in practice, and I was able to learn a lot more about development through this company visit.