The US’s Bloomberg reported that Vietnam is transforming itself from a crude oil, coffee, and footwear exporter into a manufacturing hub for the likes of the Samsung Electronics Company. According to Bloomberg, one decisive factor of foreign investment attraction is a large middle class with discretionary purchasing power.

The UK’s Financial Times cited Vietnam’s impressive growth figures in diverse fields, pointing out that Vietnam led Southeast Asia in attracting 6 billion USD into initial public offerings last year.

It reported that Vietnam’s GDP growth hit a decade-high 7.38% in the first quarter of this year thanks to strides in industry and construction.

An article published on the US’s Brookings Institution website said Vietnam’s trade soared to 190% of the GDP last year from 70% in 2007. The report entitled “Vietnam’s manufacturing miracle: Lessons for developing countries” attributed the result to the government’s international integration policies and investment in human resources and infrastructure.