Vietnam Economy Data Results, Essay Example

Vietnam has a fast growing economy owing to the diverse economic activity it engages in. in order to comprehend the economic condition of the country, it is important to analyze different aspects of the economy, based on the structure and make-up of the demographic.

Vietnam and Massachusetts generally depict different trends in its demography. One of the most interesting facts is that the number of foreign born (72%) exceeds the number of native born in Vietnam (28%). However, the number of native born Latinos in Massachusetts (85%) exceed those who are born outside of Massachusetts (15%).

Both populations depict similar aspects in terms of citizenship. Both Vietnam and Massachusetts have a higher number of citizens as compared to non-citizens. In Vietnam, citizens make up just over 80% of the population, while in Massachusetts, citizens make up just over 90% of the population. This indicates that Massachusetts has a very low ration of non-citizens to citizens.

Age is a critical indicator on the general productivity that is expected of an economy’s labor force and the life expectancy. The median age of foreign born nationals is noticeable higher than the median age of native born nationals. This aspect is the same for both Vietnam and Massachusetts. However, native born Vietnamese have a considerable low median age when compared to Massachusetts’s native born populations. The Vietnamese native born population has a median age below 15 years. In Vietnam, the median age of non-citizens exceeds the median age of citizens. However, this trend is reversed for Massachusetts, with citizens recording a higher median age when compared to non-citizens.

In Vietnam, the marital status of the demographic has a very interesting picture. Just over 60% of foreign born residents of Vietnam are married. However, under 10% of native born residents of the country are married. While just over half of Vietnamese are married with just over 40% of the non-citizens are married. Comparing these figures to Massachusetts, it has just under half of its legal population married. This reveals an interesting fact, native born Vietnamese are not getting married, while most of the foreign born Vietnamese are inclined to settle in families.

The population offers the required labor force for economic development. In Vietnam, more native born (67.5%) are actively involved in the labor force when compared to the foreign born residents (63%) of the country. Residents with citizenship are more actively involved in the labor force when compared to non-citizens. Interestingly Massachusetts has a labor force population that is equal to Vietnamese native born labor force participation. This shows that Vietnam has an overall better labor force participation when compared to Massachusetts.

Labor force participation is largely affected by the levels of unemployment within each group. Native born Vietnamese appear to experience a higher unemployment rate when compared to foreign born Vietnamese. Just under 15% of native born Vietnamese experience unemployment. Characteristically, non-citizens experience considerably high levels of unemployment when compared to citizens. Non-citizens have an unemployment level of 28%, compared to 8% for citizens. With unemployment levels of 9%, Massachusetts depicts a lower levels of unemployment.

Employment is also an interesting factor in Vietnam’s demography. Foreign born residents of Vietnam are mostly employed in the white collar sectors within industries, followed closely by the service industry. The blue collar industries employ the least number of foreign born Vietnamese. However, native born Vietnamese are mostly employed on the services industry with the blue collar industry employing the least number of native born Vietnamese. Most Vietnamese nations are employed in the service industry, just slightly more than those employed in the white collar industry. Non-citizens have mostly been employed in the service industry. Massachusetts also depicts similar trends to Vietnam, with most of its population employed in the service industry and the least employed in the blue collar industries.

Education is a key factor and indicator of economic development. Most foreign born Vietnamese do not have a high school diploma. However, the second largest population of foreign born nationals have a bachelor’s degree or above. On the other hand, more than half of native born Vietnamese have a bachelor’s degree or above. The second-largest population of native born nationals do not have a high school diploma. More than half Vietnam’ non-citizens of Vietnam do not have a high school diploma, with less than 10% having a bachelor’s degree or above. Massachusetts has most of its population with bachelor’s degrees or above.

The state of medical insurance within an economy is a critical indicator of health, a factor of economic growth and development. Medical uninsurance is therefore an indicator of the negative aspects of health within the economy. In Vietnam, medical uninsurance is most evident in foreign born nationals when compared to native born nationals. Foreign born nationals experience about 6% of medical uninsurance, with native born nationals experiencing 3% medical uninsurance. , medical uninsurance also most evident in non-citizens when compared to citizens. Non-citizens experience 10.5% medical uninsurance while citizens experience 4%. Massachusetts experiences about 4.5% medical uninsurance. However, it is important to note that medical uninsurance in Vietnam is below 11% across all groups within the demographic.

Works Cited

Aghion, Philippe, Peter Howitt and Leonardo Bursztyn. The Economics of Growth. Cambridge: MIT Press, 2009.

Cahuc, Pierre, Ste?phane Carcillo and Andre? Zylberberg. Labor economics. 2nd. Cambridge: MIT Press, 2014.

Lim, David. Economic Growth and Employment in Vietnam. New York: Routledge, 2014. Print.

Mankiw, Gregory N. Princples of Macoreconomics. 6th. Mason: South-Western Cengage Learning, 2014. 2015. 1 May. <https://financeasim.files.wordpress.com/2014/01/principles-of-macroeconomics-n-gregory-mankiw.pdf>.