Year Founded: 1975
A socialist state in Southeast Asia, Vietnam was once colonized by France and Japan. The Vietnam War broke out in 1955, and finally the People’s Army (Communist Party) of Vietnam, backed by the Soviet Union and China, unified the country and established the Socialist Republic of Vietnam.
In the past two decades, after economic reform and opening up, the country has transformed itself from an agricultural country to an export-oriented state relying on textiles and electronics in particular, becoming one of the countries with the fastest economic growth in the world. Before 2019, Vietnam’s annual GDP growth rate was fixed at 5% and up. In addition, as it has signed up a great number of economic trade agreements like RCEP and CPTPP, and also entered into bilateral agreements with the European Union, China, Japan and South Korea. Its economic growth in the next few years is promising. Although Vietnam is a communist state, its diplomatic policy does not lean toward China or Russia in particular and mainly follows independent and diversified diplomatic strategies.