A container ship leaves the industrial port city of Haiphong in Vietnam, on March 31.
Photographer: Linh Pham/Bloomberg
Vietnam’s 10% Growth Dream at Risk as Iran War Chokes Fuel Flows
Party chief To Lam is sticking to his ambitious double-digit goal despite rising energy costs that threaten to derail the global economy.
In the deep sea port of Haiphong, just over 100 miles (160 kilometers) south of the Chinese border, the fast-changing skyline of Vietnam’s northern economic engine reflects the nation’s rapid push for sustained 10% growth.
For years, Haiphong’s ascent has appeared impervious to global shocks from trade turmoil to pandemic lockdowns. Backlit Korean, Japanese and Taiwanese logos marking the industrial facades have multiplied, with LG Electronics Inc. and Apple-supplier Pegatron Corp. among the multinationals that have expanded production here. A new free trade zone with tax perks and other incentives is set to lure even more investment.