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With reference to any Non-European, Continental or Sub-Continental region you have studied: Describe two factors which have influenced its industrial development. - Leaving Cert Geography - Question 1 - 2006
Question 1
With reference to any Non-European, Continental or Sub-Continental region you have studied: Describe two factors which have influenced its industrial development.
Worked Solution & Example Answer:With reference to any Non-European, Continental or Sub-Continental region you have studied: Describe two factors which have influenced its industrial development. - Leaving Cert Geography - Question 1 - 2006
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Step 2
Describe two factors which have influenced its industrial development
Answer
Factor 1: Economic Reform
One significant factor that has influenced Vietnam's industrial development is the implementation of economic reforms, known as 'Đổi Mới,' which began in 1986. These reforms transitioned Vietnam from a centrally planned economy to a socialist-oriented market economy. This shift fostered private enterprise, increased foreign investment, and stimulated industrial growth, particularly in manufacturing and exports. As a result, Vietnam has become a hub for textile and electronics manufacturing, greatly boosting its industrial sector.
Factor 2: Strategic Location and Trade Agreements
Another crucial factor is Vietnam's strategic geographical location. Positioned in Southeast Asia, Vietnam serves as a gateway to other markets in the region. Additionally, Vietnam has signed numerous trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA). These agreements have facilitated access to larger markets, encouraging international companies to establish operations in Vietnam, leading to substantial industrial development.