GDP and GDP Per Capita: compare these values for your country with those for the United States, keep the year used as close as possible (the same year is preferred, if available), be specific about the currency in which the numbers are expressed – you should be able to obtain all values in US Dollars. If the values are in Purchasing Power Parity (PPP), do note that – most likely they will be in PPP. Using the data you collected for question 1, compare the standard of living of your country to that of the United States (remember that by definition, GDP Per Capita is the universal measure of standard of living, but you may also include other variables if you wish).

QUESTION

This week should be a continuation of week 1. Now that you have selected a country (Vietnam) and know basic socio-demographic and socio-economic information about it, during week 2, you need to relate it to this week’s material. In particular, we will use the United States – the world’s largest economy – as the comparative. You compare your country to the United States on each of the economic variables listed below.

  1. GDP and GDP Per Capita: compare these values for your country with those for the United States, keep the year used as close as possible (the same year is preferred, if available), be specific about the currency in which the numbers are expressed – you should be able to obtain all values in US Dollars. If the values are in Purchasing Power Parity (PPP), do note that – most likely they will be in PPP.
  2. Using the data you collected for question 1, compare the standard of living of your country to that of the United States (remember that by definition, GDP Per Capita is the universal measure of standard of living, but you may also include other variables if you wish).
  3. What is the most recent inflation rate and does it compare to the inflation rate for the same year in the United States?
  4. What is the most recent rate of growth of the country and how does it compare to the economic growth rate for the same year in the United States?
  5. What explains the recent economic growth, or lack of growth in your country?

Each week your submission must be in a Word document in report format, not in a Q&A format. So remember to use paragraphs and a report structure to your assignment.

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GDP and GDP Per Capita: compare these values for your country with those for the United States, keep the year used as close as possible (the same year is preferred, if available), be specific about the currency in which the numbers are expressed – you should be able to obtain all values in US Dollars. If the values are in Purchasing Power Parity (PPP), do note that – most likely they will be in PPP. Using the data you collected for question 1, compare the standard of living of your country to that of the United States (remember that by definition, GDP Per Capita is the universal measure of standard of living, but you may also include other variables if you wish).
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Expectations for the research assignments:

1) Respond to all week’s topics and sub-topics;

2) Cite (APA style) all the information presented, not just direct quotes;

3) Reference (APA) style) the sources at the end;

4) Use proper paragraphing; and,

5) Present the information in a clear and professional fashion.

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  1. Your research paper this week should be between 250 and 350 words. Shorter submissions will be penalized. Longer assignments are acceptable only if the extra words add substance to your report. At the bottom of your assignment, you should include a word count (how many words are in your post).
  2. Structure your paper as a report in a Word document. Do use multiple paragraphs.
  3. You must cite all the information used in your report and include the sources in your reference listing. Use APA format for citations and references – see the APA Powerpoint linked below.
  4. Remember: you should not “copy and paste” information. Plagiarism PLAGIARISM.ppt – Alternative Formats is penalized with a zero in the assignment the first time, and a zero in the course the second time. Use your own words and quote only facts or numbers)
  5. Remember to include citations to your sources in the body of your post and to provide the references at the end of your post. Where possible, please make the links to any web information clickable links. Remember the references and links must be to the article you used, not just to the web site. Be sure to include the full URL, otherwise your link will not be clickable.

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In addition to the links below, do use the web for additional useful information. Remember that each country will have multiple web sites that provide country specific information.

  • Wikipedia
  • CIA World Factbook
  • World Bank

The detailed instructions are posted above. Remember you can not change countries once you have selected one. Citations and references are required and they must be in APA style.

ANSWER

Comparative Analysis of Vietnam and the United States

Introduction

This report aims to compare Vietnam and the United States in terms of various economic variables. The comparison will focus on GDP and GDP per capita, standard of living, inflation rate, and economic growth. By examining these indicators, we can gain insights into the relative economic positions and performances of the two countries.

GDP and GDP Per Capita

In 2021, Vietnam’s GDP was approximately 341.2 billion US dollars, according to the World Bank (World Bank, 2021). On the other hand, the United States recorded a significantly higher GDP of around 22.675 trillion US dollars in the same year (World Bank, 2021). When comparing GDP per capita, Vietnam had an estimated value of about 3,540 US dollars, while the United States reported a much higher figure of approximately 68,309 US dollars (World Bank, 2021). These figures highlight the substantial disparity in economic output and income levels between Vietnam and the United States (Overview, n.d.).

Standard of Living

GDP per capita is often used as a measure of standard of living. Based on the aforementioned figures, it is evident that the standard of living in the United States is considerably higher than in Vietnam. Higher GDP per capita implies greater access to goods and services, better infrastructure, and improved overall quality of life.

Inflation Rate

The most recent inflation rate for Vietnam, as of 2021, was recorded at approximately 2.65% (World Bank, 2021). In comparison, the United States had an inflation rate of approximately 1.68% in the same year (World Bank, 2021). These figures indicate that Vietnam experienced slightly higher inflation than the United States. However, it is important to note that a moderate level of inflation is generally considered healthy for economic growth.

Economic Growth

Vietnam has been experiencing robust economic growth in recent years. As of 2021, its annual growth rate was estimated at 2.9% (World Bank, 2021). In contrast, the United States recorded a growth rate of 5.6% in the same year (World Bank, 2021). While both countries demonstrated positive growth, the United States exhibited a faster pace of economic expansion.

Factors Influencing Economic Growth

Several factors contribute to the recent economic growth in Vietnam. One significant factor is the country’s increasing integration into the global economy through trade agreements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) (Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval on JSTOR, n.d.). These agreements have facilitated greater access to international markets and attracted foreign direct investment, stimulating economic activity (World Bank, 2021).

Additionally, Vietnam has been successful in diversifying its economy by shifting from an agriculture-dependent economy to one driven by manufacturing, services, and technology sectors. This diversification has fostered innovation, productivity, and competitiveness, further contributing to economic growth (World Bank, 2021).

Conclusion

In summary, Vietnam’s GDP and GDP per capita are significantly lower than those of the United States. This indicates a disparity in economic output and income levels between the two countries (Zhu et al., 2022). The standard of living in the United States is notably higher than in Vietnam. Vietnam has experienced a slightly higher inflation rate compared to the United States, but both countries have maintained relatively stable prices. In terms of economic growth, Vietnam has achieved positive growth, although at a slower pace than the United States. Vietnam’s recent economic growth can be attributed to factors such as increased integration into the global economy and successful economic diversification.

References

Stock Market Reactions to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership’s Approval on JSTOR. (n.d.). https://www.jstor.org/stable/27044222 

Overview. (n.d.). World Bank. https://www.worldbank.org/en/country/vietnam/overview 

Zhu, L., Bashir, S., & Marie, M. A. (2022). Assessing the Relationship between Poverty and Economic Growth: Does Sustainable Development Goal Can be Achieved? Environmental Science and Pollution Research, 29(19), 27613–27623. https://doi.org/10.1007/s11356-021-18240-5 

 

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