The current economic situation in Vietnam can truly be described as "each displaying their own magical powers as if crossing the sea," but it seems their magic charms are not working very well. Remember when people praised Vietnam for potentially becoming the next world's factory? But now, watching their economy plummet from paradise to hell is truly a sigh-inducing sight. From the dramatic devaluation of the dong to banking crises, and then to unfinished real estate projects,

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Thinking of the dong's plunge, this is not a sports competition, but an unregulated economic free fall. Last year, the dong was still quite valuable, but in the blink of an eye, it has fallen to an all-time low. Even international big capital can't stand it anymore, packing up and leaving, selling off more than a hundred trillion dong.

Vietnam's real estate market is also a complex story, with 1,200 projects turning into unfinished buildings, a scene reminiscent of New Year's fireworks, which were dazzling at first but ended up leaving a mess. Moreover, Vietnam also has to save the struggling Hope Bank, a name that ironically includes the word "hope," suggesting that perhaps only divine intervention can help.

Let's talk about their debt crisis. Vietnam's bond market seems to have been cursed, stepping on a mine at every turn, with explosions wherever it goes, and the stock and real estate markets are also trembling along. As for Saigon Bank, it's on the brink of collapse, potentially causing a major news event that could further destabilize the entire financial system.

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Now, let's discuss Vietnam's economic structure, which is a classic case of not seeing the forest for the trees. Vietnam is highly dependent on exports, especially on the United States, which accounts for thirty percent of total exports. As soon as the U.S. raises interest rates, Vietnam's products lose their luster, and the economy catches a cold.

It's also worth mentioning the arrest of Vietnam's former female billionaire, Zhang Meinan, due to a series of messy affairs, which directly triggered a crisis of confidence. This incident is like opening Pandora's box, followed by a series of crises in the bond market, stock market, and real estate market.

As for Vietnam's economic prospects, they are indeed gloomy. Although the State Bank of Vietnam has invested heavily in foreign exchange reserves to try to stabilize the market, it seems that this money is being thrown into a bottomless pit. Compared to the massive figures of the United States, Vietnam's foreign exchange reserves are like a dwarf in front of a giant, essentially a frog in a well.

Although Vietnam's population is close to 100 million, the quality of education and talent is not even close to that of China. Their high-tech industry is virtually non-existent, with most still at the stage of simple processing and assembly. Under these circumstances, the difficulty for Vietnam to make a significant economic turnaround is not to be underestimated.Speaking of this, we must sigh that the economic crisis in Vietnam is not something that can be resolved overnight. From the sharp devaluation of the dong to the banking crisis, and then to the teetering financial system, none of this is accidental. Vietnam's economic model requires fundamental change; otherwise, this crisis will only be repeated over and over again.