That is the often-quoted percentage of the level of pre-covid (2019) general economic activity and tourism found in Da Nang these days. It may be a little on the high side. Other Vietnamese beach cities like Nha Trang, long a Russian playground (which keeps many Westerners away but not Koreans), are also starting to compete more with DN due to their cheaper prices which doesn’t help. Like many places, there are also a number of “ghost hotels” mostly on the beach side whose construction never finished and remain empty. The continued “Blazing Furnace” campaign of the General Secretary against corruption has slowed down a lot of both private and public projects. Oh, and a corrupt banker was just sentenced to death for embezzling the equivalent of about 5% of Vietnam’s GDP in Saigon in the worst corruption scandal in the country’s history. Preventing a run on the banks is the main concern, although it is a lot easier to stop in a communist country. And… Vietnam just sacked it’s second President (remember the General Secretary of the Communist Party is the big boss) in as many years for corruption. Typically, people, ok males only, in that position stay there for many years. The people are shocked.
On a real positive note, Joe Biden visited Hanoi last fall and Vietnam increased the level it’s US relations to a “Comprehensive Strategic Partnership.” There are now seven countries with this highest-level mostly trade relationship. They are China, Russia, India, South Korea, Japan, USA, and most recently Australia. With the US president, came representatives from many US companies from Boeing to Netflix. Next, Tim Cook from Apple was in Hanoi last week, and Bill Gates vacationed in Da Nang last month. Whatever corruption is going on internally so far does not seem to scare off the outside world. From a geopolitical standpoint, shortly after the US president left, the General Secretary from China was honored in a State Visit in Hanoi. And just this past month, a military “hot line” was also established between the two countries for any possible future disputes. According to a poll cited in a January 2024 Economist magazine, some 85% of the Vietnamese have a favorable opinion of America, while only around 25% have a favorable one of China. But…China is next door and is their largest trading partner although the US is their largest export market. Back and forth, back and forth it goes. The 4 NOs (as in the opposite of yes), of Vietnam in this tricky part of the world still hold: No military alliances, No siding with one country against another, No foreign military bases, and No using force or threatening to use force. It is also healthy to remember that the last war China fought was in 1979. Vietnam successfully repelled their invasion. Reunification day is coming on April 30th, commemorating the Vietnamese post American war unification in 1975. In America, it is known as “The fall of Saigon.” Back and forth, back and forth…