A debacle

In 1975, although it won the war against the greatest military power on Earth, Vietnam was a devastated country.

Recalls Wikipedia: “The war’s toll was immense. The country’s infrastructure was ravaged by bombing and landmines, and parts of its otherwise lush landscape had been stripped by toxic chemicals like Agent Orange. As many as two million civilians died in the conflict, along with 1.3 million Vietnamese soldiers.”

In 1975, with its economy in ruins, Vietnam had a pittance of per capita income, $83, less than $100.

In 1975, the Philippines was the third richest country among the six major countries of the Association of Southeast Asian Nations (ASEAN). The Filipino per capita income was $398, behind No. 1 Singapore, $2,490, and No. 2 Malaysia, $800; slightly ahead of No. 4 Thailand, $364, but far ahead of No. 5 Indonesia, $232 and No. 6 Vietnam, $83.

Today, fortunes have changed. The rankings in 2023 per capita GDP: 1) Singapore $91,000; 2) Malaysia $15,210; 3) Thailand $8,180; 4) Indonesia $5,020; 5) Vietnam $4,480 and No. 6 and last, the Philippines $3,910.

The Philippines, No. 3 in 1975, fell in 2023 to No. 6 (and last among the six major ASEAN members). Vietnam, No. 6 in 1975, rose to No. 5 and Indonesia, No. 5 in 1975, leapt to No. 4.

Between 1975 and 2023, in 48 years, the Vietnamese economy per capita grew 54 times its 1975 value; Singapore 36.5x, Thai 22.8x, Indonesian 21.5x, Malaysia 16.7x and the Philippines just 9.8 times – the slowest growing in nearly half a century.

The Philippines’ five major ASEAN neighbors have been growing at an average of 30 times the value of their 1975 economic output, or three times the growth of the Philippines economy. Of the six ASEAN major countries, the Philippines has