Oil-and-water economies

David Brooks of the NYTimes had a piece about the US economy which he coined as “mid-life-crisis economy that needs  to be rejuvenated”.

That’s oil.

Here in Vietnam, I found quite a contrast.

Young demographic, young economy that goes no where but up.

Community Colleges, Trade and Vocational schools, English classes.

One by one, they will progress to the next tier: married, having children, house-hunting and interior furnishing.

The accumulation game: he who dies with the most stuff wins.

People used to be content with three meals a day and a scooter parked in the house.

Then came the phone, the Ipad and the I-pod.

All of a sudden, expectations rise.

A new holiday ring tone, a remote for the scooter alarm, a new app for the I-pad.

Big-box supermarkets are gearing to push consumption pass their “valley of death” (early adopters seem to have done all the shopping they could besides taking trips to Singapore and Australia).

The early and late majority still bond with traditional outdoor venues: bartering is still common, but slowly it is being phased out.

One lighter note during Christmas: the meat-stall ladies up North uploaded their spontaneous dance number onto YouTube.

I can picture them with cell phones urging a quick delivery, but  they are now going “social” and “visual”.

Vietnam got started 40 years ago with Kennedy’s reluctant but pushed-ahead with that fateful decision to engage.

This has set the country back (while Steve  Jobs and Steve Wozniak grew up and toyed with personal computers in their garage).

Now it needs to play catch-up (while taming inflation). A dance that needs skills.

In war, the two sides already seemed to act like oil and water.

Now in peace , the two economies couldn’t be more different: one needs rejuvenation (per Brooks), the other revision.