HANOI — It is easy to see why Vietnam, despite its troubled past, has risen to become Asia's mecca for trade and even an undisputed poker hub hereabouts.
Walking around the capital, in between covering the Asian Poker Tour's Hanoi Billions — the largest poker festival in the region — you can feel the boundless energy everywhere. People whiz by on scooters, buy and sell everything from phones to food in the countless small shops, and run to and fro to get to school or work. Vietnam is young, growing, and anything feels possible.
As we immersed ourselves in this nation that experienced a long, divisive conflict known as the Vietnam War, Chinese domination, and French colonization, we discovered for ourselves why it has become a star in the emerging markets universe.
When the Vietnam War ended in 1975, the World Economic Forum reported that the country was one of the poorest in the world, with an anemic per capita growth of $200 to $300.
In 1986, however, when the government introduced "Đổi Mới," a series of economic and political reforms, everything changed as this steered the country to becoming a "socialist-oriented market economy."
Its economic growth of 6-7 percent rivals that of China, and its exports are worth as much as the total value of its GDP. Anything from Nike sportswear to Samsung smartphones is manufactured in this ASEAN nation. Such is the success of the country that there are few spare workers or production facilities left.
According to analysts, the country's meteoric rise can be attributed to its investing heavily in human and physical capital, predominantly through public investments.
Those investments paid off as Vietnam became a hub for foreign investment and manufacturing in Southeast Asia. Japanese and Korean electronics companies like Samsung, LG, Olympus and Pioneer, and countless European and American apparel makers set up shop in the country.
Today, the Vietnamese are reaping the rewards of those reforms as they have quickly transitioned to a middle-income economy. Its economic boom has likewise propelled Vietnam's rise in the poker scene.
An increasingly enthusiastic poker community has made it a destination of choice for casual players and seasoned professionals alike.
As the country experienced rapid economic growth, a burgeoning middle class emerged with disposable income and a taste for entertainment beyond traditional pastimes. With its combination of skill, strategy, and the thrill of the unknown, Poker has found a receptive audience in this dynamic landscape.
Vietnam's major cities, including Ho Chi Minh City (formerly Saigon) and this capital, have witnessed a surge in the number of upscale entertainment venues and luxurious casinos. These establishments are catering to the growing demand for entertainment and actively promoting poker as a centerpiece of their offerings.
The poker rooms in these casinos boast world-class facilities, attracting players from across Asia and beyond seeking both a challenging game and a lavish experience.
The poker phenomenon in Vietnam is not confined to physical casinos alone. The country has embraced the digital age, with a significant portion of its population being tech-savvy and enthusiastic about online gaming. The rise of online poker platforms has allowed Vietnamese players to hone their skills, connect with a global community, and participate in international tournaments without leaving the comfort of their homes.
Additionally, Vietnam's strategic geographical location plays a pivotal role in its ascension to the status of a poker hub. Its proximity to other Asian poker hotspots, such as Macau and Singapore, has facilitated a natural exchange of players and expertise.
The allure of exploring new poker scenes has attracted international players to Vietnam, creating a melting pot of styles and strategies that add an extra layer of excitement to the games.
The Vietnamese poker community itself is a force to be reckoned with. The passion for the game runs deep, and local players have been making waves in international tournaments. Their success stories, combined with a supportive community, have inspired a new generation of players, creating a positive feedback loop that further fuels Vietnam's ascent in the poker world.
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