But growth has been uneven and inequality is on the march. According to the World Bank, the nation had a Gini index score – in which the higher the number, the greater the wealth disparity gap – of 36.8 in 2020, up from 35.7 in 1992.

Privileged beginnings

Many high achievers in Vietnam are proud of their accomplishments, with some also very mindful of the leg up in life they have been given.

Tri Truong sailed through university in the US before gaining admission into some of the most competitive American law schools.

Yet Tri, 22, whose father is an economic consultant and businessman, attributes much of his success to his upbringing, acknowledging his family could afford the hefty annual cost of attendance at Duke University that totalled US$85,000 – more than 20 times Vietnam’s average yearly salary.

“Back in high school, for me, studying abroad was a choice,” he said. “But for many of my friends, it was not. I know they would have been admitted too if they had the financial resources.”

As the gap between haves and have-nots widens, it is becoming harder for those in the middle to advance, with costs of schooling and extra education soaring to US$4,500 per year on average for a private school in Ho Chi Minh City.

Having landed a well-paid job at one of the most prestigious global social impact consulting firms, My Le, 24, says education transformed her life.

In the border town of the Mekong Delta province of Dong Thap, where she was born, girls are often discouraged from pursuing higher education.

However, My Le’s mother, who earned a bachelor’s degree in the 1980s and owned a grocery store, always encouraged her daughter to attend the best schools.

“My mum taught me English since I was three years old. The town had no good kindergarten, so she founded one to teach me and some friends,” My Le said.

“There is more to life than just hard work. Luck, the ability to seize opportunities and your economic background can directly impact your life. My mum is my privilege. Thanks to her, I can try new things.”

Inequality in educational access carries long-term risks for an economy that needs to vault up the value chain if it is to meet the communist government’s aspiration of achieving high-income status by 2045, experts say.

“As Vietnam continues to grow its economy, wealth and privilege gaps have been widening, which contributes to ongoing unequal access to educational resources and exchange of knowledge,” said Nguyen Thi Ngoc Lan, a PhD candidate at Dartmouth College.

Study, work, repeat

Economic clouds are also accumulating, and that is already playing out in how many young people see their opportunities. Data from the General Statistics Office indicates the economy is slowing down, with exports slumping more than 12 per cent between January and June, and imports retreating by 18.2 per cent over the same period in 2022.

A property crunch is deepening, analysts say, while the cost of living mounts. According to a survey by the Vietnam Association of Real Estate Brokers, more than 70 per cent of apartment lease contracts that recently expired were renewed at an average rate of at least 10-20 per cent higher.

In Ho Chi Minh City, 20-somethings routinely juggle two or three jobs with studying, learning English from YouTube as they try to climb the employment ladder.

Van Hung, 26, says he is putting his studies on hold at one of Vietnam’s best engineering universities, unsure if he can afford to return.

“Studying is exhausting and when I return home, I must work part-time,” he said. “I only get about three to four hours of sleep per day. I have to earn money for my living, so I had no choice but to work.”

But upskilling is the key to Vietnam’s labour market, analysts warn, saying that although the nation’s schools outperform globally, over half of young people aged between 16 and 30 need support to build the technical skills and expertise to ensure continued long-term growth.

“Boosting the human capital of the youth could help us catch up with our neighbours in labour productivity, and this will surely contribute to long-run economic growth,” said Khieu Van Hoang, an economics professor at Fulbright University Vietnam.

Acknowledging the risks, the government has pledged to improve its vocational training and support training employees for small to medium-sized enterprises. Meanwhile, in June, the authorities directed the State Bank of Vietnam to chop interest rates to 1.5-2 per cent to stimulate consumption and investment.

“If this policy is implemented properly, it will positively affect economic growth and not exacerbate inflation,” Khieu Van Hoang said.

Reflecting on a life of near-misses so far, Hung said at 17 he dropped out of school because of his family’s financial problems. He returned to high school at 21, balancing work and studying, and had to prepare for the notoriously tough university entrance exam – which he passed.

Hung, a freelance interior decorator, says he has earned enough to sustain himself, but rues the time needed to complete his studies.

“If my family had better conditions and I could solely focus on studying, it would probably be better,” he said.