30 Oct '11, 9am

Vietnam economic reform faces crisis of confidence #news #vietnam

Vietnam economic reform faces crisis of confidence #news #vietnam

HO-CHI-MINH CITY - As Vietnam battles galloping inflation and a plummeting currency, a new challenge has emerged - a general collapse of confidence in the state's ability to heal the ailing economy. With an eye on the brash success of neighbouring China, Vietnam's obsessive pursuit of growth lasted for two decades until economic threats forced it to shift attention to stability this year. The ruling Communist Party, which has total control in the one-party nation, announced an overhaul of its economic model during a five-yearly congress in January and a slew of monetary and tax austerity measures have followed. But as pressure on the economy continues to mount, the political system itself has come into question from businesses and the Vietnamese people. "What is happening in Vietnam is a crisis of confidence," a foreign investor in the southern business hub Ho Chi Minh Cit...

Full article: http://www.asiaone.com/News/Latest+News/Asia/Story/A1Stor...

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