Word: dung
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...That problem has left some officials uncertain how to proceed, especially in countries such as Vietnam, which joined the World Trade Organization last year and has been opening up its economy to market forces. Vietnam suffers from the highest inflation in Asia; the country's Prime Minister, Nguyen Tan Dung, recently acknowledged during an interview with TIME that "promptly responding to adverse impacts of the global economy is a relatively new matter...
When Nguyen Tan Dung became Prime Minister of Vietnam two years ago, the former central bank governor was widely viewed as a progressive who would continue to drive the communist country's remarkable transition from moribund planned economy to a booming capitalist one. But this year, Vietnam's outlook has dimmed. While GDP growth remains strong at more than 7%, the inflation rate has rocketed to 25%, there have been a large number of outbreaks of labor unrest and the stock market has plunged by nearly two-thirds since January, making it the worst-performing in the world...
...Dung, 59, has taken steps to curtail inflation and cool the overheating economy. But he freely admits he's seeking more answers. Starting June 24, he visits the U.S. with plans to meet with President George W. Bush and former U.S. Federal Reserve Chairman Alan Greenspan, among others. Although Dung rarely speaks to the press, in a June 20 interview with TIME senior editor Jim Erickson and correspondent Martha Ann Overland, he talked about his upcoming visit and the challenges facing his country, from rampant corruption to human rights. (The following Q&A is based on Dung's translated answers...
...Prime Minister Nguyen Tan Dung told the country's National Assembly on May 31 that the number of households going hungry has doubled in one year. "The government understands and shares with the people," Dung said. "And sees it is their responsibility to try to best curb inflation." So far, Hanoi has moved to cool the economy by requiring banks to increase their reserves; the central bank has also raised interest rates to 12%. But inflation is being made worse by Vietnam's weakening national currency. The Vietnamese dong has fallen roughly 1.5% against the dollar in the past...
...scandal, then-Prime Minister Phan Van Khai in 2006 called for news outlets to be prosecuted for "going too far." And today, many see the hand of a higher power in the recent acquittal of the country's deputy transport minister, the highest-ranking official charged in the Dung investigation, as well as in the arrest of the two reporters who wrote about...