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...engine of change still has too many misfiring cylinders. Though provincial governments have been given more freedom, they haven't passed it on to entrepreneurs. Foreign investors are welcome, but corruption devours profits. Even longtime investors complain that the rules seem to keep shifting. Ho Chi Minh City's Export Processing Zone Authority lured foreign companies on the basis of proffered tax-free status--and then announced an 8% business tax. Economists warn that without a new round of reforms soon, Vietnam's progress will end. But the impressive gains so far may have made many officials overconfident. Boasts...

Author: /time Magazine | Title: VIETNAM: BACK IN BUSINESS | 4/24/1995 | See Source »

...central-government revenues come from Ho Chi Minh City's textile factories, shrimp-processing plants and other businesses. The city is a commercial and banking center, as well as the capital of Vietnam's burgeoning oil and gas industry, which generates most of the nation's export income. Dong Khoi (Uprising) Street, formerly Tu Do (Freedom) Street, formerly the Rue Catinat-perhaps Vietnam's most famous avenue-is newly lined with first-class restaurants and gracefully remodeled office buildings. Cholon, the Chinese commercial district, is thriving. Indeed, Vietnam's 1 million ethnic Chinese, long a persecuted minority, are responsible...

Author: /time Magazine | Title: VIETNAM: BACK IN BUSINESS | 4/24/1995 | See Source »

...taking better advantage of the emerging global market than any other state in the union. As a key point on the Pacific Rim, L.A. has seen an almost uninterrupted surge in the number of jobs in international trade. The region's technology industry continues to benefit from profitable export licenses. Cheap office space has attracted many foreign businesses that used to think of New York as the only cosmopolitan American city...

Author: By Joe Mathews, | Title: California Dreaming | 4/5/1995 | See Source »

...media are converging, one on top of the other, even as the computer, phone line and TV screen are converging into the brave new integrated system of tomorrow. Second, the globalization of the U.S. entertainment industry is roaring forward unabated, making Hollywood an exhilarating, sky's-the-limit export factory...

Author: /time Magazine | Title: HEY, LET'S PUT ON A SHOW! | 3/27/1995 | See Source »

DIED. YISRAEL GALILI, 72, Israeli weapons designer who invented the Galil automatic rifle and assisted in the development of Israel's most notorious export, the Uzi; following a collapse; in Givatayim, Israel...

Author: /time Magazine | Title: Milestones Mar. 20, 1995 | 3/20/1995 | See Source »

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