Word: minh
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...best-known Buddhists against each other. The Unified Buddhists' patriarch, 87-year-old Thich Huyen Quang, who lives in a monastery in central Vietnam, has been ailing recently, but his deputy, Thich Quang Do, 77, has been a high-profile dissident operating out a monastery in Ho Chi Minh City (formerly Saigon) and proponent of Buddhism free of state control. (An estimated 80% of Vietnam's 84 million people are Buddhist, but after the Vietnam war the Communist Party folded the religion's many sects into one state-controlled church.) Quang Do smuggled his messages to his supporters in Paris...
...that what goes up will continue to go up. "Basically, the way stocks are researched is 'My grandfather's uncle's cousin's wife works at this company and says it's a good buy,'" says Mike Temple, a director at securities-trading company Dragon Capital in Ho Chi Minh City...
...into the World Trade Organization, and the rapid rise of sanctioned stock markets. Last year, the VNIndex, which tracks the prices of all of Vietnam's publicly traded companies, jumped 144% and has risen another 44% this year. But the legitimate market is small and illiquid-the Ho Chi Minh Securities Exchange has just 109 listed companies, up from 30 at the beginning of 2006-and there are not enough shares to feed the growing mania for stocks. Nguyen Vinh, a 36-year-old accountant, says it was her inability to buy shares of listed companies that prompted...
...Trung, the engineer, is rushing to cash in while he can. He expects the unofficial market will eventually be regulated, curbing the potential for instant windfalls. To contain volatility, for example, the Ho Chi Minh Securities Exchange suspends trading in a stock when its price rises or falls by 5% in a day. Gray-market stocks can double in a single deal. "There are no rules on the OTC," says Trung, "so you can get huge profits. That's why we have to take advantage of it now." The madness of crowds, it seems, is alive and well...
...capitalist makeover, personal wealth remains a touchy subject. After online news site VNExpress recently produced the country's first-ever ranking of the 100 Richest People in Vietnam, several moguls complained. "I wish they would have asked us before publishing," groused Nguyen Duy Hung, CEO of a Ho Chi Minh City brokerage firm who was ranked the country's sixth-richest person with stock worth $58 million. A prominent law professor speculated that miffed tycoons might be able to sue for invasion of privacy. Even ordinary citizens were affronted. "A person's assets should be his private secret," wrote...