Word: saigon
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Early one morning in March 1978, residents of Saigon were jolted awake by something eerily reminiscent of the city's "liberation" three years before: the growl of tanks on the broad boulevards. This time, the goal of Hanoi's forces was to stamp out capitalist trade in the Cholon business district. Squads of Communist Youth League zealots searched every shop and warehouse. Merchandise was seized; stores were padlocked. Employers of more than five people were denounced as exploiters of the working class. Family-run produce markets were allowed to stay in business-but only if they held their...
...Hanoi did not break the market economy. Small merchants gradually returned to Saigon to sell their wares, even though they had to do so on the streets and bribe local officials for the privilege. By last year the regime had abandoned its aim of completely crushing Saigon's entrepreneurial spirit...
During the war, Saigon became hooked on the inflow of U.S. dollars, and now the city is broke. More than 25% of the 3 million residents have no job. Says one high official: "Saigon needs $200 million a year to survive. The money should come from Hanoi, but this year Hanoi sent only $100 million and suggested we find the balance wherever we could...
...premium rate. Businesses that make products for international trade are allowed to receive or spend dollars and gold freely. Explains one government adviser: "We don't care where the dollars come from as long as they are used to import raw materials and create new jobs." Saigon is also welcoming investment from Western nations. In partnership with Viet Nam's Ministry of Health, the French chemical firm Rhone-Poulenc has invested $500,000 in a factory where 120 Saigonese produce vitamin C, aspirin and cough syrup...
...Saigon factory workers are being paid more than their counterparts in Hanoi, in hopes that this edge will boost productivity. Says Le Van Ban, manager of a cooperative that makes knives and razors: "In this city, the best bonus you can give is money...