Word: trung
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Dates: during 2000-2009
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...Hanoi government says it is listening to concerns but it appears to be unmoved. Dung recently declared bauxite mining a "major policy of the party and the state." Deputy Prime Minister Hoang Trung Hai reaffirmed the government's support, and several local provincial officials were on hand at a recent mining conference to defend the project, arguing that despite the presence of the Chinese workers, development will benefit the impoverished ethnic minorities who live in the region...
...surged 8.2% last year-and there's a vast pool of potential customers: only 8% of Vietnam's 85 million people even have bank accounts. At Sacombank, one of Vietnam's private commercial lenders, profits shot up 50% last year, and depositors doubled to 350,000. But Nguyen Quang Trung, Sacombank's deputy director, is anything but complacent. "We have to expand quickly throughout the country," Trung says. "We need to build capital. Our whole banking sector must grow up very fast...
...Trung seems in a hurry, it's because Vietnam's financial-services industry is in for a year of tectonic change. To meet commitments Vietnam made in January upon joining the World Trade Organization (WTO), Hanoi this month is lifting restrictions on multinational banks operating in the country that prevented them from competing on an equal footing with domestic lenders. Previously, foreign banks were limited in their ability to acquire depositors and were allowed only one branch per city, among other constraints. But to get into the WTO, Hanoi promised to open its financial-services sector to the world faster...
...Another survival strategy: sell stakes in your bank to foreigners, so you can tap their capital and expertise. "With foreign partners, we can think 'O.K., you are the competition, but we are friends, so let's share experience,'" says Trung of Sacombank, which has three foreign partners, including ANZ, holding 10% each. (Vietnam limits foreign ownership of local banks to 30%.) Such local matches are a typical developing-market entry strategy for multinational institutions, which are keen to share their superior technology and know-how in evaluating lending risks in exchange for local knowledge and existing national networks...
...Binh has 10 sewing machines to train teenagers in job skills (garment and shoe factories abound in Vietnam and garments are the country's second-largest-earning export behind crude oil). "Some of them go to work in factories. But some of them have even become teachers." And then Trung says, "Those who are not as clever, they can be street vendors - it's like all others in a society...