Word: vietnamizing
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...under management have more than tripled, to $742 billion. That's still far short of the $7.14 trillion in assets held by mutual funds, but the ETF growth rate is fast closing that gap, with new products covering every subsector of the markets, from bank stocks to silver to Vietnam's public companies. (See pictures of TIME's Wall Street covers...
...Vietnam abandoned a centrally planned, Soviet-style economy back in the 1980s but remains under the firm control of the Communist Party. Reforms helped Vietnam grow at breakneck speed, with several consecutive years of 8% growth - a rate only slightly behind China's - that lifted millions out of poverty. Economic liberalization, however, has not been accompanied by similar political freedoms. While Vietnam continued to grow and its citizens prospered, there was little groundswell of support for multiparty democracy. But the recent economic downturn, coupled with several high-profile corruption scandals where officials have been caught with their hands...
...think Vietnam is at a historic point in the challenges it faces," says Pham Hong Son, a former doctor and businessman who spent four years in prison on charges of spying after he posted a online translation of a U.S. government document entitled "What is Democracy?" Son believes authorities' cozy relationship with China has little benefit to most Vietnamese, and that authorities are only interested in protecting their own interests at the expense of the country. He doesn't expect the recent verdicts to have the intended effect of muffling discontent. The sham trial, he says, only further illustrates...
...state. Hanoi has also been particularly prickly over accusations that officials have caved in to pressure from China, claiming that they are on Beijing's payroll in exchange for unfettered access to the country's natural resources. Authorities detained several bloggers and journalists in recent months who openly criticized Vietnam for allowing China to set up large bauxite mining operations in the country, which China needs to manufacture aluminum. The government has also tried to block the popular social networking site, Facebook, in order to limit political discourse as well as criticism of the bauxite projects...
...important goal, says Nguyen Quang A, former director of the Institute for Development Studies in Hanoi, an independent think tank that disbanded in September to protest the government's restriction on political research. Why? Stability attracts investment. Foreign companies, he says, aren't overly bothered by these trials or Vietnam's human rights record, but they do show interest "when their investment is directly affected." (See 25 people who mattered...