Word: vietnamizing
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...News of the pair's interrogation and travel-ban was released last week, and Qantas says Vietnam's investigation into Jetstar Pacific could last months, leaving the two Qantas employees stuck in Vietnam indefinitely. One Vietnamese national, the former Jetstar Pacific general director Luong Hoai Nam, was also arrested for "irresponsibility causing serious consequences," according to state media...
...most places, a business deal that goes sour can get you fired. In Vietnam, it could cost you your freedom. For decades, Vietnam's economic growth has been the envy of its developing neighbors in southeast Asia. In the last 20 years, GDP growth has fallen only once below 5%, typically hovering around 8% as the single-party state has attracted tens of billions of dollars in foreign investment and seen poverty rates drop below that of India, China and the Philippines...
...Vietnam's latest debacle involving two senior Australian executives may make investors think twice before getting into business with Vietnam. Tristan Freeman and Daniela Marsilli, the chief financial officer and chief operating officer of Qantas' Vietnamese operation, Jetstar Pacific, have been stranded in Vietnam since authorities prevented them from flying home to their families for Christmas. Earlier in 2009, Vietnam launched an investigation of the high-level executives after the airline, a Vietnamese and Australian partnership, reported a $31 million loss from bad bets on fuel futures, agreements on the future price of oil that committed Jetstar Pacific to paying...
...Freeman and Marsilli have not been charged with a crime yet and are officially being held "to respond to the requests from Vietnam's legal authorities in a timely manner." But Vietnam has strict laws on the books against losing state resources through economic mismanagement, potentially criminalizing the consequences of standard business risks...
...China and Vietnam, in particular, nationalist netizens have pressured their governments to remain firm on issues of sovereignty. Both sides have dredged up archival evidence supposedly linking these clusters of uninhabited rocks in the sea to the glories of ancient dynasties and Emperors. For Hanoi, the matter has become especially sensitive as an array of dissidents - from Buddhist monks to activists protesting bauxite-mining - have taken up the cause of the archipelagoes, accusing the ruling Communist Party of selling out to China with every act of acquiescence. "The Vietnamese leadership is burning a candle on both ends," says Thayer. "They...