[lbo-talk] Vietnam

[Eubulides]

On Tue, Feb 24, 2009 at 12:56 PM,  <dredmond at efn.org> wrote:
> On Tue, February 24, 2009 11:29 am, James Straub wrote:
>
>> Does anyone here know much about Vietnam today?  I know one of the
>> regular posters is a real aficionado of developmental states although I
>> forget who -- do you know about Vietnam?
>
> Hmm, probably me.
>
> Yes, it's one of the rising heavyweights of SE Asia. The state owns 95% of
> the banking sector and carefully regulates finance, the postal bank
> channels savings into industry. Heavy investments into literacy and
> education, just starting to pay off now. The early stage was similar to
> China's take-off -- state-assisted rural industrialization (long-term
> leases to peasants, village-township coops, etc.)
>
> The East Asian transnationals have moved in, big-time -- but the dev state
> keeps them honest. Much of the dev state was modeled not on China, but on
> Singapore, interestingly -- Singapore's pension fund was a major investor,
> and has given Vietnam generally sound advice.
>
> Recently Vietnam opened an expensive oil refinery in the central region of
> the country -- a complete violation of neoliberal dogma, but once energy
> prices go back up, which they inevitably will, they'll make a mint.
>
> -- DRR
>

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Ian