Politics and the economy in Vietnam both look bleak. The political leadership is divided and an economy which ought to be able to grow at 6-7 percent is struggling to reach 4 percent. The stock market has the cheapest rating in all of Asia, the banks are awash in non-performing loans and it is sure guesswork how deep are the problems of the state-owned enterprise. Yet could Vietnam could be enduring its darkest hour before dawn.
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