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To: Bucky Katt who wrote (5553)	1/10/1998 11:16:00 AM
From: JD	Respond to of 116759

Talk about losing faith in the markets.... from Financial Times ft.com It's a little dated but I'm surprised more has not been said on this. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Vietnam: Hardline general to take over as leader TUESDAY DECEMBER 30 1997 ------------------------------------------------------------------------ By Jeremy Grant in Hanoi ------------------------------------------------------------------------ Vietnam's ruling communist party yesterday appointed a hardline ideologue from its military flank to the country's top job, resolving a protracted leadership crisis but ending hopes for decisive steps to stall economic decline. Gen Le Kha Phieu, an obscure figure who last year predicted capitalism would be replaced, is to succeed 80-year-old Do Muoi as party general secretary. Four other new faces were drafted into the ruling 18-member politburo, edging out a former president, and the reformist prime minister Vo Van Kiet, ageing revolutionaries who remain "advisers" to the party, along with Mr Muoi. The switch comes as Hanoi faces its most serious economic downturn since it first embraced tentative economic reforms over a decade ago. Foreign investment pledges are 40 per cent down from a year ago, exports have taken a battering due to regional devaluations and the banking sector is in tatters. Multilateral agencies have urged speedy action to avert economic crisis in the wake of Asian financial turmoil. But the appointment of Mr Phieu indicates that the leadership is clinging to a gradualist approach to reform that could steer Vietnam towards financial crisis, observers say. Little is known about Mr Phieu's views towards foreign investment and trade liberalisation, issues that are likely to dominate Hanoi's dealings with the outside world in the short term. Until his appearance in a news broadcast last night, few Vietnamese - let alone foreign businessmen - would have been able to recognise him. His rise to prominence marks a victory for party stalwarts who see closer ties between the party and the army as a way of ensuring the Communist party's survival. Unnerved by peasant revolts sparked by declining rice prices, corruption and a widening gap between urban rich and rural poor, they favour increased control. Reformers recognise that maintaining legitimacy will depend on continued economic growth, but vested interests which have benefited from recent reforms are resisting change. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ JD