The economic of Vietnam follows its master China
Posted on December 15, 2018 Hoa Truong Posted in Published Articles
The banking system of the communist regime is a farce, almost the finance, economy, the productivity belongs to a group, it is the communist party. The crucial decision applies to the national interest holds in hand of some top leaders, actually, Secretary General is the most powerful person in the communist country. The economists just obey the order from the politic bureau, the professional skill framed into the untold principle” Red deserves the priority than the professionals”. The education is the same rule:” the family history wins over the talent”.
The Socialist Republic of Vietnam couldn’t escape the manner of a communist regime since Ho Chi Minh established the super gang and also the terror organization names the Vietnam Communist party on February 3, 1930. In the Vietnam War, the Soviet-Union and China were the main provisions to support the weapon for Vietcong to create the war. However, after 1975, Hanoi became the tool of Soviet-Union, but this period, two great masters conflicted, it conducted the domestic war between China and Vietcong, the hottest battle occurred in 1979, both sided spent tens of thousand troops. Until the Soviet Union collapsed in the early 1990s, Vietnam returned to the hand of former master China. Nowadays, the situation of Vietnam is not different from Tibet and Sinkiang Uighur. In the formality, Vietnam is a dependent country, indeed, Vietnam is the same regime with China while Hong Kong applies two different regimes. On the other hand, Vietnam is the vassal of China. The world and neighbor countries must know the sand provided for China built and militarized the illegally artificial islands in the disputed waters that came from Vietnam.
The war fighting against the global terror that affects the colony of China, actually, the financial sector has complicated Vietnam. The poor country plus the communist regime worsen the economy, moreover, the debt becomes a big problem. Nevertheless, the banking system in Vietnam has applied financial management based on the government’s rule, almost, the banks in Vietnam related to the government.
However, the banks negligently loaned, actually, the customers are the factions of the communist party or the powerful communist’s family. The loan allowed elite components borrowed that became the bad debt, mostly, the customers used the money investing into real estate and the stock market. Therefore, the property lost the valuation and the stock market being troubled when the stock market in Vietnam plunged after China stumbled. The International Monetary Fund (IMF) warned the private debt reached more than 100% of GDP since 2011, moreover, the companies are trying to use the debt as the leverage for temporary survival. It is the dangerous solution when the bad debt couldn’t repay and the banks will get more trouble. Where will the banks find the money?
Vietnam’s economy is uncertain while its great master China being ruined by the new tariffs of the US. Since 2017, Vietnam currency Đồng evaporated up to 10% against the US dollar, now the situation is worst, actually, the China currency lost the valuation after the US imposed more tariffs on China’s product. Nevertheless, Vietnam just stored about $USD 60 billion of foreign currency, it’s among uses for the debt and interest repayment. The country’s public debt is up 63.92% GDP (Gross Domestic Product) or $USD 151 billion by the end of this year 2018, the economists predicted from 2018 to 2020, the debt will reach 65% GDP. The debt has increased by more than 5% of GDP from 2000, the debt jumped to 6.5% GDP in 2016. The warfighting the global economic terror could add more debt. Moreover, the communist member becomes the red capitalist while the major Vietnamese people are poverty. The communist paradise just deserves for the communist member, but it is the place of hell.
The dismal economic space covers the communist country, therefore, the Hanoi regime always prides the propaganda victories won over Faxist Japan, the colonial French and Empire America. Indeed, Vietcong was an early terror after the Second World War, the liar brags about the hoax heroism while the people being lived into the poverty. Nevertheless, corruption is the cancer of this inhumane regime, the consequence of socialism has failed since the Vietnam War. During South Vietnam developed but at North, Hanoi regime traced behind, the people were facing the food shortage, they must eat the placentas to replace the meat, it was the outstanding idea of Ho Chi Minh and four-star General Võ Nguyên Giáp carried out. Despite the Northern people currently hungered, but their ear filled full the slogan from the propaganda machine.
North Vietnam communist broke the Paris Peace Accords that they signed on January 27, 1973. On March 1975, Four-Star General Văn Tiến Dũng launched the Hồ Chí Minh campaign with 20 infantry divisions plus the heavy artillery and armor to invade and attack. South Vietnam lost on April 30, 175 by the betrayal of President Nguyễn Văn Thiệu and the Democratic Congress in Capitol Hill. The North Vietnam people came to Southern after the unpredictable victory, they knew Ho Chi Minh deceived. During the Vietnam War occurring, the high profile communist members sent their children to study at Soviet-Union, Eastern Germany and the other communist states. Mostly, the students tried to collect the goods and sending to their family. Therefore, after the former overseas student came to Southern Vietnam, they surprised and released the saying:” three years in the Soviet Union equals a year in East Germany, but it is just a moment at Saigon”. The so-called liberation was acrid, Vietcong invaded South Vietnam as the foreign conqueror force occupied the land. Mr. Nguyễn Hộ, central communist member declared with his comrades at Saigon town hall on April 30, 1975:” their houses, we occupy-their wife, we take, and their childer, we enclaved”. The barbarous policy of Vietcong caused a million Vietnamese people risked the life to find the freedom by the small boats. Nevertheless, Vietcong centralized more than 800,000 members of the South Vietnam Army and public servant to be imprisoned into the hell of the prison camp, Vietcong killed more than 165,000 prisoners. The Vietcong’s supporters are Jane Fonda, John Kerry, Bill Clinton, Hillary Clinton, Joe Biden…and the left media have avoided talking about the genocide of Vietcong, instead, President Bill Clinton lifted the embargo in 1994 and the inhumane regime in Vietnam rescued.
Nowadays, Vietnam pretends to open the bamboo curtain for survival, but the regime has never given up the obsolete economy’s management, the ugly economic pattern” the free market is led by socialism”, it couldn’t lead the country joining the international community, the lizard change color of skin’s tactic couldn’t apply in the long-term’s development. Actually, Vietnam economy belongs to China and the communist way becomes the disaster when its great master China faces the peril.
The poor country burdened the mountain debt, and its great master China faces the problem. How could Vietnam handle the difficulty?. The corruption aggravates the worst situation while the government does need the foreign currency but the high ranking cadres move the assets to the democratic countries for safety. The circumstance of Vietnam warns the countries deeply involved the economy and finance with China. It is the time to get out from China as soon as possible, when the high tide of the war against China’s economic terror, the tariffs impose more the China’s items, that follows Yuan plunged./.