Vietnam and banks

"losing state resources through economic mismanagement" - a crime that carries 
the death penalty in Vietnam. 
- Darn , Drat , Damn - Why can' t we have a law like that so we can see the 
Chancellor of the Exchequer swinging  from the gallows .

But the story of the Vietnamese bank official facing the firing squad exposes 
the international intricacies and ramifications of a Vietnam state capitalist 
system and the contradictions arising of national capital versus world capital .
Concerning the pending  court case , i found this comment of interest .

"...according to foreign lawyers and bankers with knowledge of the situation, 
is that real power in Vietnam doesn't lie with the people and institutions that 
are formally given that power in law. 
Real power still lies with the Communist Party, and that power responds to 
lobbying from state-owned institutions and individuals who have strong private 
connections with influential people. 

So although the State Bank of Vietnam is formally responsible for financial 
regulation, it is virtually powerless in comparison with the Ministry of Public 
Security, which controls the police force. 

And since the judicial system is similarly controlled by the Party, there is 
little expectation that the case will be settled on its merits in the 
courts...."

 http://news.bbc.co.uk/1/hi/business/5257270.stm

alan johnstone , edinburgh br 


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