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Article updated: 9/16/2012 7:19 AM

Vietnam’s economy loses its roar

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People walk by the Hanoi Stock Exchange in Hanoi, Vietnam. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam's economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation. Vietnam's one-party Communist government has promised reforms, but it appears unwilling to give up the reins of an economy that has delivered fortunes to top officials and their business partners.

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A couple pose for photos in front of a luxury shop in Hanoi, Vietnam. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam's economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation.

associated press

A street vendor cycles past the Central Bank of Vietnam in Hanoi, Vietnam. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam's economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation.

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Four years ago, Le Van Tho borrowed $200,000 to build a new ceramic factory on rice fields bordering Hanoi. But with the economy slowing, orders have slumped this year and she recently laid off almost half her workers. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam's economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation.
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    • People walk by the Hanoi Stock Exchange in Hanoi, Vietnam. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam’s economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation. Vietnam’s one-party Communist government has promised reforms, but it appears unwilling to give up the reins of an economy that has delivered fortunes to top officials and their business partners.
    • A couple pose for photos in front of a luxury shop in Hanoi, Vietnam. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam’s economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation.
    • A street vendor cycles past the Central Bank of Vietnam in Hanoi, Vietnam. Once seen as an emerging Asian dynamo racing to catch up with its neighbors, Vietnam’s economy is mired in malaise, dragged down by debt-hobbled banks, inefficient and corrupt state-owned enterprises and bouts of inflation.
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