VOA慢速英语:Vietnam Opens its Securities Companies to Foreign

[ti:Vietnam Opens its Securities Companies to Foreign Investors] [ar:Barbara Klein] [al:Economics Report] [00:00.00]This is the VOA Special English Economics Report. [00:05.39]Vietnam is planning to open its markets [00:09.23]to more foreign-owned securities companies. [00:13.28]The plan is part of a larger effort [00:16.73]to reduce government control of businesses [00:20.43]and increase foreign investment. [00:24.43]But a number of corruption cases [00:27.38]are a concern for many Vietnamese. [00:31.37]And rising prices could be a threat to economic growth. [00:36.90]The Vietnamese economy has slowed [00:41.16]after about ten years of fast growth. [00:45.46]And debt is a problem for the country's banks. [00:49.81]Small businesses are struggling to get loans, [00:54.07]and some people have lost jobs. [00:57.81]In July, the government announced plans [01:01.62]to restructure some of the biggest state-owned groups. [01:06.41]They include the country's biggest oil producer, PetroVietnam. [01:13.50]But the recent arrest of banker Nguyen Duc Kien [01:18.91]for financial crimes shocked investors. [01:23.01]Stock prices dropped sharply immediately after his arrest. [01:28.71]In September, officials announced a change in rules [01:34.25]for foreign ownership of Vietnamese securities companies. [01:39.15]Under the new rules, foreign banks, [01:43.40]investment and insurance companies [01:46.36]can buy up to one hundred percent of the shares [01:50.46]in an existing securities company. [01:54.01]Economists say the move provides support for privatization. [02:00.16]Vuong Quan Hoang is an economist with the University of Brussels. [02:06.86]He says the move is an important step for Vietnam. [02:12.20]VUONG QUAN HOANG: "For foreign securities companies, [02:16.81]I think this is going to be a good thing." [02:19.51]But Vuong Quan Hoang says the changes [02:22.97]will likely not be felt for another twelve months, [02:27.53]when the economy is stronger. [02:30.28]He says there is a lot of work to be done now. [02:35.09]And, he adds, there could be trouble [02:38.91]in the Vietnamese real estate market. [02:42.25]VUONG QUAN HOANG: "There are issues [02:43.06]with the real estate market, which is something big, [02:46.54]and the interconnection between the real estate market, [02:50.73]the securities market and the banking system." [02:53.54]There are already growing signs of [02:56.39]public dissatisfaction with the economy. [03:00.70]Recently, a group of students protested [03:05.00]near the offices of PetroVietnam and the gas company Petrolimex. [03:13.13]One student says rising fuel prices hit poor people hardest. [03:19.69]And there is growing anger over corruption. [03:23.89](SOUND) [03:26.18]This student says people are expected to pay bribes, [03:29.69]providing money or gifts to officials [03:33.18]to get the most basic services, like hospital care. [03:38.22]Observers have welcomed the actions Vietnam has taken. [03:43.37]But politics and the economy are linked in the country. [03:48.37]And how well reforms will work remains unclear. [03:53.82]And that's the VOA Special English Economics Report. [03:59.00]I'm Barbara Klein.

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