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“Vietnam, in short, has gone from global investment darling to poster child for mismanagement.” Absorbing account of all that has gone wrong with Vietnam, hailed by many as the next China. Its principal problem was too much foreign direct investment, too soon. As it opened up its economy money poured in for projects, but with commercial legislation yet to catch up much of that money has simply been frittered away, or stolen – Vietnam’s largest 100 state-owned companies have a combined debt of $50 billion, and none shows its problems more aptly than state-owned shipping company Vinalines.