September 24, 2012
HANOI, Vietnam (AP) — All that remain of Vietnam’s plan to build a major deep-water port are 114 exposed pilings trailing into the South China Sea and a barge full of rusty machinery.
Foreign investors stayed away from the $3.6 billion project and the indebted state-owned company overseeing it bungled the job. The government accused the company of “financial incompetence” and suspended the project this month. The prospects for ever reviving it are dim.
The abandoned port in southern Vietnam stands as a symbol of the inefficiency of the country’s Communist rulers and the need to reform a massive web of state-owned enterprises weighing down a once-booming economy.