Washington has lifted most restrictions on investment and trade with its former enemy, but has yet to grant it preferential tariffs and other breaks enjoyed by most developing nations. The entrepreneurial revolution is spreading to provincial capitals and small towns. Their low corporate profile may be key to survival, says a Western banker in Hanoi. The more quietly and slowly they grow, the better for their long-term profitability. They just aren't sure about the atmosphere and the regulations.
Steer sees the private sector as important in other ways.
In addition to their obvious role of providing jobs, private companies can force state enterprises to become more competitive. The onus is now on the government. It has indefinitely postponed the launch of a stock market, an institution that can make it easier for entrepreneurs to raise cash. And it is moving slowly on other fronts. He would be in trouble if a private firm failed to service a loan he approved.