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Zombies in Vietnam and Europe in today’s Financial Times

February 20, 2013

More zombies today in the Financial Times:

‘Zombies’ go unpaid as Vietnam sputters” by Nguyen Phuong Linh in Hanoi:

…tens of thousands of “zombie” employees at troubled state-owned companies in Communist-run Vietnam. The workers turn up to work each day, despite the fact that their debt-riddled companies cannot afford to pay them. Unwilling to try their luck in a fragile jobs market, they feel trapped.

and

With many banks and state-owned companies saddled with huge debts they cannot repay, the thousands of unpaid workers are not the only zombies to be found in Vietnam’s sputtering economy. Large state-owned companies such as Vinashin, a shipbuilder, and Vinalines, a shipping line, face an uncertain future …

and

Pham Chi Lan, one of several economists urging the government to reform failing state-owned companies, says the zombie workers reflect a wider problem.

Next – also in FT but about a different continent – “Zombie banks must not derail recovery” by Gene Frieda:

To avoid the onset of a chronic phase, including belated bank failures, they [European leaders] need to take further action to prevent large swaths of banks from becoming zombie institutions, laden with illiquid, unprofitable assets.

See more Zombie Financial Times – and recall last month in FT there were two zombie articles posted on the same day, one about Europe and the other about Asia. In those, the zombies were in Britain and Japan so that’s different from Vietnam and the Eurozone but still a notable coincidence in publication timings at FT – I wonder if there is an zombie editor of foreign-finance who is responsible for these.

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