Will Blog for Food

An Nguyen: Report From Singapore

I just got back from Vietnam last Sunday after a nice Tet's celebration there. Despite the down turn of the economy, the Vietnamese still have high spirit and carried on the traditional festivity as usual. I visited as many relatives and friends as I could on this trip (too short), attended a lot of parties, and ate too much....It was a real delightful trip.
 
My family in Vietnam is doing well. This year, we added two more new members to our family. My youngest sister gave birth to a lovely girl (her second girl), the second youngest sister just gave birth to an adorable boy (her second boy). We feel very blessed with our additions.
 
Florence has already gone back to school after a short Chinese New Year holiday. We just celebrated her 8th birthday, last Sunday night. Flo has requested a computer for her birthday present since last year.
 
Singapore's economy is still doing OK, despite warnings from the government. Recently, the prime minister advised all Singaporeans to tighten their pockets and start saving for hard times ahead. Subsequently, retail businesses and restaurants are beginning to see the effect of his advice.
 
Working and living in Singapore is heaven for big salary earners. Its income tax is a joke compared to the U.S. and most European countries. People generally don't turn down a job relocation offer to this country.
 
I'm not surprised to see a lot of wealthy Americans moving to Singapore at all. However, because of this, low income foreigners from Vietnam, China, India, Sri Lanka, Burma, etc. are feeling pain because of the government. They started to come up with all types of surcharge policies to collect money from foreigners - visa fees, special school fees, high cost medical fees, employment levy fees (up to 50% of one's income), work permit fees, employment pass fees, etc... Singaporeans also jumped in to share the pie. In the past 2 years, the housing rental fee increased from 50% to 200%.  This is the most outrageous thing I have ever seen in any country. Since most of the tenants are foreigners, the government just looks the other way and lets their citizents to do whatever they want. There is no such thing as a tenant advocate to protect them from these profiteers.

An Nguyen Reports on the Water Situation in Singapore

Here is An's report:

Water is a very delicate issue between Singapore and Malaysia. This island country has very limited lakes, rivers and reservoirs to reverse its water shortage. Therefore, they rely heavily on Malaysia for their water supply. Currently, more than 40% of the water is being purchased from Malaysia, and Singapore insists that this country should honor its price from a 100 years old contract. Under this existing contract, Singapore pays Malaysia only three cents (less than 1 cent USD) per 1000 gallons of raw water. After processing, Singapore resells the water at $20 (about $7 USD) for the same amount of water. Their profit exceeds a billion dollars per year.   Malaysian's government feels that they have been taken advantage of by Singapore, and naturally, demands that Singapore pay more for their water. The two countries have engaged in many heated debates with threats exchanged from one to the other.   A few years ago, Singapore's government invested a lot of money in desalination projects and recycled sewage water plants. They are quite sucessful in terms of technology. The new desalination plan, with the price tag of more than USD $2.00 billion, has been built in the west side, while there are many recycling plants being set up in many parts of the island.The last Primeminister has even tried out the New Water (it should be called Eau de Toilet), which is recycled from sewage water, himself. He said that it tastes quite good. However, according to experts, even if these projects are put into full use, they could only supply about 10% of the water demand.   Water scarity is becoming the biggest concern in Singapore. No doubt that this country will face a huge challenge in the future.

And this from BBC News:

Water shortages are making waves all over the world, with supplies increasingly seen as an issue of national security. In Singapore, they have boiled it down to economics.

Singapore wants to store more rain

Singapore's water shortages have always posed a major challenge.

"Although we're on the equator and we've got lots of rain, we have nowhere to naturally store water," explains Khoo Teng Chye, chief executive of the city-state's Public Utilities Board, or PUB. "We have no groundwater."

For years, water has been imported through three pipelines from neighbouring Malaysia - an expensive and geopolitically troublesome solution that has long irked the Singaporean government.

The issue is becoming increasingly acute ahead of the expiry of two long-term supply deals that guarantee deliveries of Malaysian water for less than one cent per 1,000 gallons - some until 2011, some until 2061.

"The main Malaysian demand has been for a much higher price of water, which has varied from 15 to 20 times the current price," observes Cecilia Tortajada in her report Water Management in Singapore*.

Technological breakthrough

So Singapore has set out to find alternative ways to provide its 4.4 million people with 1.36 billion litres of clean water a day.

We use the terminology 'used water' rather than sewage to create the understanding that water is a resource Khoo Teng Chye, Public Utilities Board

As a first step, a string of massive reservoirs are being constructed to "harvest as much rain as possible", so that eventually, some two-thirds of the island's land surface will be under water, up from about half today, Mr Khoo explains.

In addition, desalination plants that turn salt water into drinking water provide 10% of Singapore's current needs.

But the real breakthrough has come from what Mr Khoo describes as NEWater, produced in water reclamation plants from so-called "used" water.

"We use the terminology 'used water' rather than sewage to create the understanding that water is a resource," says Mr Khoo with a grin.

The plants use advanced microfiltration or ultrafiltration, reverse osmosis membranes and ultraviolet technology to produce water that is almost as clean as the distilled variety, according to Mr Khoo.

Water for industrial use is transported in a separate pipe from Singapore's drinking water. The rest is mixed in with rainwater in the reservoirs.

"Singapore has successfully managed to find the right balances between water quantity and water quality considerations; water supply and water demand management... [and] strategic national interest and economic efficiency," according to Ms Tortajada.

Cheaper water

Five years ago, it cost up to three Singapore dollars ($2.20; £1.10) to produce a cubic metre of water in the existing desalination systems, Mr Khoo says.

systems, Mr Khoo says.

NEWater is so clean, it is bottled as a drink

Three years ago, the introduction of new technology on a vast scale reduced the cost to under a dollar. NEWater technology pushes costs much lower, so that now the cost of one cubic metre of water has been pushed down to 30 cents, which makes it all much more cost-effective.

Singapore's NEWater is produced in four plants that currently provide 15% of Singapore's needs.

A fifth plant is under construction. In three or four years, when they are all scaled up, they should provide 30% of the water needed in Singapore, Mr Khoo predicts.

Currently, each drop of water is used twice, which Mr Khoo refers to as "50% efficiency", though the target is 70%.

To achieve this, Singapore is using universally available technology, along with a rather big bundle of money.

Some $3.5bn (£1.75bn) has been invested in the last five years, and a further $3.5bn will be invested in the next five years.

"As we've built bigger and bigger plants, the cost per unit has come down dramatically," Mr Khoo says - partly thanks to economies of scale, but also because more clever ways of employing technology have been discovered.

"Our investment in water has created an industry in Singapore," Mr Khoo says. "It's a knowledge industry. We hire people from all over the world."

Global solutions

Last month, Singapore won the Environmental Contribution of the Year prize at the Global Water Awards 2008.

The people of Singapore are discovering new joys as the dams spread

"Singapore has led the world in water re-use," according to Christopher Gasson, publisher of the journal Global Water Intelligence.

"Other countries will surely follow its footprints."

"Water re-use and desalination are two key solutions for cities looking to manage their water supply in a sustainable way," observes Nobel Peace Prize winner Muhammad Yunus, praising Singapore's efforts.

Next month, Singapore International Water Week aims to bring together water industry officials and policymakers to make the search for solutions a global effort.

"We have solved our problems," insists Mr Khoo.

"Now we want to create a platform where people from all over the world can share the solutions."

* Water Management in Singapore, International Journal of Water Resources Development, June 2006.

An Nguyen Checks in from Singapore on the Financial Crisis

Singapore is well prepared to handle this type of crisis. They learned from their experience in Asia's financial crisis in the late '90s and early 2000s. At that time, many sectors in Singapore got affected one way or another. Unemployment was at the highest. Many construction projects had to be suspended for lack of funds and increased raw material cost. It took quite a long time for a lot countries in Asia to stand on their feet again, even after a big bail out from the IMF.

 

There is a saying, "one man's woe is another man's fortune." Singapore people are known to be opportunists, and this is a cash rich  country. I'm sure they are waiting to take over some of the lucrative businesses in the U.S. when the time is right.

 

Singapore is building many casinos along the resort areas. With an impeccable infrastructure and a good reputation for safety, cleanliness, good entertainment for families and  convenience for businesses, no doubt, it will attract a lot of wealthy tourists once finished. This country island has just sponsored a successful Formula 1 Race, which was attended by many Europeans and locals. It seems that Singapore is modeled after Monaco.

 

For the remainder of South East Asia (SEA), the outlook for the rest of the year is gloomy. The tourist industry is down quite significantly. Our chemical business is down by 30% this year. Many of our suppliers and customers informed us that they have a freeze on hiring staff until further notice.

 

Vietnam is one of the countries that is getting hit quite bad. Inflation is close to 30%. With lousy leadership and deplorable management, one would expect that its economy will continue to fall, despite an increased number of foreign investors this year.

 

One more side note. China's food products are being put on high alert in Asia. Food made in China has been pulled from stores throughout Asia for safety testing.

 

That's all I have for now.

 

Cheers, An

September 29, 2008

An Nguyen Reports on Vietnam Today

Today Vietnam is a troubled nation. After signing the Bilateral Trade Agreement with the US in 2000 followed by large economic growth rates in the early 2000s and becoming a member of the World Trade Organization in 2006, growth has faltered in the last year, inflation has soared and workers have shown their dissatisfaction by numerous strikes, almost unheard of in a communist country. The following is An's report:

Vietnam is more open now compared to 30 years ago. Like any communist country, the government is more talk than action. Corruption is the way of life in Vietnam. As a foreigner, you will get a taste of it as soon as you get off the plane. Traffic police are making money by extorting motorists for any minor offenses. Local governments are using all kind of tricks to get the land from farmers for ridiculously low prices and reselling it for incredible profit. The people there said that the government is making more profit from selling land than drug pushers are making selling drugs. Many farmers felt that they had been cheated and held protests against the government. Instead of helping the farmers resolve their problems, the government arrested them for social misconduct! The gap between the rich and the poor is widening. People who have good connections with the government or government officers are usually rich. They live in luxury, while the working class and farmers are struggling everyday to make a living.
 
All the leaders in Vietnam make the same commitment when they take office. Fighting corruption is at the top of their agenda. However, the reporters who reported on corruption are in jail without trial.
 
There are 3 basic infrastructures that desperately need improvement, but for 30 years, still remain backward.
 
1) Transportation - There are no highways in Vietnam. Most of the roads are in bad shape. Road construction contracts are usually granted to those with government connections with the result being poor quality. They quickly deteriorate just as soon as they're in service. The bridges that were built during the French occupation are still being used. A journey from Ho Chi Minh City to Ca Mau City is only 360 Km [224 miles], but would take at least 8 hours drive by car. Traffic jams in HCM City are a nightmare as anyone who witnesses one can attest. The toxic fumes and noise from the motors make the traffic look worse than any war scene that I have ever seen. During the monsoon season (rainy season), it adds more misery to travelers.
 
2) Energy - The first power station was built in 2000. It was supposed to be completed by 2006 and cost 4.5 billion USD. This station is intended to supply energy to the Southwestern parts of Vietnam. During the construction, many officers were jailed for bribery, mishandling cash, etc ... It did not get completed until early 2008. The station is facing quality problems and is constantly breaking down. Vietnam is an oil producing country but is continually facing energy shortages. With frequent power blackouts, it has affected many businesses and manufacturing companies.
 
3) Communication - The telephone and cable wires hanging from the streets in Vietnam resemble a spider web. It's really amazing how the technicians can manage to find what they're looking for. Telephone fees in Vietnam are the highest in the world. Calling in and out of Vietnam costs from USD 0.50 - 1.10 per minute. The clarity of the voice is heavily dependent on the weather at the time.
 
Vietnam receives more than 6 billion USD per year from Vietnamese overseas who are sending money to their relatives. The government constantly reports good earnings from trade. They receive billions of dollars from investors every year and in loans from IMF for rebuilding Vietnam. However, the country still remains one of the most backward countries in South East Asia. We just wonder where all the money went.
 
The government is great at making one excuse after another for the problems in Vietnam. Nevertheless, they make it quite clear that the communist party in Vietnam is intelligent, righteous and always has good plans for the country. But there is much lying by party members who do not practice what they preach. Vietnam used to have a lot of resources. Our land and forests are envied by many countries around the world. After 30 years of bad management, our forests are being destroyed, all rivers are polluted by industrial waste, our resources are being depleted. A few people are getting very rich but the majority are still poor.
 
Our people can only hope and pray that someday the government will care enough to mend their ways and improve the future of Vietnam.
 
Hope this will give you some idea of what's happening in Vietnam at the present.

Vietnam is trying to follow the model of other Asian countries by achieving a rapid growth rate, attracting foreign investment and becoming a manufacturing based, export oriented economy. The communist government promises investors stability above all else, but it hasn't quite worked out that way according to the Asia Sentinel:

A year ago, in August 2007, Vietnam's Prime Minister Nguyen Tan Dung confidently addressed a gathering of regional businessmen at an Asean 100 Leadership Forum at the Melia Hotel in downtown Hanoi.

He gave a typically punchy speech about how Vietnam valued its membership in Asean, how it was increasingly integrating with the global economy after its recent induction into the World Trade Organisation,and most importantly, how its economy was humming along nicely with continued high rates of growth and investment.

At the end, after answering a few soft questions, Dung paused, eye-balled his admiring audience, and said: "One thing I can guarantee you – political stability."

The executives en masse applauded loudly and vociferously, almost as if they were cheering a stock market bull run, not the unelected prime minister of an undemocratic communist regime.

Nothing particularly unusual about that, of course – businessmen the world over love the stability and certitude of authoritarian states like Vietnam, China and Singapore.

What a difference a year can make. The suits are not cheering Vietnam's performance so much these days and the country's chastened prime minister is not sounding half so confident. Since Dung spoke last August [2007], not only has Vietnam's economy stopped purring, but its political stability is no longer guaranteed. Nor, for that matter, is the PM’s own position as secure as it appeared back then.

In a nutshell, Vietnam's economy has crashed and Dung's government has failed to ameliorate the effect on the general population, which has, in turn, grown more disillusioned with the performance of the ruling Vietnam Communist Party.

From the economic point of view, the most ominous and continuing manifestation of that disillusionment is the ever-increasing number of strikes all over the country. At the latest count, there have been around 400 since the start of the year, most of them at manufacturing plants owned by foreign investors.

Last week, in a typical stoppage, 14,000 workers at a South Korean shoe factory near Ho Chi Minh Citydowned tools in response to the management's failure to adequately increase their wages. The workers want $18 a month more, but the company has only offered $12. It may not sound like much of a difference, but when workers on wages of around $50 to $60 a month, are faced with inflation of around 30 percent, it is critically important. Representatives from top investing nations from South Korea,Taiwan, Singapore and Japan have told Dung's team to do something about Vietnam's surging labor unrest before their companies cut back on their investments or even start to pull out.

Last month, Theodore Huang, who heads Taiwan's Chinese National Association of Industry and Commerce, complained at a business seminar that the spread of wildcat strikes was the most critical aspect of Vietnam's current economic downturn. Already, the volatile labor scene is starting to negatively affect investment. Officially, despite the recent economic slide, Hanoi still claims that foreign direct investment   reportedly worth more than US$30 billion so far this year – continues to pour in.

The reality is somewhat different because the official figure only indicates registered or planned investments, which may or may not materialize. When it comes to actual disbursed investments, the amount is just US$5 billion – and that was committed before the crash. There are now signs that many companies are pausing before making further investments. 

But for the government, the immediate problem is how to appease restless workers, disgruntled rural peasants, and the small but increasingly influential urban middle-class while maintaining social and political stability. It will not be easy. Internal surveys conducted by the communist partyitself have indicated that an astonishing 80 percent of the population now think the party is no longer serving the needs of the people.

Perhaps it is not so astonishing. After all, since the prime minister's speech a year ago, inflation has risen every month, hitting 27 percent in July, the highest recorded figure since 1991. Food prices rose by 73 percent, petrol and gas by 46 percent, rents and housing by 25 percent.

 

Even Prime Minister Dung is having his problems staying in power, and the Vietnamese currency, the dong, is losing its value with respect to the dollar. The following is from Time World:

A year ago, Vietnam was being hailed as the next Asian miracle, a success story to match the rise of the Asian tigers of the 1990s and more recently the stunning growth of China and India. Thanks to economic reforms, the communist country was attracting record amounts of foreign investment. The economy expanded by 8.5% last year—among the fastest rates in the region—and housing prices doubled and tripled, driven up in part by frantic buyers who stood in line to snap up condos before they had even been built. The country's nascent stock market was minting millionaires. In Hanoi and Ho Chi Minh City, their flashy new cars clogged roads better suited for bicycles.

But a funny thing happened on the way to prosperity. Halfway through 2008, Vietnam's authoritarian government finds itself grappling with soaring prices, collapsing markets and an increasingly restive workforce. Inflation, now running at an annual rate of 25%, is eating up much of the gains made by citizens over the last several years. Vietnam's stock market, which has fallen 58.5% since January, currently holds the unhappy title of being the worst-performing in the world in the last 30 days. Citing the government's difficulty in reining in inflation, Moody's, which grades creditworthiness, lowered Vietnam's ratings outlook last week to negative from positive. Poor ratings signal that banks may have trouble meeting their financial obligations, undermining investors' confidence in the country. In a nutshell, the economy overheated and the government was too slow to respond, says Jonathan Pincus, chief economist for the United Nations Development Program in Vietnam. "It's how we got into this problem," he says.

Inflation is causing trouble worldwide, of course, but it's particularly acute in Vietnam, where prices for virtually everything, from food to fuel to housing, have been spiking. Much of Vietnam's recent growth has been driven by its expanding manufacturing sector, but now assembly line workers' salaries are being outpaced by basic living costs. The result has been a rash of strikes—unusual in communist Vietnam—that are hurting the country's image as a haven for multinational companies looking for alternatives to China for manufacturing sites. Over the last six months, there have been more than 300 strikes throughout the country. Most last only a few days, with management usually agreeing to small pay increases. In April, a company that manufactures sneakers for Nike agreed to give workers a 10% increase, or about an additional $6.30 a month. But that amount is not enough to make much of a difference when workers go to the grocery store.

Prime Minister Nguyen Tan Dung told the country's National Assembly on May 31 that the number of households going hungry has doubled in one year. "The government understands and shares with the people," Dung said. "And sees it is their responsibility to try to best curb inflation." So far, Hanoi has moved to cool the economy by requiring banks to increase their reserves; the central bank has also raised interest rates to 12%. But inflation is being made worse by Vietnam's weakening national currency. The Vietnamese dong has fallen roughly 1.5% against the dollar in the past six months. But the recent dismal economic news is threatening to weaken it further. This past week the dong jumped from 16,120 to the dollar to 18,500 on the black market as traders rushed to put their dong into dollars and gold. The currency swoon makes imports, from food to commodities, more expensive. Jocelyn Tran, whose Ho Chi Minh City company contracts with local factories to supply apparel to U.S. stores, says the price of Chinese-made yarn has jumped 15% this year. "Our factories are absorbing it by cutting out the profit margin," says Tran. Even though some factories have raised wages, she complains that workers are still going on strike.

The government in Hanoi has been slow to tackle some of the problems in part because battle lines are no longer neatly drawn between Communist Party hardliners and the party's more liberal economic reformers. Decision-making has been fragmented to the point of paralysis, says Pincus. For example, no single entity is in control of monetary policy. In a system that works on consensus— not just among the party but committees, ministries and provinces—it has been difficult to get leaders to make tough decisions. "It's always harder to distribute the pain," says Pincus. "It's much easier to distribute the goodies."

To tackle inflation, the government knows it needs to raise interest rates and rein in spending, particularly by state-owned enterprises that have used state financial institutions as their own piggy banks. But any sudden moves can also threaten to strangle businesses and scare away new investors, which Vietnam must avoid if it is to meet its revised 7% growth rate. Still, while the numbers look bad now, Vietnam's long-term economic outlook is good, says Tom Nguyen, head of global markets at Deutsche Bank in Ho Chi Minh City. Some think the government's ability to deal with public dissent swiftly and harshly lessens the threat that strikes will turn into violent protest or will encourage calls for political change. Vietnam remains a stable country of 85 million people with a young and educated workforce. "It is unreasonable for any of us investors to expect this development process not to have challenges," says Nguyen. "But some of the heartache has to fall in the lap of the people who had unrealistic expectations." Unfortunately, most of the heartache will be felt by Vietnam's poor as they struggle to put food on the table.

 

An Nguyen Checks In from Singapore On China Baby Milk Scandal

  

An reports from Singapore:

You probably are  aware of the baby milk scandal that hit China and this region. This is only one of the few incidents that have surfaced. There are many unsafe consumer products that go unreported for fear that it will tarnish China's image. I have stopped using China's food products since the SARS.

 

Below is an article published in Singapore about the scandals that hit China in the past few years:

 

 

China-Made and Deadly

Thu, Sep 18, 2008

Milk powder: Dozens of infants were treated this week for kidney stones linked to milk formula contaminated with toxic melamine. In 2004, at least 13 babies died of malnutrition after being fed fake milk powder which contained no nutrients. Blood thinner: In March, China identified a contaminant in batches of the blood thinner heparin, supplied to Baxter International by a China-United States joint venture plant in China's Changzhou. The US Food and Drug Administration is investigating whether the 'over-sulfated chondroitin sulfate' in the heparin was the cause of over 80 deaths and more than 700 cases of serious breathing problems reported in the US. Pet food: At least 16 cats and dogs died and more than 100 pet food brands were recalled in North America in March last year, after Chinese suppliers were found to have used melamine in wheat gluten and rice protein in pet food. Toothpaste, cough syrup: Two brands of Chinese toothpaste were banned in the Dominican Republic in May last year, due to fears that they contained the lethal chemical diethylene glycol - a key ingredient in antifreeze which can cause kidney and liver damage. Diethylene glycol was also blamed for at least 100 deaths in Panama. The victims are thought to have died after consuming toxic, mis-labelled drugs in cough syrups from China. Toys: The world's largest toymaker, Mattel, recalled more than 18million made-in-China toys a year ago because of hazards from small, powerful magnets that could cause injury if swallowed, just two weeks after it recalled 1.5million toys due to fears over lead paint. Even small amounts of lead in paint can result in serious health problems, affecting a child's behaviour and learning abilities. In larger amounts, it can cause fits and death. Tyres: The US National Highway Traffic Safety Administration insisted on the recall of as many as 450,000 tyres made by China's second-largest tyre maker, Hangzhou Zhongce Rubber, in June last year. It reported that the tyres, used on sport utility vehicles, vans and trucks, could fail at highway speeds because of an insufficient or missing gum strip which prevented belt separation. The company rebuffed the accusations. REUTERS

Singapore has banned Chinese dairy imports!

An Nguyen Checks In From Singapore

I asked An if he would comment on Singapore's Sovereign Wealth Fund (SWF) and how it operates to help the citizens of Singapore in connection with my previous blog post, Sovereign Wealth Funds, State Capitalism and Corporate Socialism. The Singapore SWF is the world's third largest with $330 billion in assets. The interesting thing is that Singapore's SWF, the Government of Singapore Investment Corp. (GIC) along with its sister fund, Temasek, owns equity stakes in many corporate enterprises such as Singapore Airlines. However, the enterprises are not nationalized in the sense that the government owns them in their entirety. So there's the capitalistic situation of share ownership combined with the socialist characteristic of government ownership combined with private ownership. Thus the modern world has left the old dichotomy of capitalism vs socialism behind. Those nations that are still mired in the capitalism vs socialism debate are out of touch with reality. That includes the US whose approach to government finance is antiquated at best not to mention that its government and private corporations are in debt to or are partially owned by the SWFs of other nations. A prime example is Singapore's bail-out of Citibank. So far SWFs have prudently not taken majority equity stakes in major US banks and corporations, but it's only a matter of time ...

 

Here is An's report:

 

In Singapore, everytime a worker gets paid, the government automtically deducts about 5% of his salary for the Central Provident Fund (CPF). His employer is required to contribute the same amount toward his CPF account. This fund will accumulate with interest until a worker is retired. At any time, a worker is allowed to borrow from the fund from his own account to buy a house or apartment, and also can use his CPF for his monthly payment.   He can continue to use the CPF for payment as long as he still owns the house and works. If he sells the house, the government will automatically deduct the amount that he has borrowed, plus interest, and put the rest back into his CPF account. During the course of his life, he can continue to borrow from the fund in order to purchase a house.   The CPF also can be used toward hospital bills. In Singapore, there are private and public hospitals. The public ones are just as good, if not better, than the private hospitals. They are heavily subsidized by the government and the cost is affordable by everyone.   A person can take one lump sum amount from his CPF account when he retires, or take monthly payments as he wishes. When he dies, the next of kin is entitled to the balance of his CPF.   The personal income tax in Singapore is extremely low compared to the US. For a yearly income of $50,000., a person pays less than $1000. for income tax. The government is making money by wisely investing the CPF and from its SWFs.  There are very few countries in the world that don't have deficits. In fact, the Singapore SWF is making a profit every year from overseas investments. Practically any of the corporations that the government owns are making good profits, from telecommunication, airline, real-estate, to shipping, etc. ... The profit is announced at year's end, and every citizen is given a share.   One could say that, because Singapore is a small country, it should be easy to manage. But the the truth is Singapore doesn't have any natural resources; even water has to be imported from Malaysia. Its wealth is credited to its intelligent government that really looks after its citizens.   Compared to Singapore, the US has a bundle of natural resources, and yet we are the biggest debtor in the world. Our people are still struggling everyday to earn a living. We owe money to almost all of the powerful friends that we have.   Our country is where the rich get richer and the poor get poorer. The capitalists are making billion of dollars in oil profits everyday at the expense of every decent hard working American.   I feel sad for our country. It's time for a big change.   Best regards, An

The Singapore CPF is a fully integrated retirement, home loan and medical insurance package, and each citizen can access his or her personalized account online. The web interface is very helpful and user friendly as opposed to US government websites. The CPF will help you start a business, make investments and provides many other useful services and benefits.

The US only knows how to go into debt, not how to make profitable investments, as witnessed by the huge budget deficits it runs and its $10 trillion national debt. Its antiquated Federal Reserve, lack of a true central bank and antipathy toward government ownership of equity assets has hamstrung it with respect to other nations. Its lack of beneficense towards its own citizens is exemplified by the 47 million people without health insurance and its large and growing homeless population. Meanwhile, Singapore, a nation of 4.5 million people, bails out Citibank, a major corporation in a nation of 300 million people!

In recent months, banks including Citigroup, Morgan Stanley and UBS have turned to investment funds, including the Government of Singapore Investment Corp (GIC), its sister fund, Temasek, and China Investment Corp, for funding that western investors were unwilling to give as stockmarkets plunged. ... Singapore's GIC, for example, which with funds of more than $330bn (£166bn) is one of the world's largest sovereign wealth funds, spent more than £5.5bn on a 9% stake in UBS last year. Shares in the Swiss bank are down 46% so far this year. It spent a further $6.88bn in January as part of a $14.5bn funding round for the embattled US bank Citigroup.

Guest Blogger Will Report from Singapore, China, Vietnam, Asia in General

Exciting news, Blog for Food fans: An Nguyen will be the first guest blogger on my blog. He will be reporting from China, where he travels frequently on business, and Singapore, where he lives with his wife, Mei and daughter, Florence, among other places. An was born in Vietnam. He lived for several years and went to college in the US. He was my mother's foster son so that makes us foster brothers. An named his first daughter Florence after my mother. As time goes on, he will tell more about his background, how he came to the US, his present life in Singapore and will compare societies both east and west which he is in a unique position to do having lived both in the US and in Asia. Every guest blog will be signed so that you, the reader, will know who the author is. Here is his first post received via email:

I just got back from a long business trip in China last week-end. The weather there was hot and humid. I was surprised to learn that most of the Chinese are not really paying much attention to the Olympics. Some told me that they are really sick and tired of listening to the government's propaganda every day. All of the news is being censored and, well, concocted. Travel to all major cities is being restricted, and spot checks are everywhere. I had to pay more than double the normal fee for my entry visa this time.

It's really funny to watch the Chinese government blowing their own horn every day on TV, about how effective and heroic they are in handling the earthquake crisis. They even made their own movies and TV shows to emphasize how great they are.....

Yangzhou is a city that impressed me the most. It has good infrastructure, clean air, and the people are nice and friendly. So far, it's the first city in China in which I see many happy faces all around. I also found out that the last communist premier is a native there.

Most of Chinese cuisines are quite good but a bit too oily and loaded with MSG.

Yes! I would love to make a contribution to your blog on the topics that you mentioned.

 

... An Nguyen

Some of the topics An will be writing about are a comparison of the health care systems in the US and Asia, comparison of political and economic systems and societies in general and topics of cultural interest in both east and west. I'm looking forward to An's insight and wisdom, as well as the fact that he will be bringing a global perspective to this blog.

Welcome, An!