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Vietnam's GDP growth rate has slowed appreciably from its double digit highs, coming in at +6.5% year over year for the 1st half of 2008.

The problem, of course, is local stagflation. With reported inflation running close to +27% year over year, the real growth in this country is getting harder and harder to find.

The best thing central bankers can do is raise interest rates, and finally, they are.

KM