Features
Preface summarizing Raj Rajaratnam’s tell-all book

In October 2009 I was arrested and charged with insider trading. I chose to fight the charges against me because I was innocent. The prosecutors alleged that 0.01% of my trades between 2005 and 2009 were illegal.
I understood that in the US there is a 97% conviction rate (similar to China and Russia) and a punitive trial penalty for those who dare to go to trial. Empirical studies have shown that the trial penalty is just about double that handed to those who plead guilty. If a defendant agrees to become a cooperating witness, helping the government with testimony — irrespective of the truth — to convict another defendant, the co-operating witness gets a much-reduced sentence and in many cases just parole.
I understood the stakes. I chose to go to trial. Why? It’s a question I’ve since been asked hundreds of times. Why. Why jeopardize everything. Because to my core I believed I would get a fair hearing. And with a fair hearing and a rational exposition of the facts, the truth would have prevailed. Until my arrest I had the highest regard for the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI). I believed that most Americans felt that way in 2009. Since then of course, the American public has become jaded about the sanctity of these institutions with multiple examples of overreach and excess.
Certain DOJ and FBI sections operate, each attempting to further its own agenda without regard for Constitutional checks and balances. The term “fake news,” the “Dark State” are now bandied about with almost wild abandon, humor, and satire. The public now assumes the existence of “fake news” alongside “authentic” news with little effort towards journalistic integrity. During the time of my arrest and trial, information from the media, DOJ, and FBI was absorbed as unquestioned Trust. While I still believe that the vast majority of those who work for the DOJ and the FBI are people of integrity, this book is an attempt to shed light on the corrupt few who act with impunity and destroy lives and families to further their career ambitions.
From the moment of my arrest, the narrative of my story was recast with a precise agenda, shaped to direct public attention away from the stark horror of the 2007-2008 financial crisis while promoting media idolatry of the publicity hungry and ambitious rookie US Attorney, Preet Bharara, who became a demi-God, the “Sheriff of Wall Street” riding into battle against myself, relentlessly personified as evil incarnate on the front pages of major newspapers around the world.
Wanton disregard for the law, recognized by the judge at my trial, allowed a corrupt element within the FBI, Agent Kang, to falsify documents leading to my arrest and falsify testimony leading to my conviction. I faced prosecutorial misconduct at its finest. The overzealous media, feasting on a human story they could sell every day, also profoundly prejudiced any hope of gathering an impartial jury by the time of the trial. These three institutions, ostensibly guardians of the public interest, charged with impartiality and integrity, bore down in a concerted campaign to make me the face of the financial crisis. My arrest and subsequent trial, a two-year process, deflected attention from a glaring fact: Not one major banker was held accountable for the 2008 global meltdown. No arrests. No searing prosecution. No jail time.
In the midst of a financial crisis which brought a multi-trillion-dollar world economy to its knees, these three institutions, independently and collectively, targeted a tiny slice of the US financial industry, hedge funds; honed in on a single hedge fund, Galleon; isolated only me, its CEO, who had recently become one of the few immigrants on Wall Street to be identified as a billionaire; and built a fabulous and intricate tale of “sex, drugs, and rock and roll” to entertain the public and build their own reputations. Their two-year reality series was successful beyond measure.
Preet Bharara, the then-US attorney for the Southern District of New York, used my prosecution to launch an unprecedented press campaign to promote himself. Bharara ran roughshod over the truth, standard Department of Justice protocols, and the office’s own dignity in his extraordinary zeal to convict me. Time Magazine put Bharara on its cover, their headline proclaiming “this man is busting Wall-Street.” It was Preet’s finest moment. Bharara did not touch the real perpetrators of the 2008 financial crisis – Wall Street’s top bankers. In a rare moment of public acknowledgement, both Preet and the influential New York Magazine observed in 2014 that Bharara was almost sheepish about the insider cases — “they made our careers, but they (didn’t) change the world.”
Bharara’s impotent and poisoned approach to the non-prosecution of criminal activity on Wall Street — ranging from the mortgage bankers who precipitated the financial crisis (Goldman Sachs, Lehman Brothers), the money-laundering of drug cartels (HSBC), and the encouraging of tax evasion by US citizens (UBS, CSFB) — would become the defining legacy of his tenure. Each of these firms settled civil charges by paying billions of dollars in fines using shareholder money, but no single person was criminally charged or individually fined. Every one of the insider trader prosecutions was criminal. The towering hypocrisy remains startling.
The prosecution under Bharara’s watch advanced a theory of trading to prosecute me and several others which the second circuit appeals court subsequently overruled, criticizing it for “doctrine novelty.” Soon after my trial in May 2011, the then-SEC commissioner Mary Shapiro gloated that “the beauty of insider trading laws is the flexibility in interpreting them.” The lead prosecutor in my case, Jonathan Streeter said in December 2012, “Insider Trading cases are confusing to investment professionals.” He went on to add, “There is incredible confusion on what is illegal and it’s a real problem. The law is very complicated and the lines are a bit murky.” A US Attorney, the prosecution in my trial, and the head of the SEC, all acknowledged their reservations about a “murky” set of laws but had no “murky” reservations using them liberally in my case and at my trial.
The FBI agent overseeing my case Special Agent BJ Kang lied on his sworn affidavit to obtain wiretap authorization of my phone. Recognizing there had been government misconduct, Judge Richard Holwell who presided over my trial case, issued a searing criticism of the wiretap application used by Agent Kang, reprimanding him for “reckless disregard for the truth with respect to both probable cause and necessity.” The Judge went on to add that “false and misleading statements and omissions pervaded the affidavit (submitted by Special Agent Kang) so extensively that it was impossible for the authorizing judge to have the constitutionally required determination for the issuance of the wiretap…rather than provide a full and complete statement as required by the law, the wiretap affidavit made full and complete omissions and included literally false information.
“Kang did not stop at blowing through truth on paper. He menaced and threatened my family and employees with prosecution, frightened away crucial defense witnesses, and routinely leaked false information to the media churning up an unabated feeding frenzy that shredded me in the court of public opinion. Kang took his cues from the playbook of the publicly reviled former FBI director, J. Edgar Hoover. I was tried, convicted, and sentenced in the press even before I fully understood the charges against me. The atmosphere was so toxic that my lead counsel, veteran defense lawyer John Dowd said “the prejudicial publicity orchestrated by the USA was so palpable in the courtroom…It was the most toxic atmosphere of any case I ever tried.”
My defense team led by John Dowd, along with expert testimony from a former SEC legal counsel, repeatedly highlighted that all the information discussed in the wiretaps was already in the public domain. Every bit of information was in the public domain. It did not matter. No amount of truth could overcome the false testimony trained into the co-operating witnesses by Streeter, his team of prosecutors, and Bharara, who sat on the sidelines, waiting in eager anticipation for any opportunity for a press conference.
Each of the cooperating witnesses had committed his own set of crimes, unrelated to Galleon. Yet each chose to testify against me as an opportunity to reduce their probable sentences. That they were perjuring themselves was irrelevant; the government coerced them into an immediate mandate to take me down. Even the government’s star witness, Anil Kumar, offered damning testimony under oath in my case only to recant the very same sworn testimony three years later during the trial of my brother. My brother was subsequently acquitted as a result of the revised and opposite version of Anil Kumar’s testimony. A few newspapers picked up on this gross disparity, but that was it. The fact of perjury had no consequence. The cycle was vicious. “Innocent until proven guilty,” the cornerstone philosophy of the American judicial system was proving to be a farce.
I was convicted by a jury, sentenced to 11 years in jail, and paid fines of over $150 million. The irony is that even in setting the fines, the prosecutors working in tandem with the media kept up the unceasing drumbeat of punishment for the financial crisis. Never mind that I did not personally make any money from the alleged trades. And never mind that not one single investor sued me. Galleon went through an orderly process of closing down the firm and returned all the funds with a gain of 22%. Not a single investor lost money. Most important to me, personally, was that not one single investor sued me.
In July 2019, I was released after serving 7.5 years of my 11-year sentence under the First Step Act.
I wrote this book entirely in prison and by hand. I began by writing about an hour a day. Soon that increased to two hours. Then three. I am choosing to publish the book for two specific reasons: First, I want my peers, professionals who understand the nuances of managing money, to hear the facts of my case. I want them to judge me. It is my assertion that I was entrapped, framed, unlawfully wiretapped, surveilled, and then made to endure a brutal and very public media lynching.
Secondly and more importantly, I want to begin a public discussion by creating awareness of how certain corrupt prosecutors and FBI agents are allowed to get away with criminal behavior. There are no checks and balances in our Justice system. Recently there has been a lot of discussion as to whether the President should be above the law. The President is so closely scrutinized that doing anything against the law would ring alarms bells the world over. Instead, my assertion is that the focus should be on the corruption within the American judicial system, on a handful of corrupt US attorneys who live their lives exempt from the law by which they control the lives of others and the rest of the country. In this book I will show how ambitious prosecutors actively take advantage of murky laws and coerce testimony from government witnesses to obtain wrongful convictions. Winning at all costs, regardless of the truth appears at every level to be an operative mantra. I realize there is only one book I can write to set the record straight. This is it.
My story is also about greed. In all its forms, greed boils down to avarice, hunger, power, money, ambition. All of these are readily available and identifiable in the financial industry, by definition. In fact, I would say that in the financial industry, greed is effectively a cliché with fear being on the flip side of a pair trade. Fear and greed are easy to communicate, and the media hones in on these aspects of Wall Street. But what I would like to do in this book is to hone in on the excess and greed in the judicial system. Ambition in the judicial system also translates to power and money, a far more insidious and dangerous consequence to society because it goes unchecked. After I was convicted, the press had a field day speculating whether the “new sheriff” of Wall Street, Preet Bharara, was actually in line to succeed Eric Holder as the next US Attorney General when Holder stepped down. While Bharara was at first coy about his intentions, he eventually made clear his goal to secure the job based on his work prosecuting Wall Street. He may have wanted the job but did not get it.
The same ambitions were true for the three government prosecutors in my case – all three left government shortly after closing out my case for higher paying jobs as partners in leading law firms. They and their new employers spent considerable effort drumming up business on the heels of the skills honed during their time as former prosecutors to future defendants accused of insider trading. They had no problem making the transition from denouncing apparent “greed” in the financial markets to defending that same greed, switching sides in an effective demonstration of greed. As partners at leading law firms they would be highly compensated. The “protectors from greed” sold themselves to the highest bidder, all under the trusting gaze of an unaware public. The door meant to separate and maintain a balance between the public and the private sectors revolves efficiently and profitably.
It is important to understand context of the time and the prevailing mood of the country in October 2009 when I was arrested. In 2008 we had seen the near collapse of the financial system and the wiping out of trillions of dollars of home equity and life savings of the American middle class. The government was forced to bail out the major banks. Mortgages that were bundled up or securitized and sold by banks had contributed to the crisis. Millions of American homes went into foreclosure. Institutions such as Lehman Brother, Bear Stearns, Fannie Mae, AIG and Freddie Mac either filed for bankruptcy or lost over 90% of their market value. An estimated $7 trillion in US household assets were wiped out. And to add to the catastrophe, in late 2008, Bernie Maddoff admitted to running the largest Ponzi scheme under the very eyes of the regulators. Politicians and the public placed the blame squarely on Wall Street. The pubic was clamoring for blood and there was no blood forthcoming. From anywhere.
I had nothing to do with the housing crisis. I was an easy target for politicians, for prosecutors, for pundits, and for Bharara who had just been handed leadership of the Southern District of NY including a mandate for bringing Wall Street under control. I was a successful and expendable hedge fund manager who employed just 250 people. We obtained an overwhelming amount of information on a daily basis and my trading was 100% consistent with the written recommendations of my analysts. In ALL cases, I had a pre-existing position in the stock before allegedly receiving the “tip.” In 2009 and even today, insider trading laws are murky at best and often (intentionally) misinterpreted by prosecutors. The government painted our systematic, well-researched investing as being criminal. Theirs was an overreach of enormous proportions to show that “Wall Street fat cats” were being brought to justice. If I am guilty, then the entire investment business should be declared illegal.
As the Wall Street Journal noted insightfully, “Under standard rhetoric, the public is somehow cheated by all this, but the standard rhetoric is nonsense. The public isn’t damaged because another party wants to sell or buy (and most hedge funds strive to make sure their trading doesn’t affect prices anyway). But a cynic might note one thing: insider-trading law provides a bottomless reservoir of (supposed) financial ‘crime’ for Washington to investigate whenever it needs a Wall Street prosecution to flounce in front of the press.” [Endnote 1]
As a child, having gone to boarding school in a foreign country at the age of 11, I learned quickly and early to be a fighter, a scrapper. This is a blessing and a curse. Over the years, I have learned that you don’t always have to fight. The kindness of many people has defanged and disarmed me to a large extent. However, when people try to take advantage of me, I have to respond. I don’t back down. And I am fortunate to have been blessed with the mental fortitude and financial resources to fight for my innocence. Too many people do not. They plead guilty to indictments they cannot challenge. In my experience about 10% of the inmates at the prison in which I spent seven-and-a-half years were innocent.
When I was researching the Justice Department while in prison, I came across a paragraph that struck a chord in me. Unfortunately, I did not write down the name of the author or the source. “Criminal punishment is the greatest power that governments use and wield against their own people. When employed justly and appropriately, it is vital to any safe and productive society. But when employed aggressively based on vague laws and personal agendas the criminal justice system unnecessarily destroys lives, livelihoods, and families.”
Oddly, my experience of the law has left me without rage or a sense of victimhood. While I would never say I am grateful for the experience, I can say with confidence that I like myself better because of it. When I finally broke through the wall of despair, I realized I had gained a sense of peace and awareness that had opened me up and cracked me free. I realized how incredibly strong the human mind is and that nothing can beat a person who refuses to be beaten.
Finally, I want to say that despite what happened to me as a result of a corrupt prosecutor, I love this country just as much as I did before I went to prison. I feel truly blessed to be one of the five percent of the world population who live in America. I do not see people lined up to emigrate to China, Russia, or Japan, for example.
As I reflect on my circumstances and my past, if God had arrived at my doorstep when I was 11 – with a crystal ball — and told me, “Raj, I will give you the wife and children you see here, these friends, and ensure that both your parents live long and happily and give you also the ability to help the less fortunate — But you need to sacrifice about seven years of your life,” I would have taken that deal in a New York second.
I feel very fortunate. I am very fortunate.
Raj Rajaratnam
Features
An opportunity to move from promises to results

The local government elections, long delayed and much anticipated, are shaping up to be a landmark political event. These elections were originally due in 2023, but were postponed by the previous government of President Ranil Wickremesinghe. The government of the day even defied a Supreme Court ruling mandating that elections be held without delay. They may have feared a defeat would erode that government’s already weak legitimacy, with the president having assumed office through a parliamentary vote rather than a direct electoral mandate following the mass protests that forced the previous president and his government to resign. The outcome of the local government elections that are taking place at present will be especially important to the NPP government as it is being accused by its critics of non-delivery of election promises.
Examples cited are failure to bring opposition leaders accused of large scale corruption and impunity to book, failure to bring a halt to corruption in government departments where corruption is known to be deep rooted, failure to find the culprits behind the Easter bombing and failure to repeal draconian laws such as the Prevention of Terrorism Act. In the former war zones of the north and east, there is also a feeling that the government is dragging its feet on resolving the problem of missing persons, those imprisoned without trial for long periods and return of land taken over by the military. But more recently, a new issue has entered the scene, with the government stating that a total of nearly 6000 acres of land in the northern province will be declared as state land if no claims regarding private ownership are received within three months.
The declaration on land to be taken over in three months is seen as an unsympathetic action by the government with an unrealistic time frame when the land in question has been held for over 30 years under military occupation and to which people had no access. Further the unclaimed land to be designated as “state land” raises questions about the motive of the circular. It has undermined the government’s election campaign in the North and East. High-level visits by the President, Prime Minister, and cabinet ministers to these regions during a local government campaign were unprecedented. This outreach has signalled both political intent and strategic calculation as a win here would confirm the government’s cross-ethnic appeal by offering a credible vision of inclusive development and reconciliation. It also aims to show the international community that Sri Lanka’s unity is not merely imposed from above but affirmed democratically from below.
Economic Incentives
In the North and East, the government faces resistance from Tamil nationalist parties. Many of these parties have taken a hardline position, urging voters not to support the ruling coalition under any circumstances. In some cases, they have gone so far as to encourage tactical voting for rival Tamil parties to block any ruling party gains. These parties argue that the government has failed to deliver on key issues, such as justice for missing persons, return of military-occupied land, release of long-term Tamil prisoners, and protection against Buddhist encroachment on historically Tamil and Muslim lands. They make the point that, while economic development is important, it cannot substitute for genuine political autonomy and self-determination. The failure of the government to resolve a land issue in the north, where a Buddhist temple has been put up on private land has been highlighted as reflecting the government’s deference to majority ethnic sentiment.
The problem for the Tamil political parties is that these same parties are themselves fractured, divided by personal rivalries and an inability to form a united front. They continue to base their appeal on Tamil nationalism, without offering concrete proposals for governance or development. This lack of unity and positive agenda may open the door for the ruling party to present itself as a credible alternative, particularly to younger and economically disenfranchised voters. Generational shifts are also at play. A younger electorate, less interested in the narratives of the past, may be more open to evaluating candidates based on performance, transparency, and opportunity—criteria that favour the ruling party’s approach. Its mayoral candidate for Jaffna is a highly regarded and young university academic with a planning background who has presented a five year plan for the development of Jaffna.
There is also a pragmatic calculation that voters may make, that electing ruling party candidates to local councils could result in greater access to state funds and faster infrastructure development. President Dissanayake has already stated that government support for local bodies will depend on their transparency and efficiency, an implicit suggestion that opposition-led councils may face greater scrutiny and funding delays. The president’s remarks that the government will find it more difficult to pass funds to local government authorities that are under opposition control has been heavily criticized by opposition parties as an unfair election ploy. But it would also cause voters to think twice before voting for the opposition.
Broader Vision
The government’s Marxist-oriented political ideology would tend to see reconciliation in terms of structural equity and economic justice. It will also not be focused on ethno-religious identity which is to be seen in its advocacy for a unified state where all citizens are treated equally. If the government wins in the North and East, it will strengthen its case that its approach to reconciliation grounded in equity rather than ethnicity has received a democratic endorsement. But this will not negate the need to address issues like land restitution and transitional justice issues of dealing with the past violations of human rights and truth-seeking, accountability, and reparations in regard to them. A victory would allow the government to act with greater confidence on these fronts, including possibly holding the long-postponed provincial council elections.
As the government is facing international pressure especially from India but also from the Western countries to hold the long postponed provincial council elections, a government victory at the local government elections may speed up the provincial council elections. The provincial councils were once seen as the pathway to greater autonomy; their restoration could help assuage Tamil concerns, especially if paired with initiating a broader dialogue on power-sharing mechanisms that do not rely solely on the 13th Amendment framework. The government will wish to capitalize on the winning momentum of the present. Past governments have either lacked the will, the legitimacy, or the coordination across government tiers to push through meaningful change.
Obtaining the good will of the international community, especially those countries with which Sri Lanka does a lot of economic trade and obtains aid, India and the EU being prominent amongst these, could make holding the provincial council elections without further delay a political imperative. If the government is successful at those elections as well, it will have control of all three tiers of government which would give it an unprecedented opportunity to use its 2/3 majority in parliament to change the laws and constitution to remake the country and deliver the system change that the people elected it to bring about. A strong performance will reaffirm the government’s mandate and enable it to move from promises to results, which it will need to do soon as mandates need to be worked at to be long lasting.
by Jehan Perera
Features
From Tank 590 to Tech Hub: Reunited Vietnam’s 50-Year Journey

The fall of Saigon (now Ho Chi Minh City – HCM) on 30 April 1975 marked the end of Vietnam’s decades-long struggle for liberation—first against French colonialism, then U.S. imperialism. Ho Chi Minh’s Viet Minh, formed in 1941, fought Japanese occupiers and later defeated France at Dien Bien Phu (1954). The Geneva Accords temporarily split Vietnam, with U.S.-backed South Vietnam blocking reunification elections and reigniting conflict.
The National Liberation Front (NLF) led resistance in the South, using guerrilla tactics and civilian support to counter superior U.S. firepower. North Vietnam sustained the fight via the Ho Chi Minh Trail, despite heavy U.S. bombing. The costly 1968 Tet Offensive exposed U.S. vulnerabilities and shifted public opinion.
Of even more import, the Vietnam meat-grinder drained the U.S. military machine of weapons, ammunition and morale. By 1973, relentless resistance forced U.S. withdrawal. In March 1975, the Vietnamese People’s Army started operations in support of the NLF. The U.S.-backed forces collapsed, and by 30 April the Vietnamese forces forced their way into Saigon.
At 11 am, Soviet-made T-54 tank no. 843 of company commander Bui Quang Than rammed into a gatepost of the presidential palace (now Reunification Palace). The company political commissar, Vu Dang Toan, following close behind in his Chinese-made T-59 tank, no. 390, crashed through the gate and up to the palace. It seems fitting that the tanks which made this historic entry came from Vietnam’s principal backers.
Bui Quang Than bounded from his tank and raced onto the palace rooftop to hoist the NLF flag. Meanwhile, Vu Dang Toan escorted the last president of the U.S.-backed regime, Duong Van Minh, to a radio station to announce the surrender of his forces. This surrender meant the liberation not only of Saigon but also of the entire South, the reunification of the country, and a triumph of perseverance—a united, independent nation free from foreign domination after a 10,000-day war.
Celebrations
On 30 April 2025, Vietnam celebrated the 50th anniversary of the Liberation of the South and National Reunification. HCM sprouted hundreds of thousands of national flags and red hammer-and-sickle banners, complemented by hoardings embellished with reminders of the occasion – most of them featuring tank 590 crashing the gate.
Thousands of people camped on the streets from the morning of 29 April, hoping to secure good spots to watch the parade. Enthusiasm, especially of young people, expressed itself by the wide use of national flag t-shirts, ao dais (traditional long shirts over trousers), conical hats, and facial stickers. This passion may reflect increasing prosperity in this once impoverished land.
The end of the war found Vietnam one of the poorest countries in the world, with a low per capita income and widespread poverty. Its economy struggled due to a combination of factors, including wartime devastation, a lack of foreign investment and heavy reliance on subsistence agriculture, particularly rice farming, which limited its potential for growth. Western sanctions meant Vietnam relied heavily on the Soviet Union and its socialist allies for foreign trade and assistance.
The Vietnamese government launched Five-Year Plans in agriculture and industry to recover from the war and build a socialist nation. While encouraging family and collective economies, it restrained the capitalist economy. Despite these efforts, the economy remained underdeveloped, dominated by small-scale production, low labour productivity, and a lack of modern technology. Inflexible central planning, inept bureaucratic processes and corruption within the system led to inefficiencies, chronic shortages of goods, and limited economic growth. As a result, Vietnam’s economy faced stagnation and severe hyperinflation.
These mounting challenges prompted the Communist Party of Vietnam to introduce Đổi Mới (Renovation) reforms in 1986. These aimed to transition from a centrally planned economy to a “socialist-oriented market economy” to address inefficiencies and stimulate growth, encouraging private ownership, economic deregulation, and foreign investment.
Transformation
Đổi Mới marked a historic turning point, unleashing rapid growth in agricultural output, industrial expansion, and foreign direct investment. Early reforms shifted agriculture from collective to household-based production, encouraged private enterprise, and attracted foreign investment. In the 2000s, Vietnam became a top exporter of textiles, electronics, and rice, shifting towards high-tech manufacturing (inviting Samsung and Intel factories). By the 2020s, it emerged as a global manufacturing hub, the future focus including the digital economy, green energy, and artificial intelligence.
In less than four decades, Vietnam transformed from a poor, agrarian nation into one of Asia’s fastest-growing economies, though structural reforms are still needed for sustainable development. Growth has remained steady, at 5-8% per year.
Vietnam’s reforms lifted millions out of poverty, created a dynamic export-driven economy, and improved education, healthcare, and infrastructure. This has manifested itself in reducing extreme poverty from 70% to 1%, increasing literacy to 96%, life expectancy from 63 to 74 years, and rural electrification from less than 50% to 99.9%. Industrialisation drove urbanisation, which doubled from 20% in 1986 to 40% now.
This change displayed itself during the celebrations in HCM, amid skyscrapers, highways and the underground metro system. Everybody dressed well, and smartphones could be seen everywhere – penetration has reached three-fourths of the population. Thousands turned out on motorbikes and scooters (including indigenous electric scooters) – two-wheeler ownership is over 70%, the highest rate per capita in ASEAN. Traffic jams of mostly new cars emphasised the growth of the middle class.
At the same time, street food vendors and makeshift pavement bistro owners joined sellers of patriotic hats, flags and other paraphernalia to make a killing from the revellers. This reflects the continuance of the informal sector– currently representing 30% of the economy.
The Vietnamese government channelled tax income from booming sectors into underdeveloped regions, investing in rural infrastructure and social welfare to balance growth and mitigate urban-rural inequality during rapid economic expansion. Nevertheless, this economic transformation came with unequal benefits, exacerbating income inequality and persistent gender gaps in wages and opportunities. Sustaining growth requires tackling corruption, upgrading workforce skills, and balancing development with inequality.
NLF flag

Tank 390 courtesy Bao Hai Duong
The parade itself, meticulously carried out (having been rehearsed over three days), featured cultural pageants and military displays and drew admiration. Of special note, the inclusion of foreign military contingents from China, Laos, and Cambodia for the first time signalled greater regional solidarity, acknowledging their historical support while maintaining a balanced foreign policy approach.
Veteran, war-era foreign journalists noted another interesting fact: the re-emergence of the NLF flag. Comprising red and blue stripes with a central red star, this flag had never been prominent at the ten-year anniversary celebrations. The journalists questioned its sudden reappearance. It may be to give strength to the idea of the victory being one of the South itself, part of a drive to increase unity between North and South.
Before reunification in 1975, North and South Vietnam embodied starkly contrasting economic and social models. The North operated under a centrally planned socialist system, with collectivised farms and state-run industries. It emphasised egalitarianism, mass education, and universal healthcare while actively preserving traditional Vietnamese culture. The South, by contrast, maintained a market-oriented economy heavily reliant on agricultural exports (rice and rubber) and foreign aid. A wealthy elite dominated politics and commerce, while Western—particularly American—cultural influence grew pervasive during the war years.
Following reunification under the Socialist Republic of Vietnam (1976), the government moved swiftly to integrate the two regions. In 1978, it introduced a unified national currency (the đồng, VND), merging the North’s and South’s financial systems into a single, state-controlled framework. The unification of monetary policy symbolised the broader ideological project: to erase colonial and capitalist legacies.
Unity and solidarity
However, the economic disparities and cultural divides between regions persist, though less pronounced than before. The South, particularly HCM, remains Vietnam’s economic powerhouse, with a stronger private sector and international trade connections. The North, including Hanoi, has a more government-driven economy. Southerners tend to have a more entrepreneurial mindset, while Northerners are often seen as more traditional and rule-bound. Conversely, individuals from the North occupy more key government positions.
Studies suggest that people in the South exhibit lower trust in the government compared to those in the North. HCM tends to have stronger support for Western countries like the United States, while Hanoi has historically maintained closer ties with China. People in HCM tend to use the old “Saigon” city name.
Consequently, the 50th anniversary celebrations saw a focus on reconciliation and unity, reflecting a shift in perspective towards peace and friendship, as well as accompanying patriotism with international solidarity.
The exuberant crowds, modern infrastructure, and thriving consumer economy showcased the transformative impact of Đổi Mới—yet lingering regional disparities, informal labour challenges, and unequal gains remind the nation that sustained progress demands inclusive reforms. The symbolic return of the NLF flag and the emphasis on unity underscored a nuanced reconciliation between North and South, honouring shared struggle while navigating enduring differences.
As Vietnam strides forward as a rising Asian economy, it balances its socialist legacy with global ambition, forging a path where prosperity and patriotism converge. The anniversary was not just a celebration of the past but a reflection on the complexities of Vietnam’s ongoing evolution.
(Vinod Moonesinghe read mechanical engineering at the University of Westminster, and worked in Sri Lanka in the tea machinery and motor spares industries, as well as the railways. He later turned to journalism and writing history. He served as chair of the Board of Governors of the Ceylon German Technical Training Institute. He is a convenor of the Asia Progress Forum, which can be contacted at asiaprogressforum@gmail.com.)
By Vinod Moonesinghe
Features
Hectic season for Rohitha and Rohan and JAYASRI

The Sri Lanka music scene is certainly a happening place for quite a few of our artistes, based abroad, who are regularly seen in action in our part of the world. And they certainly do a great job, keeping local music lovers entertained.
Rohitha and Rohan, the JAYASRI twins, who are based in Vienna, Austria, are in town, doing the needful, and the twosome has turned out to be crowd-pullers.
Says Rohitha: Our season here in Sri Lanka, and summer in the south hemisphere (with JAYASRI) started in October last year, with many shows around the island, and tours to Australia, Japan, Dubai, Doha, the UK, and Canada. We will be staying in the island till end of May and then back to Austria for the summer season in Europe.”
Rohitha mentioned their UK visit as very special.

The JAYASRI twins Rohan and Rohitha
“We were there for the Dayada Charity event, organised by The Sri Lankan Kidney Foundation UK, to help kidney patients in Sri Lanka, along with Yohani, and the band Flashback. It was a ‘sold out’ concert in Leicester.
“When we got back to Sri Lanka, we joined the SL Kidney Foundation to handover the financial and medical help to the Base Hospital Girandurukotte.
“It was, indeed, a great feeling to be a part of this very worthy cause.”
Rohitha and Rohan also did a trip to Canada to join JAYASRI, with the group Marians, for performances in Toronto and Vancouver. Both concerts were ‘sold out’ events.
They were in the Maldives, too, last Saturday (03).

Alpha Blondy:
In action, in
Colombo, on
19th July!
JAYASRI, the full band tour to Lanka, is scheduled to take place later this year, with Rohitha adding “May be ‘Another legendary Rock meets Reggae Concert’….”
The band’s summer schedule also includes dates in Dubai and Europe, in September to Australia and New Zealand, and in October to South Korea and Japan.
Rohitha also enthusiastically referred to reggae legend Alpha Blondy, who is scheduled to perform in Sri Lanka on 19th July at the Air Force grounds in Colombo.
“We opened for this reggae legend at the Austria Reggae Mountain Festival, in Austria. His performance was out of this world and Sri Lankan reggae fans should not miss his show in Colombo.”
Alpha Blondy is among the world’s most popular reggae artistes, with a reggae beat that has a distinctive African cast.
Calling himself an African Rasta, Blondy creates Jah-centred anthems promoting morality, love, peace, and social consciousness.
With a range that moves from sensitivity to rage over injustice, much of Blondy’s music empathises with the impoverished and those on society’s fringe.
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