Still, some foreign bankers credit the State Bank for slowing the dangerously incompetent lending frenzy that has persisted for the last five years or so. A HCMC banker gave high marks to the State Bank for at least understanding the problems, suggesting that many solutions are ideological and beyond their reach.

Now, he said, " it's time for the central bank to step up and act like a central bank." A long-awaited Banking Law is scheduled to be issued this September (when the National Assembly next meets), and it is expected to give increased authority over macro-management of the economy to The State Bank.

Presently, Vietnamese borrowers need more money immediately, and bankers want to give it to them but cannot because of new restrictions. Foreign lenders, such as Citibank and ING-Barings, are probably enjoying an increase in the chance to lend to the larger pool of credit-worthy state firms. And the State Bank reports that to inhibit inflation, which is 10 percent this year, it is printing less money these days.

For the State Bank, the challenge will be to comprehend its role as manager of a market-oriented socialist economy, then translate that to a skeptical public, while simultaneously managing damage control. Tougher will be acting decisively, as a central bank must, while listening to the rest of Hanoi's Indian chiefs.

"Within the government there are two schools of thought," remarks an economist who has been helping to craft the new Banking Law. "One is that on the surface, the numbers look good (enough); the other is that this is a dangerous moment. It should be an interesting September."

It is likely that Peter's Hung is rooting for a victory from the socialist ideologues, which still rule this country. And even if a radical new banking law is passed, it is unlikely that the scrappy consultant will shift his account from under his bed any time soon.

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