In his 20 years as a Hanoi taxi driver, Pham Van Vinh has learnt to negotiate the chaotic streets of Vietnam’s capital and the demands of its avaricious traffic police.
But the 44-year-old father of two is working harder than ever because of a triple hit from inflation, which accelerated to 19.8 per cent year-on-year in May, one of the highest rates in the world.
Petrol prices are up 30 per cent since February; increases in government-regulated taxi fares have driven away customers; and family living costs have jumped in the past year, with some food prices doubling. “Life is tough and I have to work 12 hours a day, seven days a week, to keep putting rice and noodles on the table,” says Mr Pham.
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