For some time, South Viet Nam's Economics Minister Pham Kim Ngoc has been telling newsmen: "Phase I of Vietnamization, the military phase, has been successful. Now we will enter on Phase II, which will concentrate on making Viet Nam self-reliant and stable." Last week, South Viet Nam's President Nguyen Van Thieu launched that program with a crisp 40-minute speech to the Saigon legislature.

Phase II, which was so named long before Richard Nixon unveiled his similarly titled economic program for the U.S., involves some high-stake risks. It gambles that the fighting is...

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