Taking Stock : An Update on Vietnam's Recent Economic Developments

• 查看报告

作者：

Dinh, Viet Tuan

来源地址：

http://hdl.handle.net/10986/27918

关键词：

ACCOUNTING;  ACCOUNTING STANDARDS;  AGRICULTURAL COMMODITIES;  ANNUAL GROWTH;  ASSET PRICE;  ASSET QUALITY;  BALANCE OF PAYMENTS;  BANK DEPOSITS;  BANK INTEREST RATES;  BANK LOANS;  BANK RATE;  BANKING CRISES;  BANKING CRISIS;  BANKING SECTOR;  BANKING SECTOR REFORM;  BANKING SYSTEM;  BARRIER;  BLACK MARKET;  BOND;  BOND ISSUANCES;  BUDGET DEFICIT;  CAPITAL ACCOUNT;  CAPITAL ADEQUACY;  CAPITAL FLOWS;  CAPITAL FORMATION;  CAPITAL INFLOWS;  CASH MANAGEMENT;  CIVIL CODE;  CLARITY;  COMMERCIAL BANK;  COMMERCIAL BANKS;  COMMODITY;  COMMODITY EXPORTS;  COMPETITIVENESS;  CONSOLIDATION;  CONSUMER PRICE INDEX;  CONSUMPTION GOODS;  CORE INFLATION;  COUNTRY RISK;  CREDIT DEFAULT;  CREDIT DEFAULT SWAPS;  CREDIT GROWTH;  CREDIT INCREASES;  CREDIT INSTITUTIONS;  CREDIT SOURCE;  CREDITORS;  CURRENCY;  CURRENCY APPRECIATION;  CURRENCY DEPRECIATION;  CURRENT ACCOUNT;  CURRENT ACCOUNT BALANCE;  CURRENT ACCOUNT DEFICIT;  DEBT;  DEBT BURDEN;  DEBT RATIO;  DEBT RATIOS;  DEBT SERVICE;  DEBT SUSTAINABILITY;  DEBTORS;  DEBTS;  DEFICITS;  DEMAND FOR CREDIT;  DEPOSIT;  DEPOSIT INSURANCE;  DEPOSITS;  DEVALUATION;  DEVALUATIONS;  DEVELOPING COUNTRIES;  DEVELOPMENT BANK;  DISBURSEMENTS;  DISCLOSURE OF INFORMATION;  DISCOUNT RATE;  DOLLAR EXCHANGE RATE;  DOMESTIC CONSUMPTION;  DOMESTIC CURRENCY;  DOMESTIC DEMAND;  DOMESTIC PRICE;  DOMESTIC PRICES;  ECONOMIC DEVELOPMENTS;  ECONOMIC ENVIRONMENT;  ECONOMIC GROWTH;  ECONOMIC PERFORMANCE;  ECONOMIC REFORMS;  ECONOMIC SLOWDOWN;  EQUILIBRIUM;  EQUIPMENT;  EQUIPMENTS;  EXCESS LIQUIDITY;  EXCESS SUPPLY;  EXCHANGE RATE;  EXCHANGE RATE MANAGEMENT;  EXCHANGE RATE POLICY;  EXCHANGE RATES;  EXPANSIONARY POLICY;  EXPENDITURE;  EXPENDITURES;  EXPORT EARNINGS;  EXPORT GROWTH;  EXPORT VOLUME;  EXPORTER;  EXTERNAL DEBT;  FINANCE CORPORATION;  FINANCIAL ASSETS;  FINANCIAL CRISIS;  FINANCIAL MANAGEMENT;  FINANCIAL SERVICES;  FINANCIAL SYSTEM;  FISCAL BALANCE;  FISCAL CONSOLIDATION;  FISCAL DEFICIT;  FISCAL DEFICITS;  FIXED CAPITAL;  FOREIGN CURRENCY;  FOREIGN DIRECT INVESTMENT;  FOREIGN DIRECT INVESTORS;  FOREIGN EXCHANGE;  FOREIGN EXCHANGE MARKET;  FOREIGN INVESTMENTS;  FOREIGN INVESTORS;  FOREIGN TRADE;  GLOBAL ECONOMY;  GOLD;  GOVERNMENT BOND;  GOVERNMENT BONDS;  GOVERNMENT DEFICIT;  GOVERNMENT REVENUE;  GOVERNMENT SPENDING;  GROSS DOMESTIC PRODUCT;  GROWTH PERFORMANCE;  GROWTH RATE;  GROWTH RATES;  HOLDING;  HOLDINGS;  IMBALANCE;  IMPORT;  IMPORTS;  IMPORTS OF CONSUMPTION;  INCOME TAX;  INFLATION;  INFLATION RATE;  INFLATION RATES;  INFLATION TARGET;  INFORMATION DISCLOSURE;  INTEREST RATE;  INTEREST RATE FLEXIBILITY;  INTEREST RATES;  INTERNATIONAL CAPITAL;  INTERNATIONAL FINANCE;  INTERNATIONAL PRICE;  INTERNATIONAL PRICE OF OIL;  INTERNATIONAL PRICES;  INTERNATIONAL RESERVES;  INTERNATIONAL TRADE;  INVESTMENT DEMAND;  INVESTMENT INCOME;  INVESTMENT SPENDING;  ISSUANCES;  LIBERALIZATION;  LONG-TERM LOANS;  MACROECONOMIC CONDITIONS;  MACROECONOMIC MANAGEMENT;  MACROECONOMIC POLICIES;  MACROECONOMIC POLICY;  MACROECONOMIC RISKS;  MARKET ECONOMIES;  MARKET LEVELS;  MATURITY;  MINIMUM CAPITAL REQUIREMENT;  MONETARY AGGREGATES;  MONETARY AUTHORITIES;  MONETARY FUND;  MONETARY POLICY;  MONEY DEMAND;  MORAL SUASION;  NON-PERFORMING LOAN;  NON-PERFORMING LOANS;  NPL;  OIL EXPORT;  OIL EXPORTS;  OIL REVENUES;  OUTSTANDING CREDIT;  PARALLEL EXCHANGE RATE;  PARALLEL MARKET;  PLEDGES;  PORTFOLIO;  PORTFOLIO INFLOWS;  PORTFOLIO INVESTMENTS;  PORTFOLIOS;  PRIVATE CONSUMPTION;  PRIVATE DEBT;  PRODUCTS EXPORTS;  PUBLIC DEBT;  PUBLIC EXTERNAL DEBT;  PUBLIC FINANCE;  RE-EXPORTS;  REAL ESTATE;  REAL EXCHANGE RATE;  REAL EXCHANGE RATE APPRECIATION;  REMITTANCES;  RESERVES;  RETURN;  RETURNS;  RISK PREMIUM;  SHORT-TERM CAPITAL;  SHORT-TERM INTEREST RATE;  STABILIZATION POLICIES;  STABLE FINANCIAL SYSTEM;  STATE BANK;  STOCK EXCHANGE;  STOCKS;  SURPLUS;  TAX;  TOTAL CREDIT;  TOTAL DEPOSIT;  TOTAL EXPORT;  TOTAL EXTERNAL DEBT;  TOTAL IMPORT;  TOTAL IMPORTS;  TOTAL INVESTMENT;  TRADE BALANCE;  TRADE DEFICIT;  TRADING;  UNCERTAINTY;  UPWARD PRESSURE;  WORLD ECONOMY;  Report; 

年份：

2010

出版地：

Washington,USA

语种：

English

摘要：

Vietnam has navigated the global crisis better than many other countries. Gross domestic product (GDP) grew by 5.3 percent in 2009, accelerating to 6.9 percent in the last quarter of the year. At 5.8 percent, the figure for the first quarter of 2010 was less impressive, but claims that growth has slowed down are most probably unwarranted. More recently, a sizeable stimulus package, combining tax rebates and exemptions with increased government spending and rapid credit growth succeeded at supporting domestic demand and sustaining economic growth. The success is all the more remarkable given that exports accounted for roughly 67 percent of GDP when the crisis hit. There has been no banking crisis, but two years of macroeconomic turbulence and policy shifts created risks for the banking system. The desire for an early normalization of interest rates is understandable. But if pursued aggressively it could be easily interpreted as a return to aggressive stimulus policies, thus undermining the still frail confidence in the dong. Combined with stronger macroeconomic management, it should be possible for Vietnam to gradually free itself from the 'stop-and-go' cycle that has characterized macroeconomic policies over the last three years.