Publication:
Taking Stock, December 2011: An Update on Vietnam's Recent Economic Development

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-06-13T18:49:55Z
dc.date.available2017-06-13T18:49:55Z
dc.date.issued2011-12-06
dc.description.abstractProspects for the global economy have become less certain in the second half of 2011, with significant increase in downside risks. Developing countries in East Asia are growing faster than developed countries, but they too are facing challenges due to a combination of reasons including: slower expansion in demand in developed countries; the impact of global uncertainty on investor sentiments; natural disasters; and the withdrawal of stimulus policies. Vietnam's growth slowed in 2011 compared to 2010, though it is still expected to reach around 5.8 percent. The external sector has remained relatively stable. The current account deficit declined in 2011, as export performance outpaced imports and remittances grew robustly. Both import and export values saw a dramatic rise, mostly because of higher commodities prices. External debt remains sustainable, as the current account deficit was more than covered through medium-term capital inflows that are largely non debt-creating (foreign direct investments) or contracted on concessional terms (official development aid). Foreign direct investment inflows continued at a steady pace, although new commitments declined. International reserves increased in the first half of the year while the Vietnamese dong benefitted from a period of relative calm. In the last quarter of the year, however, exchange rate fluctuations increased due to volatility in gold prices, deepening uncertainties and the seasonal increase in demand for foreign currency as the year end approaches. In the longer run, Vietnam's ambition to maintain high growth into the next decade will require as bold a set of reforms as the one adopted with Doi Moi. The challenge is arguably more difficult than the previous one, and few countries in the world have accomplished it. Vietnam is endowed with a young and hard-working labor force. This is a vital asset to meet the country's ambitious goals, if the country manages to equip itself with relevant skills, and match it with necessary capital. It also needs a level-playing field to maximize its potential. As people become more educated and production becomes more sophisticated, demands for predictability, trust and a level playing field will grow. Transparency is a critical element in this. Concentration of economic power in a small number of large firms undermines efforts at creating a level playing field. Large firms and industries that circumvent rules to their advantage are promoting corruption, and undermining efficiency, which damages the country's potential. The governance challenges are complex, but Vietnam's medium term outlook will be much better if they are addressed sooner rather than later.en
dc.identifierhttp://documents.worldbank.org/curated/en/493921468329403602/Taking-stock-an-update-on-Vietnams-recent-economic-developments
dc.identifier.doi10.1596/27090
dc.identifier.urihttps://hdl.handle.net/10986/27090
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Hanoi
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectADVANCED ECONOMIES
dc.subjectAGRICULTURAL COMMODITIES
dc.subjectASSET QUALITY
dc.subjectBANK LOANS
dc.subjectBANK PORTFOLIOS
dc.subjectBANK SUPERVISION
dc.subjectBANKING SECTOR
dc.subjectBANKING SECTORS
dc.subjectBANKING SUPERVISION
dc.subjectBANKING SYSTEM
dc.subjectBANKRUPTCY
dc.subjectCAPACITY CONSTRAINTS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL INFLOWS
dc.subjectCENTRAL BANK
dc.subjectCLARITY
dc.subjectCOAL
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITY
dc.subjectCOMMODITY EXPORT
dc.subjectCOMMODITY PRICES
dc.subjectCOMPLIANCE COSTS
dc.subjectCONFIDENTIALITY
dc.subjectCONSUMER CONFIDENCE
dc.subjectCONSUMER PRICE INDEX
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORE INFLATION
dc.subjectCORPORATE GOVERNANCE
dc.subjectCPI
dc.subjectCREDIT GROWTH
dc.subjectCREDIT INSTITUTION
dc.subjectCREDIT INSTITUTIONS
dc.subjectCURRENCY COMPOSITION
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectDAMAGES
dc.subjectDEBT CRISIS
dc.subjectDEBT OUTSTANDING
dc.subjectDEBT SERVICE
dc.subjectDEBT STOCK
dc.subjectDEBT SUSTAINABILITY
dc.subjectDEBTS
dc.subjectDEPOSIT
dc.subjectDEPOSIT RATES
dc.subjectDEPOSITS
dc.subjectDEPRECIATION
dc.subjectDEVALUATION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ASSISTANCE
dc.subjectDIFFICULTIES DUE
dc.subjectDISBURSEMENTS
dc.subjectDISTORTED INCENTIVES
dc.subjectDOLLAR EXCHANGE RATE
dc.subjectDOMESTIC BANKS
dc.subjectDOMESTIC DEMAND
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC DEVELOPMENTS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC POWER
dc.subjectECONOMIC SLOWDOWN
dc.subjectENVIRONMENTAL
dc.subjectENVIRONMENTAL IMPACT
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE FLUCTUATIONS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORT EARNINGS
dc.subjectEXPORT PERFORMANCE
dc.subjectEXPORT VOLUMES
dc.subjectEXPOSURE
dc.subjectEXTERNAL BALANCE
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL SHOCKS
dc.subjectFINANCE CORPORATION
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SECTORS
dc.subjectFISCAL CONSOLIDATION
dc.subjectFISCAL DEFICIT
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POSITION
dc.subjectFISCAL POSITIONS
dc.subjectFOOD PRICE
dc.subjectFOOD PRICES
dc.subjectFORECASTS
dc.subjectFOREIGN CURRENCIES
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY LOANS
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN DIRECT INVESTMENTS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKET
dc.subjectFOREIGN INVESTORS
dc.subjectFORESTRY
dc.subjectGDP
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL FINANCIAL MARKET
dc.subjectGOLD
dc.subjectGOLD PRICES
dc.subjectGOVERNMENT DEBT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHARD CURRENCIES
dc.subjectHIGH INFLATION
dc.subjectHIGH-INCOME COUNTRIES
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectIMPORT
dc.subjectIMPORT GROWTH
dc.subjectIMPORT PRICES
dc.subjectIMPORT RESTRICTIONS
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINCOMES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINELASTIC DEMAND
dc.subjectINFLATION
dc.subjectINFLATIONARY EXPECTATIONS
dc.subjectINFORMATION DISCLOSURE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE CAP
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BEST PRACTICES
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL PRICE
dc.subjectINTERNATIONAL RESERVES
dc.subjectINVESTMENT EXPENDITURES
dc.subjectINVESTMENT INFLOWS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PROJECTS
dc.subjectISSUANCE
dc.subjectLABOR FORCE
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIEN
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY CONSTRAINTS
dc.subjectLOAN PORTFOLIOS
dc.subjectLOAN REPAYMENTS
dc.subjectLOCAL GOVERNMENT
dc.subjectLOW INTEREST RATES
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET FAILURES
dc.subjectMARKET MECHANISMS
dc.subjectMARKET PARTICIPANTS
dc.subjectMATURITIES
dc.subjectMONETARY AGGREGATES
dc.subjectMONETARY AUTHORITIES
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectNATURAL DISASTERS
dc.subjectNATURAL RESOURCES
dc.subjectNET CAPITAL
dc.subjectNON-PERFORMING LOAN
dc.subjectNON-PERFORMING LOANS
dc.subjectNPL
dc.subjectOIL EXPORT
dc.subjectOIL EXPORTS
dc.subjectOIL PRICE
dc.subjectOIL REVENUES
dc.subjectOTHER CURRENCIES
dc.subjectOUTPUT
dc.subjectOUTSTANDING LOANS
dc.subjectPOVERTY REDUCTION
dc.subjectPRESENT VALUE
dc.subjectPRICE CHANGE
dc.subjectPRICE CHANGES
dc.subjectPRICE OF OIL
dc.subjectPRIMARY COMMODITIES
dc.subjectPRINCIPAL EXPORT
dc.subjectPRODUCERS
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EXTERNAL DEBT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectRAPID EXPANSION
dc.subjectRAPID GROWTH
dc.subjectREAL ESTATE
dc.subjectREGIONAL TRADE
dc.subjectREGULATORY FRAMEWORK
dc.subjectREMITTANCE
dc.subjectREMITTANCES
dc.subjectREPAYMENT
dc.subjectRESERVES
dc.subjectRESOURCE ALLOCATION
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK MANAGEMENT
dc.subjectSECURITIES
dc.subjectSLOWDOWN
dc.subjectSOVEREIGN DEBT
dc.subjectSTABILIZATION POLICIES
dc.subjectSTATE BANK
dc.subjectSTATE ENTERPRISES
dc.subjectSTORE OF VALUE
dc.subjectSTRATEGIC INVESTORS
dc.subjectSTRUCTURAL REFORMS
dc.subjectSURPLUS
dc.subjectTAX
dc.subjectTECHNICAL ASSISTANCE
dc.subjectTERMS OF CAPITAL
dc.subjectTIGHT MONETARY POLICIES
dc.subjectTOTAL CREDIT
dc.subjectTOTAL DEPOSIT
dc.subjectTOTAL EXPORT
dc.subjectTOTAL EXPORTS
dc.subjectTOTAL EXTERNAL DEBT
dc.subjectTRADE DEFICIT
dc.subjectTRADING
dc.subjectTRANSPARENCY
dc.subjectUNCERTAINTIES
dc.subjectUNCERTAINTY
dc.subjectVOLATILITY
dc.subjectWITHDRAWAL
dc.titleTaking Stock, December 2011en
dc.title.subtitleAn Update on Vietnam's Recent Economic Developmenten
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleTaking Stock, December 2011
okr.date.disclosure2011
okr.date.doiregistration2025-05-07T08:47:05.786494Z
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/493921468329403602/Taking-stock-an-update-on-Vietnams-recent-economic-developments
okr.guid493921468329403602
okr.guid834361468320331763
okr.identifier.externaldocumentum000333038_20111207235237
okr.identifier.internaldocumentum15535487
okr.identifier.report65938
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/493921468329403602/pdf/659380WP00PUBL0ecember020110English.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryViet Nam
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
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