Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development
Prospects 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...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Hanoi
2017
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| Online Access: | http://documents.worldbank.org/curated/en/493921468329403602/Taking-stock-an-update-on-Vietnams-recent-economic-developments http://hdl.handle.net/10986/27090 |
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okr-10986-27090 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ASSET QUALITY BANK LOANS BANK PORTFOLIOS BANK SUPERVISION BANKING SECTOR BANKING SECTORS BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL INFLOWS CENTRAL BANK CLARITY COAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITY COMMODITY EXPORT COMMODITY PRICES COMPLIANCE COSTS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMER PRICE INDEX CONTINGENT LIABILITIES CORE INFLATION CORPORATE GOVERNANCE CPI CREDIT GROWTH CREDIT INSTITUTION CREDIT INSTITUTIONS CURRENCY COMPOSITION CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT DAMAGES DEBT CRISIS DEBT OUTSTANDING DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSIT DEPOSIT RATES DEPOSITS DEPRECIATION DEVALUATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DIFFICULTIES DUE DISBURSEMENTS DISTORTED INCENTIVES DOLLAR EXCHANGE RATE DOMESTIC BANKS DOMESTIC DEMAND ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POWER ECONOMIC SLOWDOWN ENVIRONMENTAL ENVIRONMENTAL IMPACT EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXPENDITURE EXPENDITURES EXPORT EARNINGS EXPORT PERFORMANCE EXPORT VOLUMES EXPOSURE EXTERNAL BALANCE EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL SHOCKS FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SECTORS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL POSITION FISCAL POSITIONS FOOD PRICE FOOD PRICES FORECASTS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FORESTRY GDP GENERAL EQUILIBRIUM GLOBAL ECONOMY GLOBAL FINANCIAL MARKET GOLD GOLD PRICES GOVERNMENT DEBT GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HARD CURRENCIES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDING HOLDINGS IMPORT IMPORT GROWTH IMPORT PRICES IMPORT RESTRICTIONS IMPORTS INCOME INCOMES INDUSTRIAL COUNTRIES INELASTIC DEMAND INFLATION INFLATIONARY EXPECTATIONS INFORMATION DISCLOSURE INTEREST RATE INTEREST RATE CAP INTEREST RATES INTERNATIONAL BEST PRACTICES INTERNATIONAL FINANCE INTERNATIONAL PRICE INTERNATIONAL RESERVES INVESTMENT EXPENDITURES INVESTMENT INFLOWS INVESTMENT OPPORTUNITIES INVESTMENT PROJECTS ISSUANCE LABOR FORCE LEVEL PLAYING FIELD LIEN LIQUIDITY LIQUIDITY CONSTRAINTS LOAN PORTFOLIOS LOAN REPAYMENTS LOCAL GOVERNMENT LOW INTEREST RATES MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET FAILURES MARKET MECHANISMS MARKET PARTICIPANTS MATURITIES MONETARY AGGREGATES MONETARY AUTHORITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY NATURAL DISASTERS NATURAL RESOURCES NET CAPITAL NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OIL EXPORT OIL EXPORTS OIL PRICE OIL REVENUES OTHER CURRENCIES OUTPUT OUTSTANDING LOANS POVERTY REDUCTION PRESENT VALUE PRICE CHANGE PRICE CHANGES PRICE OF OIL PRIMARY COMMODITIES PRINCIPAL EXPORT PRODUCERS PUBLIC DEBT PUBLIC EXTERNAL DEBT PUBLIC INVESTMENT PUBLIC INVESTMENTS RAPID EXPANSION RAPID GROWTH REAL ESTATE REGIONAL TRADE REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPAYMENT RESERVES RESOURCE ALLOCATION RETURN RETURNS RISK MANAGEMENT SECURITIES SLOWDOWN SOVEREIGN DEBT STABILIZATION POLICIES STATE BANK STATE ENTERPRISES STORE OF VALUE STRATEGIC INVESTORS STRUCTURAL REFORMS SURPLUS TAX TECHNICAL ASSISTANCE TERMS OF CAPITAL TIGHT MONETARY POLICIES TOTAL CREDIT TOTAL DEPOSIT TOTAL EXPORT TOTAL EXPORTS TOTAL EXTERNAL DEBT TRADE DEFICIT TRADING TRANSPARENCY UNCERTAINTIES UNCERTAINTY VOLATILITY WITHDRAWAL |
| spellingShingle |
ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ASSET QUALITY BANK LOANS BANK PORTFOLIOS BANK SUPERVISION BANKING SECTOR BANKING SECTORS BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL INFLOWS CENTRAL BANK CLARITY COAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITY COMMODITY EXPORT COMMODITY PRICES COMPLIANCE COSTS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMER PRICE INDEX CONTINGENT LIABILITIES CORE INFLATION CORPORATE GOVERNANCE CPI CREDIT GROWTH CREDIT INSTITUTION CREDIT INSTITUTIONS CURRENCY COMPOSITION CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT DAMAGES DEBT CRISIS DEBT OUTSTANDING DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSIT DEPOSIT RATES DEPOSITS DEPRECIATION DEVALUATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DIFFICULTIES DUE DISBURSEMENTS DISTORTED INCENTIVES DOLLAR EXCHANGE RATE DOMESTIC BANKS DOMESTIC DEMAND ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POWER ECONOMIC SLOWDOWN ENVIRONMENTAL ENVIRONMENTAL IMPACT EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXPENDITURE EXPENDITURES EXPORT EARNINGS EXPORT PERFORMANCE EXPORT VOLUMES EXPOSURE EXTERNAL BALANCE EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL SHOCKS FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SECTORS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL POSITION FISCAL POSITIONS FOOD PRICE FOOD PRICES FORECASTS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FORESTRY GDP GENERAL EQUILIBRIUM GLOBAL ECONOMY GLOBAL FINANCIAL MARKET GOLD GOLD PRICES GOVERNMENT DEBT GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HARD CURRENCIES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDING HOLDINGS IMPORT IMPORT GROWTH IMPORT PRICES IMPORT RESTRICTIONS IMPORTS INCOME INCOMES INDUSTRIAL COUNTRIES INELASTIC DEMAND INFLATION INFLATIONARY EXPECTATIONS INFORMATION DISCLOSURE INTEREST RATE INTEREST RATE CAP INTEREST RATES INTERNATIONAL BEST PRACTICES INTERNATIONAL FINANCE INTERNATIONAL PRICE INTERNATIONAL RESERVES INVESTMENT EXPENDITURES INVESTMENT INFLOWS INVESTMENT OPPORTUNITIES INVESTMENT PROJECTS ISSUANCE LABOR FORCE LEVEL PLAYING FIELD LIEN LIQUIDITY LIQUIDITY CONSTRAINTS LOAN PORTFOLIOS LOAN REPAYMENTS LOCAL GOVERNMENT LOW INTEREST RATES MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET FAILURES MARKET MECHANISMS MARKET PARTICIPANTS MATURITIES MONETARY AGGREGATES MONETARY AUTHORITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY NATURAL DISASTERS NATURAL RESOURCES NET CAPITAL NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OIL EXPORT OIL EXPORTS OIL PRICE OIL REVENUES OTHER CURRENCIES OUTPUT OUTSTANDING LOANS POVERTY REDUCTION PRESENT VALUE PRICE CHANGE PRICE CHANGES PRICE OF OIL PRIMARY COMMODITIES PRINCIPAL EXPORT PRODUCERS PUBLIC DEBT PUBLIC EXTERNAL DEBT PUBLIC INVESTMENT PUBLIC INVESTMENTS RAPID EXPANSION RAPID GROWTH REAL ESTATE REGIONAL TRADE REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPAYMENT RESERVES RESOURCE ALLOCATION RETURN RETURNS RISK MANAGEMENT SECURITIES SLOWDOWN SOVEREIGN DEBT STABILIZATION POLICIES STATE BANK STATE ENTERPRISES STORE OF VALUE STRATEGIC INVESTORS STRUCTURAL REFORMS SURPLUS TAX TECHNICAL ASSISTANCE TERMS OF CAPITAL TIGHT MONETARY POLICIES TOTAL CREDIT TOTAL DEPOSIT TOTAL EXPORT TOTAL EXPORTS TOTAL EXTERNAL DEBT TRADE DEFICIT TRADING TRANSPARENCY UNCERTAINTIES UNCERTAINTY VOLATILITY WITHDRAWAL World Bank Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development |
| geographic_facet |
East Asia and Pacific Vietnam |
| description |
Prospects 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. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development |
| title_short |
Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development |
| title_full |
Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development |
| title_fullStr |
Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development |
| title_full_unstemmed |
Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development |
| title_sort |
taking stock, december 2011 : an update on vietnam's recent economic development |
| publisher |
World Bank, Hanoi |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/493921468329403602/Taking-stock-an-update-on-Vietnams-recent-economic-developments http://hdl.handle.net/10986/27090 |
| _version_ |
1764463484871901184 |
| spelling |
okr-10986-270902021-04-23T14:04:39Z Taking Stock, December 2011 : An Update on Vietnam's Recent Economic Development World Bank ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ASSET QUALITY BANK LOANS BANK PORTFOLIOS BANK SUPERVISION BANKING SECTOR BANKING SECTORS BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY CAPACITY CONSTRAINTS CAPITAL ADEQUACY CAPITAL INFLOWS CENTRAL BANK CLARITY COAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITY COMMODITY EXPORT COMMODITY PRICES COMPLIANCE COSTS CONFIDENTIALITY CONSUMER CONFIDENCE CONSUMER PRICE INDEX CONTINGENT LIABILITIES CORE INFLATION CORPORATE GOVERNANCE CPI CREDIT GROWTH CREDIT INSTITUTION CREDIT INSTITUTIONS CURRENCY COMPOSITION CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT DAMAGES DEBT CRISIS DEBT OUTSTANDING DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DEBTS DEPOSIT DEPOSIT RATES DEPOSITS DEPRECIATION DEVALUATION DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DIFFICULTIES DUE DISBURSEMENTS DISTORTED INCENTIVES DOLLAR EXCHANGE RATE DOMESTIC BANKS DOMESTIC DEMAND ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POWER ECONOMIC SLOWDOWN ENVIRONMENTAL ENVIRONMENTAL IMPACT EXCHANGE RATE EXCHANGE RATE FLUCTUATIONS EXPENDITURE EXPENDITURES EXPORT EARNINGS EXPORT PERFORMANCE EXPORT VOLUMES EXPOSURE EXTERNAL BALANCE EXTERNAL BORROWING EXTERNAL DEBT EXTERNAL SHOCKS FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL SECTOR FINANCIAL SECTORS FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL DEFICITS FISCAL POSITION FISCAL POSITIONS FOOD PRICE FOOD PRICES FORECASTS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY LOANS FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTORS FORESTRY GDP GENERAL EQUILIBRIUM GLOBAL ECONOMY GLOBAL FINANCIAL MARKET GOLD GOLD PRICES GOVERNMENT DEBT GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES HARD CURRENCIES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDING HOLDINGS IMPORT IMPORT GROWTH IMPORT PRICES IMPORT RESTRICTIONS IMPORTS INCOME INCOMES INDUSTRIAL COUNTRIES INELASTIC DEMAND INFLATION INFLATIONARY EXPECTATIONS INFORMATION DISCLOSURE INTEREST RATE INTEREST RATE CAP INTEREST RATES INTERNATIONAL BEST PRACTICES INTERNATIONAL FINANCE INTERNATIONAL PRICE INTERNATIONAL RESERVES INVESTMENT EXPENDITURES INVESTMENT INFLOWS INVESTMENT OPPORTUNITIES INVESTMENT PROJECTS ISSUANCE LABOR FORCE LEVEL PLAYING FIELD LIEN LIQUIDITY LIQUIDITY CONSTRAINTS LOAN PORTFOLIOS LOAN REPAYMENTS LOCAL GOVERNMENT LOW INTEREST RATES MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC STABILITY MARKET FAILURES MARKET MECHANISMS MARKET PARTICIPANTS MATURITIES MONETARY AGGREGATES MONETARY AUTHORITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY SUPPLY NATURAL DISASTERS NATURAL RESOURCES NET CAPITAL NON-PERFORMING LOAN NON-PERFORMING LOANS NPL OIL EXPORT OIL EXPORTS OIL PRICE OIL REVENUES OTHER CURRENCIES OUTPUT OUTSTANDING LOANS POVERTY REDUCTION PRESENT VALUE PRICE CHANGE PRICE CHANGES PRICE OF OIL PRIMARY COMMODITIES PRINCIPAL EXPORT PRODUCERS PUBLIC DEBT PUBLIC EXTERNAL DEBT PUBLIC INVESTMENT PUBLIC INVESTMENTS RAPID EXPANSION RAPID GROWTH REAL ESTATE REGIONAL TRADE REGULATORY FRAMEWORK REMITTANCE REMITTANCES REPAYMENT RESERVES RESOURCE ALLOCATION RETURN RETURNS RISK MANAGEMENT SECURITIES SLOWDOWN SOVEREIGN DEBT STABILIZATION POLICIES STATE BANK STATE ENTERPRISES STORE OF VALUE STRATEGIC INVESTORS STRUCTURAL REFORMS SURPLUS TAX TECHNICAL ASSISTANCE TERMS OF CAPITAL TIGHT MONETARY POLICIES TOTAL CREDIT TOTAL DEPOSIT TOTAL EXPORT TOTAL EXPORTS TOTAL EXTERNAL DEBT TRADE DEFICIT TRADING TRANSPARENCY UNCERTAINTIES UNCERTAINTY VOLATILITY WITHDRAWAL Prospects 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. 2017-06-13T18:49:55Z 2017-06-13T18:49:55Z 2011-12-06 Report http://documents.worldbank.org/curated/en/493921468329403602/Taking-stock-an-update-on-Vietnams-recent-economic-developments http://hdl.handle.net/10986/27090 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Hanoi Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Vietnam |