Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments
In the last few years, Vietnam's macroeconomic situation has followed a predictable pattern. When faced with external shocks the authorities have opted to protect the country's rapid growth rate, even if it meant tolerating higher levels...
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| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/498461468329442718/Taking-stock-an-update-on-Vietnams-recent-economic-developments http://hdl.handle.net/10986/27799 |
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okr-10986-27799 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ANNUAL GROWTH ASSET PRICE ASSET QUALITY BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE-OF-PAYMENTS CRISES BANK MARKET BANK PORTFOLIOS BANK RATE BANKING LAWS BANKING SECTOR BANKING SYSTEM BENEFICIARIES BOND SPREADS BONDS BROAD MONEY CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CDS CENTRAL RATE COMMERCIAL BANKS COMMODITY PRICES CONSUMER PRICE INFLATION CORPORATE GOVERNANCE CORPORATE SAVINGS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT INSTITUTIONS CREDITORS CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT CRISIS DEPOSIT DEPOSITORS DEPOSITS DEPRECIATION DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISBURSEMENT DISBURSEMENTS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISCOUNT RATE DOMESTIC CAPITAL DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC PRICES DRAG ON GROWTH ECONOMIC DEVELOPMENTS ECONOMIC DISRUPTION ECONOMIC GROWTH EMERGING MARKETS EQUIPMENT EQUIPMENTS EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTER EXTERNAL BALANCE EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL SAVINGS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED INCOMES FLEXIBLE EXCHANGE RATE FOOD PRICE FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GLOBAL DEMAND GLOBAL ECONOMY GOLD GROWTH RATE GROWTH RATES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDINGS IMPORTS INFLATION INFLATION RATE INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURE INFORMATION DISCLOSURE INFORMATION TECHNOLOGY INSURANCE INTEREST RATE INTEREST RATE VOLATILITY INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL PRICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTMENT INCOME INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE LENDING INTEREST RATE LIQUIDITY LIQUIDITY PROBLEMS LOAN LOAN CLASSIFICATION LOAN PORTFOLIO LOAN PORTFOLIOS LOCAL CURRENCY LONG-TERM LOANS MACROECONOMIC CONDITIONS MACROECONOMIC CRISIS MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC POLICIES MACROECONOMIC RISKS MACROECONOMIC STABILITY MACROECONOMIC VOLATILITY MARKET ACCESS MARKET MECHANISM MARKET SHARE MATURITY MINIMUM CAPITAL REQUIREMENTS MONETARY POLICY MONEY SUPPLY NATURAL DISASTER NEGATIVE SHOCKS NOMINAL EXCHANGE RATE NOMINAL INTEREST RATE NON-PERFORMING LOAN NPL OIL PRICES OUTSTANDING CREDIT OVERNIGHT REPO PARALLEL MARKET PENSIONS POLICY CREDIBILITY POLICY RESPONSES POLITICAL TURMOIL PORTFOLIO PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POST-CRISIS PERIOD PREMATURE WITHDRAWAL PRIVATE INVESTMENT PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT RAPID GROWTH REAL EXCHANGE RATE RECURRENT EXPENDITURES REGIONAL GROWTH REGULATORY FRAMEWORK REGULATORY SYSTEMS REMITTANCES REPO REPO RATE RESERVE RESERVE REQUIREMENT RESERVES RETURN RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEM SECURITY MARKET SHARE OF INVESTMENT SLOWDOWN SLOWDOWNS SOVEREIGN BOND SOVEREIGN DEBT STATE BANK STATUTORY FUNDS STOCK MARKET STOCK MARKET INDICES STOCKS STRONG DEMAND STRUCTURAL PROBLEMS STRUCTURAL REFORMS SUPPLY SHOCKS SURPLUS TAX TERMS OF CREDIT TRADE AGREEMENTS TRADE BALANCE TRADING TRADING PARTNER TRANSPARENCY UNCERTAINTY WITHDRAWAL |
| spellingShingle |
ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ANNUAL GROWTH ASSET PRICE ASSET QUALITY BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE-OF-PAYMENTS CRISES BANK MARKET BANK PORTFOLIOS BANK RATE BANKING LAWS BANKING SECTOR BANKING SYSTEM BENEFICIARIES BOND SPREADS BONDS BROAD MONEY CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CDS CENTRAL RATE COMMERCIAL BANKS COMMODITY PRICES CONSUMER PRICE INFLATION CORPORATE GOVERNANCE CORPORATE SAVINGS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT INSTITUTIONS CREDITORS CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT CRISIS DEPOSIT DEPOSITORS DEPOSITS DEPRECIATION DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISBURSEMENT DISBURSEMENTS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISCOUNT RATE DOMESTIC CAPITAL DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC PRICES DRAG ON GROWTH ECONOMIC DEVELOPMENTS ECONOMIC DISRUPTION ECONOMIC GROWTH EMERGING MARKETS EQUIPMENT EQUIPMENTS EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTER EXTERNAL BALANCE EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL SAVINGS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED INCOMES FLEXIBLE EXCHANGE RATE FOOD PRICE FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GLOBAL DEMAND GLOBAL ECONOMY GOLD GROWTH RATE GROWTH RATES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDINGS IMPORTS INFLATION INFLATION RATE INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURE INFORMATION DISCLOSURE INFORMATION TECHNOLOGY INSURANCE INTEREST RATE INTEREST RATE VOLATILITY INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL PRICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTMENT INCOME INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE LENDING INTEREST RATE LIQUIDITY LIQUIDITY PROBLEMS LOAN LOAN CLASSIFICATION LOAN PORTFOLIO LOAN PORTFOLIOS LOCAL CURRENCY LONG-TERM LOANS MACROECONOMIC CONDITIONS MACROECONOMIC CRISIS MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC POLICIES MACROECONOMIC RISKS MACROECONOMIC STABILITY MACROECONOMIC VOLATILITY MARKET ACCESS MARKET MECHANISM MARKET SHARE MATURITY MINIMUM CAPITAL REQUIREMENTS MONETARY POLICY MONEY SUPPLY NATURAL DISASTER NEGATIVE SHOCKS NOMINAL EXCHANGE RATE NOMINAL INTEREST RATE NON-PERFORMING LOAN NPL OIL PRICES OUTSTANDING CREDIT OVERNIGHT REPO PARALLEL MARKET PENSIONS POLICY CREDIBILITY POLICY RESPONSES POLITICAL TURMOIL PORTFOLIO PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POST-CRISIS PERIOD PREMATURE WITHDRAWAL PRIVATE INVESTMENT PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT RAPID GROWTH REAL EXCHANGE RATE RECURRENT EXPENDITURES REGIONAL GROWTH REGULATORY FRAMEWORK REGULATORY SYSTEMS REMITTANCES REPO REPO RATE RESERVE RESERVE REQUIREMENT RESERVES RETURN RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEM SECURITY MARKET SHARE OF INVESTMENT SLOWDOWN SLOWDOWNS SOVEREIGN BOND SOVEREIGN DEBT STATE BANK STATUTORY FUNDS STOCK MARKET STOCK MARKET INDICES STOCKS STRONG DEMAND STRUCTURAL PROBLEMS STRUCTURAL REFORMS SUPPLY SHOCKS SURPLUS TAX TERMS OF CREDIT TRADE AGREEMENTS TRADE BALANCE TRADING TRADING PARTNER TRANSPARENCY UNCERTAINTY WITHDRAWAL World Bank Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments |
| geographic_facet |
East Asia and Pacific Vietnam |
| description |
In the last few years, Vietnam's
macroeconomic situation has followed a predictable pattern.
When faced with external shocks the authorities have opted
to protect the country's rapid growth rate, even if it
meant tolerating higher levels of macroeconomic instability.
This has meant modest growth slowdowns and frequent episodes
of overheating. So when the economy started to overheat in
late 2010 following the delayed withdrawal of the fiscal and
monetary stimulus put in place in 2009, few expected a
determined response from the government to stem the ensuing
macroeconomic volatility. The current episode of
macroeconomic instability has been as severe as the previous
overheating episode of mid-2008. The author constructed a
summary measure of macroeconomic instability, Vietnam Index
of Macroeconomic Stability (VIMS), based on the movement of
four variables, namely nominal exchange rate, international
reserves, inflation rate and nominal interest rate. Our
measure shows that the degree of macroeconomic instability
during the current episode did come quite close to mid-2008,
but has not surpassed it yet. But unlike 2008, when the
level of instability increased sharply and fell immediately,
instability has persisted over a longer period of time
during the current episode, from November 2010 to February
2011, exposing Vietnam's economy to a prolonged period
of nervousness and uncertainty. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments |
| title_short |
Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments |
| title_full |
Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments |
| title_fullStr |
Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments |
| title_full_unstemmed |
Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments |
| title_sort |
taking stock, june 2011 : an update on vietnam's recent economic developments |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/498461468329442718/Taking-stock-an-update-on-Vietnams-recent-economic-developments http://hdl.handle.net/10986/27799 |
| _version_ |
1764464407433183232 |
| spelling |
okr-10986-277992021-04-23T14:04:42Z Taking Stock, June 2011 : An Update on Vietnam's Recent Economic Developments World Bank ACCOUNTING ADVANCED ECONOMIES AGRICULTURAL COMMODITIES ANNUAL GROWTH ASSET PRICE ASSET QUALITY BALANCE OF PAYMENT BALANCE OF PAYMENTS BALANCE-OF-PAYMENTS CRISES BANK MARKET BANK PORTFOLIOS BANK RATE BANKING LAWS BANKING SECTOR BANKING SYSTEM BENEFICIARIES BOND SPREADS BONDS BROAD MONEY CAPACITY BUILDING CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CDS CENTRAL RATE COMMERCIAL BANKS COMMODITY PRICES CONSUMER PRICE INFLATION CORPORATE GOVERNANCE CORPORATE SAVINGS CREDIBILITY CREDIT DEFAULT CREDIT DEFAULT SWAPS CREDIT GROWTH CREDIT INSTITUTIONS CREDITORS CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT DEBT CRISIS DEPOSIT DEPOSITORS DEPOSITS DEPRECIATION DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISBURSEMENT DISBURSEMENTS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DISCOUNT RATE DOMESTIC CAPITAL DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC PRICES DRAG ON GROWTH ECONOMIC DEVELOPMENTS ECONOMIC DISRUPTION ECONOMIC GROWTH EMERGING MARKETS EQUIPMENT EQUIPMENTS EQUITY MARKET EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT PERFORMANCE EXPORTER EXTERNAL BALANCE EXTERNAL SHOCKS FINANCIAL CRISES FINANCIAL SAVINGS FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FIXED INCOMES FLEXIBLE EXCHANGE RATE FOOD PRICE FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE MARKET FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTORS GLOBAL DEMAND GLOBAL ECONOMY GOLD GROWTH RATE GROWTH RATES HIGH INFLATION HIGH-INCOME COUNTRIES HOLDINGS IMPORTS INFLATION INFLATION RATE INFLATION RATES INFLATIONARY EXPECTATIONS INFLATIONARY PRESSURE INFORMATION DISCLOSURE INFORMATION TECHNOLOGY INSURANCE INTEREST RATE INTEREST RATE VOLATILITY INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL PRICES INTERNATIONAL RESERVES INTERNATIONAL STANDARDS INTERNATIONAL TRADE INVESTMENT INCOME INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE LENDING INTEREST RATE LIQUIDITY LIQUIDITY PROBLEMS LOAN LOAN CLASSIFICATION LOAN PORTFOLIO LOAN PORTFOLIOS LOCAL CURRENCY LONG-TERM LOANS MACROECONOMIC CONDITIONS MACROECONOMIC CRISIS MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC POLICIES MACROECONOMIC RISKS MACROECONOMIC STABILITY MACROECONOMIC VOLATILITY MARKET ACCESS MARKET MECHANISM MARKET SHARE MATURITY MINIMUM CAPITAL REQUIREMENTS MONETARY POLICY MONEY SUPPLY NATURAL DISASTER NEGATIVE SHOCKS NOMINAL EXCHANGE RATE NOMINAL INTEREST RATE NON-PERFORMING LOAN NPL OIL PRICES OUTSTANDING CREDIT OVERNIGHT REPO PARALLEL MARKET PENSIONS POLICY CREDIBILITY POLICY RESPONSES POLITICAL TURMOIL PORTFOLIO PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS POST-CRISIS PERIOD PREMATURE WITHDRAWAL PRIVATE INVESTMENT PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC SECTOR DEBT PUBLIC SECTOR DEFICIT RAPID GROWTH REAL EXCHANGE RATE RECURRENT EXPENDITURES REGIONAL GROWTH REGULATORY FRAMEWORK REGULATORY SYSTEMS REMITTANCES REPO REPO RATE RESERVE RESERVE REQUIREMENT RESERVES RETURN RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEM SECURITY MARKET SHARE OF INVESTMENT SLOWDOWN SLOWDOWNS SOVEREIGN BOND SOVEREIGN DEBT STATE BANK STATUTORY FUNDS STOCK MARKET STOCK MARKET INDICES STOCKS STRONG DEMAND STRUCTURAL PROBLEMS STRUCTURAL REFORMS SUPPLY SHOCKS SURPLUS TAX TERMS OF CREDIT TRADE AGREEMENTS TRADE BALANCE TRADING TRADING PARTNER TRANSPARENCY UNCERTAINTY WITHDRAWAL In the last few years, Vietnam's macroeconomic situation has followed a predictable pattern. When faced with external shocks the authorities have opted to protect the country's rapid growth rate, even if it meant tolerating higher levels of macroeconomic instability. This has meant modest growth slowdowns and frequent episodes of overheating. So when the economy started to overheat in late 2010 following the delayed withdrawal of the fiscal and monetary stimulus put in place in 2009, few expected a determined response from the government to stem the ensuing macroeconomic volatility. The current episode of macroeconomic instability has been as severe as the previous overheating episode of mid-2008. The author constructed a summary measure of macroeconomic instability, Vietnam Index of Macroeconomic Stability (VIMS), based on the movement of four variables, namely nominal exchange rate, international reserves, inflation rate and nominal interest rate. Our measure shows that the degree of macroeconomic instability during the current episode did come quite close to mid-2008, but has not surpassed it yet. But unlike 2008, when the level of instability increased sharply and fell immediately, instability has persisted over a longer period of time during the current episode, from November 2010 to February 2011, exposing Vietnam's economy to a prolonged period of nervousness and uncertainty. 2017-08-14T20:48:46Z 2017-08-14T20:48:46Z 2011-06 Report http://documents.worldbank.org/curated/en/498461468329442718/Taking-stock-an-update-on-Vietnams-recent-economic-developments http://hdl.handle.net/10986/27799 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Vietnam |