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Taking stock : an update on Vietnam's economic developments and reforms : Diem lai : bao cao cap nhat tinh hinh phat trien va cai cach kinh te cua Viet Nam (Vietnamese)

Trends in economic growth have remained encouraging in 2006 following a strong performance in 2005. Exports grew by 24 percent in the first five months of 2006, helped by a recovery in the garments sector. Import growth slowed in 2006 partly due to lower prices, though machinery imports picked up. With the trade deficit narrowing sharply, the current account deficit shrunk in 2005. The budget deficit in 2005 though lower than targeted was higher than in 2004 mainly due to higher current expenditures. Off-budget public spending was higher as well. Reassuringly, credit growth slowed significantly from around 40 percent in early 2005 to about 25 percent in February 2006. Supply shocks continued to exert their influence on prices, though demand pressures may have emerged. Inflation stood at 7.5 percent in May 2006 compared with 8.5 percent in December 2005. Foreign exchange reserves increased strongly to reach 8.6 billion dollars by end-2005. The spread on Vietnam's sovereign bond has fallen by more than 100 basis points since October 2005, reflecting increasing investor interest. Prudent macro-economic policy, especially in light of possible asset price bubbles, and a transparent financing of infrastructure development, will be key to ensuring sustainable growth. This paper includes the two main headings: recent economic developments, and development policies.

Details

  • Document Date

    2006/06/10

  • Document Type

    Working Paper

  • Report Number

    37886

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Vietnam,

  • Region

    East Asia and Pacific,

  • Disclosure Date

    2010/07/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Diem lai : bao cao cap nhat tinh hinh phat trien va cai cach kinh te cua Viet Nam

  • Keywords

    accountability, Agriculture, auction, average price, bank loans, banking reform, banking sector, banking sector reforms, banking supervision, banking system, benchmarks, Bilateral Trade, bonds, capital expenditures, capitalization, central bank, coffee prices, commercial banks, commercial basis, commodities, Consumer Price, Consumer Price Index, consumers, current expenditures, debt, deficits, Development Assistance, DEVELOPMENT POLICIES, dumping, employment, ethnic minorities, Expenditure, expenditures, exports, financial restructuring, financial sector, financial services, fixed capital, forecasts, foreign currency, Foreign Direct Investment, Foreign exchange, GDP, Gini coefficient, Gross Domestic Product, gross fixed capital formation, holding companies, Housing, income, income groups, Inflation, inflation rate, Insurance, interest rate, interest rates, inventories, investment projects, joint ventures, laws, legal framework, Living Standards, loan classification, macroeconomic policy, market development, Market Economy, Mergers, monetary policy, Money Supply, Natural Resources, onlending, OTC, per capita income, per capita incomes, price adjustments, price forecasts, Price Increase, price inflation, profitability, Property Rights, Public debt, public expenditures, public investment, real estate loans, Real income, recurrent expenditures, regulatory framework, reorganization, retail, sales, shareholding, spread, Stock prices, stocks, strategic investor, surplus, telecommunications, trade balance, trade deficit, transport, turnover, Valuation, volatility, wages, World Trade Organization, WTO

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Citation

Taking stock : an update on Vietnam's economic developments and reforms : Diem lai : bao cao cap nhat tinh hinh phat trien va cai cach kinh te cua Viet Nam (Vietnamese). Vietnam Taking Stock Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/450301468140035381/Diem-lai-bao-cao-cap-nhat-tinh-hinh-phat-trien-va-cai-cach-kinh-te-cua-Viet-Nam