1. Taking Stock, June 2012 : An Update on Vietnam's Recent Economic Development
- Author
-
World Bank
- Subjects
STATE BANK ,WASTE ,NATURAL RESOURCE MANAGEMENT ,RURAL DEVELOPMENT ,ADMINISTRATIVE PROCEDURES ,RESEARCH PROJECTS ,POLICY MAKERS ,FOOD POLICY RESEARCH ,INCOME ,EXPORT GROWTH ,WORKERS ,INTERNATIONAL COOPERATION ,ENVIRONMENTAL INFORMATION ,SOCIAL SERVICES ,LABOR COSTS ,ACCOUNTING STANDARDS ,SERVICE DELIVERY ,NPL ,URBAN ENVIRONMENTS ,FOREST MANAGEMENT ,INSTITUTIONAL CAPACITY ,QUALITY STANDARDS ,INFORMATION SYSTEMS ,HUMAN WELL-BEING ,SOCIAL SCIENCES ,SECONDARY EDUCATION ,PROPERTY RIGHTS ,PREVENTIVE HEALTH CARE ,SOCIAL AFFAIRS ,MODERNIZATION ,IMPORT QUOTAS ,INFORMATION SYSTEM ,BEHAVIOR CHANGE ,GOVERNMENT EXPENDITURES ,IMPROVEMENT OF HEALTH ,DEVELOPMENT ASSISTANCE ,ENVIRONMENTAL ,POVERTY REDUCTION ,YOUNG CHILDREN ,MATERNAL MORTALITY ,BIODIVERSITY ,SUSTAINABLE DEVELOPMENT ,POOR WOMEN ,WORKPLACE ,DEBTS ,SKILLS DEVELOPMENT ,HEALTH PROMOTION ,COMMUNITY DEVELOPMENT ,FOOD PROCESSING ,RURAL POPULATION ,DEVELOPMENT ASSISTANCE ,HEALTH EDUCATION ,ECONOMIC INTEGRATION ,URBAN POVERTY ,MINORITY ,AUDITS ,PESTICIDES ,SOCIAL POLICIES ,LEGAL SYSTEM ,SAFE WATER ,ACCESS TO INFORMATION ,INTERNATIONAL TRADE ,SUSTAINABLE GROWTH ,ADVOCACY ROLE ,AIR POLLUTION ,HEALTH CARE ,BLINDNESS ,POOR PEOPLE ,SCHOOL QUALITY ,CURRENCY ,GENDER BIAS ,NUTRITION ,LEVELS OF CONSUMPTION ,MALNUTRITION AMONG CHILDREN ,DEVELOPMENT PLANS ,ENVIRONMENTAL QUALITY ,NATURAL DISASTER ,REPRODUCTIVE HEALTH PROGRAM ,EFFECTIVE GOVERNANCE ,DEVELOPING COUNTRIES ,SECURITIES ,FAMILY PLANNING SERVICES ,FINANCIAL RESOURCES ,POLICY INSTRUMENTS ,DEVELOPMENT BANK ,EDUCATIONAL ACTIVITIES ,ECONOMICS ,POVERTY ALLEVIATION ,MEDICAL FACILITIES ,TRADING ,NUMERICAL TARGETS ,LAM ,GLOBAL ENVIRONMENT ,POVERTY LINE ,LAWS ,TRANSPORTATION ,INFRASTRUCTURE DEVELOPMENT ,CHILD MORTALITY ,EMPIRICAL RESEARCH ,ENVIRONMENTAL PROTECTION ,DISABILITIES ,MARKET ECONOMY ,REPRODUCTIVE HEALTH ,DISADVANTAGED CHILDREN ,EXPORT PERFORMANCE ,HOSPITAL ,ECONOMIC CONSEQUENCES ,ALLOCATION OF RESOURCES ,ECONOMIC GROWTH ,CHILD HEALTH ,FAMILIES ,HEALTH SYSTEM ,QUALITY OF EDUCATION ,TECHNICAL ASSISTANCE ,HEALTH OF WOMEN ,STREET CHILDREN ,MIGRANTS ,SAFETY NETS ,MANDATES ,INDOOR AIR POLLUTION ,RESOURCE ALLOCATION ,INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE ,OIL ,PREVENTION ACTIVITIES ,SHORT-TERM TRAINING ,PRODUCTION PROCESSES ,HEALTH OUTCOMES ,INTERVENTION ,HEALTH CARE SERVICES ,PRIMARY EDUCATION ,LIVING STANDARDS ,MINISTRY OF EDUCATION ,FOREIGN DIRECT INVESTMENT ,BASIC EDUCATION ,INTERMEDIATE GOODS ,POPULATION CENSUS ,NUMBER OF HOUSEHOLDS ,POLLUTION ,SANITATION ,RURAL AREAS ,RURAL POVERTY ,SOCIAL PARTICIPATION ,PROGRESS ,NATURAL RESOURCE ,MORTALITY ,EARLY CHILDHOOD ,DEBT ,LAND TENURE ,CLINICS ,BANKING SECTOR ,HEALTH SECTOR ,NON-PERFORMING LOAN ,ENVIRONMENTAL MANAGEMENT ,INFANT ,HOUSEHOLD SURVEYS ,FAMILY HEALTH ,MARKETING ,ECONOMIC DEVELOPMENT ,MILLENNIUM DEVELOPMENT GOALS ,SOCIAL POLICY ,PUBLIC PERCEPTIONS ,ECONOMIC ACTIVITY ,GOVERNMENT SUPPORT ,NATIONAL STRATEGY ,UNFPA ,MASS EDUCATION ,ACCOUNTING ,COMMERCIAL BANK ,MINISTRY OF HEALTH ,NUTRITION EDUCATION ,REMITTANCES ,INTERNATIONAL DEVELOPMENT ,POLICY FORMULATION ,SECONDARY SCHOOLING ,FAMILY PLANNING ,MULTILATERAL ORGANIZATIONS ,ECONOMIC IMPACT ,LAND-USE PLANNING ,INSURANCE ,QUALITATIVE INFORMATION ,HYGIENE ,ECONOMIC DEVELOPMENTS ,TREASURY ,EMPLOYMENT CREATION ,INCIDENCE OF POVERTY ,MIGRATION ,EXERCISES ,INTERNATIONAL TREATIES ,PRIMARY SCHOOLS ,ENVIRONMENTAL IMPACTS ,EXPENDITURES ,IMPORTS ,LEGISLATION ,COMMERCIAL BANKS ,EPIDEMIC ,TECHNICAL EDUCATION ,MONETARY FUND ,FISCAL POLICIES ,PRIMARY SCHOOL ,COVERAGE OF POPULATION ,POOR HOUSEHOLDS ,PRIMARY HEALTH CARE ,INDUSTRIAL PRODUCTION ,NATURAL RESOURCES ,LABOR FORCE ,POPULATION CENSUSES ,SAVINGS ,CAPACITY BUILDING ,HEALTH SERVICES ,VOCATIONAL TRAINING ,WATER RESOURCES ,URBAN AREAS ,EXPENDITURE ,RESOURCES MANAGEMENT ,DEVELOPMENT POLICIES - Abstract
The authorities' determined implementation of stabilization measures over the past year has helped to avert a macroeconomic crisis. If the deterioration of the macroeconomic environment in 2010-11 was rapid, the improvement in the situation in the past twelve months has been equally swift. Regaining macroeconomic stability has been costly, but not stabilizing the economy would have led to even bigger losses. Real gross domestic product (GDP) growth has decelerated from 6.8 percent in 2010 to 5.9 percent in 2011, and further to 4 percent in the first quarter of 2012 as higher prices has lowered domestic demand, affecting sectors such as construction, manufacturing and utilities. Industrial production has slowed, inventory for key industrial products has accumulated, and a number of small and medium enterprises have either closed, been liquidated or temporarily suspended their operations. While the stabilization efforts may have contributed to a cyclical slowdown, Vietnam's trend growth rate has been on a downward path for the last 5-6 years, largely on account of the slow pace of structural reforms. Inefficiencies in state-owned enterprises, banks and public investments have been a drag on the country's long-term growth potential. With gains from macroeconomic stabilization still recent and fragile, especially in an external environment that is fraught with uncertainty, the government needs to be careful not to shift to an expansionary stance prematurely.
- Published
- 2012