Taking Stock, December 2014 : An Update on Vietnam's Recent Economic Developments

World Bank

Washington, DC

关键词: ACCOUNTING;    ASSET MANAGEMENT;    BALANCE SHEETS;    BANK BALANCE SHEETS;    BANK DEBT;   

RP-ID  :  92825

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The global economy is showing signs ofrecovery, but at an uneven pace; global growth is expectedto rise modestly to 2.6 percent in 2014, and an average 3.3percent in 2015-17.The gradual strengthening of activityin the Euro Area and especially the US will boost demand forexports from developing East Asia and Pacific (EAP), helpingthe region sustain its growth performance.There are earlysigns of firming up of economic recovery in Vietnam. GDPgrowth picked up to a relatively brisk 6.2 percent (y-o-y)in the third quarter of 2014, contributing to an overallgrowth rate of 5.6 percent for the first nine months of theyear.Credit growth continues to come in below target,hampering the State Bank of Vietnam's efforts to carryout credit expansion to support economic growth.TheGovernment has taken some important measures in 2014 toimprove business conditions, which are expected to bearfruit from 2015 onward.The Government issued Resolution 19(March 18, 2014), which prioritizes shortening the time forprocessing and completion of administrative procedures,reducing administrative costs, and strengtheningtransparency and accountability of state administrativeagencies.The Financial Sector Assessment Program (FSAP)provides a comprehensive framework to identify financialsystem vulnerabilities and develop appropriate policyresponses.Recognizing its importance, in July 2012 theGovernment of Vietnam invited the World Bank and the IMF toinitiate an FSAP for Vietnam.In recent years theVietnamese economy had shown signs of corporate andfinancial distress, and slowdown in GDP growth.In responseto this, the government announced a comprehensive reformprogram designed to address the problems faced by thefinancial and corporate sectors.The FSAP provides a broadset of policy recommendations that can be used tooperationalize the SEDP and the banking restructuringprogram.The recommendations include recapitalizationplans, the workout of NPLs, regulatory and other reforms,and the temporary extension of the safety net.