VNU Journal of Science, Economics and Business 27, No.

2 (2011) 103‐112

Some solutions of Vietnamese government to the impact of

the global financial crisis

Assoc.Prof.Dr. Mai Thi Thanh Xuan*

Faculty of Political Economy, University of Economics and Business,
Vietnam National University, Hanoi, 144 Xuan Thuy, Cau Giay District, Hanoi, Viet Nam
Received 11 September 2010

Abstract. The global financial crisis started in the United States and blew all over the world in
2007 - 2009 was one of the worst crisis that impacted almost countries around the world. Vietnam
although was not directly and quickly influenced by the crisis, most of its economic activities were
passive and the economy growth even fell down. The Vietnamese government was very active to
implement policies to react to the global financial crisis. They however were just temporary
because they were only short term reactions or saved the economy of Vietnam from the crisis but
they created neither sustainable, long term factors nor growth motivation for the economy itself
and enterprises as well.

1. Overview of the global financial crisis and The crisis spread to countries which had
its impact on the Vietnamese economy * direct economic ties with the United States,
especially with Lehman Brothers and secondary
Overview of the global financial crisis housing credit market. In Europe, UK, Iceland,
2007-2009 Ireland, Belgium and Spain were the most
The crisis that broke out in the middle 2007 seriously degraded countries. In 2008, these
in U.S. recently was the most severe one since countries had to nationalize leading banks like
the Great Depression 1929-1933. It originated Northern Rock, HBOC, Bradford & Bingley
from the panic of the mortgage market, then (UK); Glitnir, Straumur Investment Bank,
spread to the stock market and the banking Reykjavik Savings Bank (Iceland); and Anglo
system. It "submerged" many economies, Irish Bank (Ireland). Many other banks either
“cleared” large companies including world had to change ownership such as Catholic
leading banks and financial institutions such as Building Society, Alliance & Leicester, London
Bear Stearns, Lehman Brothers, Merrill Lynch, Scottish Bank (UK) Fortis (Belgium), Hypo
Fannie Mae and Freddie Mac, AIG (US), Real Estate Holding AG (Germany) or were
London Scottish Bank (UK), Fortis (Belgium), placed under the governments’ special
Hypo Real Estate Holding AG (Germany), FCG supervision such as Dunfermline Building
(Japan), etc. Society (UK), Kaupthing and Landsbanki
(Iceland). In Asia, the worst affected countries
______ were Japan, South Korea, Hong Kong,
* Tel.: 84-4-38586385 Singapore and Malaysia.
E-mail: [email protected]
103
104 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112

The crisis pulled down these economies and and 1.5% (1.5%); ASIAN NICs decreased 3.6%
led to declined employment, income but boost and 4.2% (1.5%). In the developing countries
social issues on a rise. In 2008, the world however as poorly open economies, the impact of
economic growth rate decreased 1.1% compared the crisis was not as strong as it was for the
to 2007 and 1.2% in 2006 (only 3.9%), of which developed countries. The growth rate, therefore,
developed countries decreased respectively 1.1% was 6.9%(1) (see Figure 1).
Figure 1. Quarterly economic growth rate (Worldwide, 2005-2009).

Figure 1. Quarterly economic growth rate (Worldwide, 2005-2009).

Source:http://commons.wikimedia.org/wiki/Image:Word_GDP_Growth.png?uselang=vi
(1)
Although the financial crisis became largest debtor with government debts of 9,130
intense in 2008, its consequence broke out in billion USD, accounting for 65% of GDP(2).
2009. The world economy growth rate only Many countries, although their debt was not as
reached 1.1%, decreased 2.8% compared to that much as the U.S.’s, were alarmed of the risk of
of in 2008. The international trade declined default, including the world leading economies.
more slowly than in 2008 but was still high BusinessWeek launched a list of 10 countries at
(declined 11.9% in 2009, 20% in 2008). The risk of "drowning in debt" since the debt/GDP
declined trade strongly affected the exporting ratio was at dangerous level, typically Iceland,
economies, including Vietnam's main markets with debt in 2009 was 310% of GDP, followed
such as Hong Kong, Singapore, South Korea, by Japan 227%, Greek 124% and Italian
Thailand and Malaysia. In order to rescue, most 120.1%(3).
countries pumped money into their economies Crisis impacts on the Vietnamese economy
through stimulus packages with hundred or In Vietnam, the impact of the crisis seemed
even thousand billion dollars. According to the to be slower and lighter than many other
Asian Development Bank (ADB), this crisis countries. Until late 2008, after nearly a year of
dashed around 50,000 billion dollars (excluding
the damage caused by the economic recession). ______
Interventions had helped some economies to (2)
Global crisis and some problems for the Vietnamese
recover, but fell into another disaster - a debt economy (Vietnamese),
disaster, in which the U.S. became the world http://ncseif.gov.vn/Default.aspx?mod=News&cat=110&n
id=13758
______ (3)
Ten countries on the brink of sinking in debt
(1)
Economic of 2008-2009, Vietnam and the World (Vietnamese), http://vietbao.vn/Kinh-te/10-quoc-gia-co-
(Vietnamese), Journal of Vietnamese Economy, p. 131 nguy-co-chet-chim-trong-no/11146035/48/
 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112 105

the crisis in the U.S., Vietnam really witnessed in the total export turnover of Vietnam reduced
the economic decline. The impact was lighter from 20.7% and 18% in 2007 to 17.7% and
because firstly, while other countries had to 16.5% in first 9 months of 2008(5). In 2009,
close series of enterprises, many new turnover from seven major export markets of
enterprises were established in Vietnam (21,000 Vietnam (accounting for nearly 80% of the total
new established enterprises in first 6 months of export turnover of the country) are lower than
2009); secondly, while many leading in 2008, in which the U.S. market decreased by
enterprises of powerful economies went 5.5%, EU 14.4%; ASEAN 16.4%, Japan
bankruptcy, in Vietnam the large enterprises are 27.7%,etc. Compared to 2008, total export
still stayed, only about 20% of enterprises turnover of Vietnam reduced 10% (about 6.3
(mostly small and medium size) were at risk of billion dollars), of which crude oil decreased
bankruptcy; and thirdly, while most countries 40.2%, shoes 14.7%, etc. To be worse, many
severely degraded, many countries got negative products increased in volume but significantly
growth rate, Vietnam achieved positive growth reduced in turnover (due to falling prices), such as
rate with 3.14% even at the worse time of the rubber increased 11.1% in volume but decreased
crisis - first quarter of 2009 - and as twice as 23.5% in turnover; the corresponding figures were
the world growth rate in 2008(4). 11.7% and 18% for coffee, 25.7% and 8% for
Despite the fact above, it did not mean that rice, 7.1% and 7.2% for cashew nut(6).
impact of the global financial crisis to the Clearly, the export enterprises of Vietnam
Vietnamese economy was small. Conversely, were influenced by the global financial crisis.
the impact was a bit strong compare to the They not only faced a decrease in demands, but
stamina of the country. also must deal with many additional effects,
Export sector was firstly, most directly and such as increasing the price of US dollar,
heavily affected by the crisis. This is because tightening credit activities, etc.
on one hand, Vietnam economy is an open In the activities of FDI, thank to the
market (export – import accounts more than “inertia" of the investment flow from 2007,
150% of GDP); on the other hand, the U.S. - the Vietnam still achieved a remarkable record of
epicenter of the crisis - is the biggest export registered capital in 2008 with 64.1 billion U.S.
market of Vietnam (usually accounts for 23- dollars, which was 3 times higher than 2007
25% of total export turnover), and other major and 5.3 times higher than 2006. However, the
markets such as Japan, EU, Australia were also impact of the global financial crisis led to a
seriously degraded. Therefore, import demand slowdown of implementation progress of
in these countries was significantly reduced investment projects since investors had to
(consumers applied “tightening the belt”
tighten their budgets. The implementation
policy). In addition, right from fourth quarter of
capital rate in 2008 only reached to less than
2008, most of these markets increased
18% (the rate of 2007 was 37.6% and 2006 was
protection and refused orders to deal with lack
34.5%). In 2009, as the largest investment
of liquidity and to protect domestic enterprises.
partners of Vietnam such as Taiwan, Malaysia,
It significantly reduced price and volume of
imports. As consequence, in the second half of ______
(5)
2008, export turnover of Vietnam began to Impact of global financial crisis on foreign investment
decline. The proportion of U.S. and EU markets and economic growth of Vietnam in several upcoming
years (Vietnamese),
http://ncseif.gov.vn/Default.aspx?mod=News&cat=110&n
______ id=12741
(4) (6)
Financial crisis depresses the World economy Export and Import situation of December and the whole
(Vietnamese), year 2009 (Vietnamese),
http://www.vhdn.vn/index.php?view=article&catid=&id=826 http://www.customs.gov.vn/Lists/TinHoatDong/Print.aspx
9&tmpl=component&print=1&page=&option=com_content ?ID=17576
106 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112

Singapore, Japan, and Hong Kong were in banks was in the "hot" state, especially real
heavily economic recession, FDI in Vietnam estate outstanding loans in two economic
was also sharply reduced. The amount of centers - Hanoi and Ho Chi Minh City.
registered capital in 2009 was only 21.4 billion Generally, within the first 3 months of 2008
(including supplementary capital), decreased (January to March), outstanding loans of
70% compared to 2008. Especially, this amount commercial banks in the whole country
was only 300-400 million in many months. increased by 180,000 billion Vietnamese
Implementation capital in 2009 was estimated dong(8).
to reach $10 billion, decreased $1.5 billion In the stock market, the decline also
(13%) compared to 2008. appeared. Compared to early 2008, the VN-
Crisis also affected the flow of indirect Index declined almost 70%, of which the
investment into Vietnam over these 3 years. If HASTC-Index fell below 100 points at some
in 2007 indirect investment accounted for 8.6% points of time. This situation led to a number of
of GDP, in 2009, this rate was only 2%. The foreign investments (about $500 million) to
crisis pushed investors into difficulties in withdraw from the stock market in Vietnam.
searching financial resources, so they did not Those numbers were not large compared to the
want to invest more, or even had to withdraw total value of market capitalization, but it had a
capital to invest in less risky sectors. In 2008- strong influence on investors, making the
2009, the amount of indirect investment market becomes bleak. There was data
withdrawn from Vietnam each year was about displaying within a month that both HASTC
600 million(7), which showed that foreign and HOSTC sharply lost points, respectively
investment in Vietnam was not beyond the 17.9% and 24.9%. This dragged the loss of VN-
influence of the crisis. Index from 859 points on February 20, 2008 to
Although monetary and financial sector in 428.05 points on May 30, 2008(9).
Vietnam was not as intense as the U.S. and An increase in interest rate led to an
other European countries because it was not increase in capital price. Vietnamese
directly affected by the crisis, however, in the enterprises, therefore, could not escape from the
first half of 2008, the operation of this market crisis. In late 2008, there were more than
had many changes: interest rates rose, bond 200,000 over 300,000 enterprises strongly
market began to stagnation and stock market affected by the crisis, including 70,000
continuously declined. In the monetary market, businesses and a half of handicraft villages
within 4 months (from February to June 2008), (about 5 million out of 10 million households)
the basic interest rate increased 2 times which were before the brink of bankruptcy. The
was from 7.25% per year to over 14% per year.
growth rate of the economy was slower since
Interest rate of capital mobilization increased up
late 2008. From the peak of growth of 8.48% in
to 17-17.5% per year, the Bank of East Asia
2007, right in the first quarter of 2008, this
even raised it up to 19.2% for the 3-month
number dropped to 7.4%. After that, the
period. In the interbank market, interest rate
economy continued to slowdown and led to a
was even higher, up to 40% per year (March
and April of 2008). Accordingly, the interest growth rate of only 6.23% in 2008. Decline also
rate of loan also increased, even up to 21% per extended to the first three months of 2009.
year. At that time, the credit of commercial Economic growth rate in the first quarter of
______
______ (8)
Economic of 2008-2009, Vietnam and the World
(7)
Portfolio foreign investment of 2009 decreased along (Vietnamese), Journal of Vietnamese Economy, p. 14
(9)
with recession (Vietnamese), “Crisis” and opportunity (Vietnamese),
http://www.cpv.org.vn/cpv/Modules/News/NewsDetail.as http://info.123mua.com.vn/khung-hoang-va-co-hoi/tin-
px?co_id=30066&cn_id=391163# LMJbAgAUWL.html
 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112 107

2009 reached only 3.14% - its lowest level over Resolution No. 10/2008/NQ-CP on April 17,
the two decades. The crisis dragged the growth 2008 proposed the specific measures to prevent
rate of 2009 down to 5.32%, less than 0.91 crisis, including measures to reduce public
percentage points compared to 2008, and 3.13 spending, notably from the budget. Public
percentage points compared to 2007. spending is necessary for countries, but in
Unemployment went along with the crisis. Vietnam, it was not used efficiently while the
Series of business had to narrow their budget was deficit due to crisis. Therefore, in
operations or even closed down. It made fairly 2008, the government decided to cut 10% of the
large number of workers temporarily off work average administrative costs of agencies using
or lost their jobs. In 2007, the number of the State budget. Firstly, it was expense on
workers in companies operating in industrial unnecessary activities such as festivals,
zones and export processing zones were cut ceremonies, meetings, travels, etc. This was
down to 541,000 people. By 2008 that number considered a wise and in time decision of the
was 30,000(10). In the first 9 months of 2009, Government, in order to save capital for
110,818 employees in the business sector lost production. Secondly, it was expense on
their jobs, of which women accounted for 31%. inefficient investments or unnecessary works,
In the handicraft village sector, the number of and in replacement, focused on nearly
unemployment also reached to 40,348 people, completed works and efficient works. After the
of which women was 41.2% (excluded more policy was implemented, the growth rate of
than 100,000 people had to stay rotation due to government spending in 2008 was nearly 1%
lack of work)(11). Even Vietnamese employees lower than in 2007 (8% compared to 8.9%).
working overseas were in a fear of losing jobs, Although the speed was still slow, this number
since the large markets such as Taiwan, Korea, still was a worth in the situation of facing crisis.
Singapore, Malaysia and Czech Republic not Along with cuts in expenditures from the
only stopped reception, but also managed to state budget, the Government also reviewed
bring workers back to Vietnam before the due investment activities from loans, and limited
time. The weak groups such as women workers, total investment loans for SOEs, firstly
rural workers, workers in industrial zones were economic groups and Corporation 90 and 91.
the one who might lose the most. Tax extension and exemption for business
activities
2. Vietnamese government’s solutions under In order to prevent economic recession,
the impact of global financial crisis Vietnam Government issued a policy of tax
exemption, reduction and extension. In
Public spending sharp cut and managing particular, small and medium enterprises were
improvement reduced by 30% of enterprise income tax for the
fourth quarter of 2008 and the whole year 2009;
Since March 2008, the Government of
70% remaining was extended during 9 months.
Vietnam had anticipated the problem of the
Exporter enterprises were entitled to be repaid
U.S’ economy and planned to prevent in time.
90% of its value added tax on inputs used to
produce the exported goods, and another 10%
______ will be repaid too when they collected all
(10)
Vietnam starts to feel results of the global financial
crisis (Vietnamese), 14/2/09, documents relating these goods. The
http://www.vntrades.com/tintuc/name-News-file-article- government also decided to reduce the 50%
sid-40267.htm value added tax since February, 2009 for 30
(11)
Number of job-lost workers decreased in the third groups of goods and services which tax level
quarter of 2009 (Vietnamese),
http://thitruong.info/?pc=news&p=estore&id=2118&cid=9
were changed compare to 2008 such as coal,
108 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112

soil stones, sand, gravel, mechanical products them even get out of poverty in a sustainable
as production tools, automobile and automobile manner. Thus, with these two economic
components (including engines, gearboxes, stimulus packages, Vietnam has pumped and
clutches), industrial concrete products, color will pump into the economy more than 146,000
metals, precious metals (except import gold), billion dong (approximately $8.6 billion), in
etc. Also for the labors, the Government which regular expenditure for the welfare was
advocated to extend personal income tax in the about 9,800 billion(12). Up to now, the first
first 5 months of 2009. package was completed and has promoted
Carrying out demand stimulus effectiveness in rescuing the economy out of
recession. The second one has been
To cope with economic recession, demand
implemented.
stimulus (both for investment and consumer
demand) is the solution that many countries In addition to compensation for interest
have been applied. Vietnam Government rates, the Government also approved the credit
created two demand stimulus packages in 2009 guarantee mechanism for enterprises with initial
which was an unprecedented case in Vietnam. capital of less than 20 billion and less than 500
employees (excluding the service sector).
The first package which worth $1 billion
Guarantee’s duration matched with loan
was carried out from Feb. 1, 2009 to Dec. 31,
duration and business cycle with the maximum
2009; and the second package which worth $8
guarantee level of 100% for original loan and
billion was implemented from April 1, 2009 to
interest incurred. Maximum guarantee fee
Dec. 31, 2011. The purpose of these two
equaled to 0.5% of the amount guaranteed per
packages was to support organizations and
year. Initial capital for the Risk compensation
individuals through interest rates when
fund, which was 200 billion dong, was
borrowing from the banking system. Interest
allocated to the Vietnam Development Bank.
rate support level was 4% (less than half of
bank’s interest rate). Supporting objectives Implementation of flexible monetary -
were organizations and individuals, especially financial policy
small and medium enterprises who engaged in Vietnam's economy has not yet escaped
business sector. The first package was to from the heavy impact of inflation in 2007
"rescue", the second package was to “pushing (with highest CPI of 12.63% since 1996), still
up” the economy. then it had to confront the financial crisis.
Just two months after the implementation of Operating monetary policy in the condition of
the first package, there was more than 202,130 fighting both inflation and economic recession
billion Vietnamese dong of supporting loans was not easy. Like many other countries, the
reached the borrowers. For the whole year, Government of Vietnam used the monetary
there was 415,216 billion dong being lent by policy to attack the two targets above.
banks and credit institutions with supporting In the last few months of 2007 and early of
interest rate, in which state-owned enterprises 2008, when prices of goods and services were
borrowed nearly 60,000 billion dong, non-state highly increased, the Government directed the
enterprises 290,000 billion and the households State Bank to expand the scope of carrying out
over 65,000 billion. Thanks to the supporting the requirement reserve ratio for deposits over
package, many enterprises had overcome the
difficult period caused by the global financial ______
storm. In rural areas, the Government also spent (12)
Vietnamese economy in 2009 and some thoughts on
51 billion dong to assist farmers purchasing transition understanding (Vietnamese),
more agricultural tools and materials, whereby http://www.tinkinhte.com/nd5/detail/viet-nam/phan-tich-
du-bao/kinh-te-viet-nam-2009-suy-nhan-thuc-luan-
rural people were not only out of crisis, some of chuyen-doi/77795.113121.html
 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112 109

24 months (previously was not higher than 24 Inter-bank VND/USD exchange rate was
months), and to increase 1% requirement adjusted up to 17,961 VND to 1 USD, applied
reserve ratio (10% from May 2007). from November 26, 2009, which was increased
The next step was to change the ratio of by 5.4% compared to November 25, 2009.
outstanding loans for securities to not exceed Launching the “Vietnamese people use
20% of initial capital of credit institutions Vietnamese goods” movement which
(previously was 3% only). In 2008, facing the encouraged organizations and individuals to
fluctuation of the domestic and global strongly support the domestic market
economic situations, the Government of In the condition of crisis and global
Vietnam adjusted 8 times for basic interest rate economic slowdown, export markets were
(especially five times for the last 3 months of shrinking and prices of many items in the world
the year) and re-discount interest rate; 5 times market were declining (although export volume
for reserve requirement and reserve requirement of many items was still increasing), many
interest rate; 3 times for exchange rate; and 2 businesses were back to focus on the domestic
times strongly increased the inter-bank rate. market. With a population of nearly 86 million,
Change in monetary policy was "tightening" at with the Vietnamese consumers who were
the beginning and gradually "loosening" at the classified as "easy satisfy" and quite "strong" in
end of the year(13). spending, with a total flow of goods in the retail
Along with an increase in interest rates, the market increased about 18-20% annually, etc.
Government released 20,300 billion dong of this really was an ideal market for business and
obligated bonds to commercial banks, strictly even can be compared to the Chinese, Indian, or
controlled the securities and property Russian markets.
investment loans; and strengthened the In order to promote the domestic market
management of foreign currency exchange and create a driving force for business
dealers. Those policies and measures proved its activities, on July 31, 2009, the Political Bureau
effect in inflation control: consumer price index advocated the campaign "Vietnamese people
decreased from 3.91% in May to 2.14% in June, use Vietnamese goods". This did not only mean
and 0.18% in September, 2008. promoting patriotism, building consumer
In 2009, monetary policy was more stable, culture, but also a positive policy response to
thank to the policy impact of 2008. During the deal with the impact of the global financial
year, the State Bank reduced basic interest rate crisis. With purpose of turning this campaign
only once from 8.5% to 7% per year in into a long-term movement, the government
February, and maintained to the end of called for consumers to use domestic goods as
November. It increased again to 8% in personal consumption; public procurement,
December 1st. There were three adjustments in domestic producers and businessmen to use
re-discount and re-financing rates, two in Jan domestic materials and equipments for project
and April, and one in December. There was one implementation. The government will support
time reduction in requirement reserve ratio in enterprises in certain activities, such as
March. There was also 2 adjustments in organizing market surveys, establishing retail
exchange rate amplitude: one time widening distribution network; organizing domestic
from ± 3% to ± 5% on March 24th, and one time products’ seminars, exhibitions and fairs;
narrowing from ± 5% to ± 3% on Nov 26th. supporting to sell domestic products in rural
______ areas, industrial parks, export processing zones
(13)
Monetary policy in globalization (Vietnamese), and trade promoting in the domestic market;
http://www.vnbaorg.info/index.php?option=com_content etc.
&task=view&id=2391&Itemid=38
110 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112

3. Looking back at Vietnam Government’s policy in a very impressive manner, and that
responses to the impact of crisis has made the impact of inflation reduced to a
manageable level" and Vietnam "are getting out
If reviewing from the fourth quarter of 2008 of the cycle faster than other developing
when crisis was realized (economic growth economies in Asia, and even in the world”.
slow-downed to 5.7% from 6.5% of 3 previous However, the anti-crisis policies of the
quarters) until the second quarter of 2009 when Government also have limits:
the economy started showing signs of recovery
(growth rate reached 4.5%, one and a half time First, despite the fact that the coordination
higher than the first quarter), and then of policies against crisis had an impact of re-
continued to increase in the next quarters establishing the balance of the macro economy
(Quarter III increased 5.8%, quarter IV in 2009, the results were not really solid. The
increased 6.7%), it can be said that Vietnam had support packages of interest rates and
escaped from the crisis so quickly that many exemptions of postponing corporate and
people thought Vietnam was not affected by personal income taxes have significantly
this crisis. In fact, Vietnam “flied” through the reduced budget revenues (50% VAT exemption
crisis. It was firstly thank to the effectiveness in for 30 commodity groups and exemption for
operating macro policies with active and personal income taxes reduced budget revenues
creative responses of the Government. of about 28,000 billion VND), leading to large
Admittedly, in overall, the response of the budget deficits (4.7% of GDP in 2008 and 7%
Vietnam Government before the impact of the of GDP in 2009). The Government’ supporting
financial crisis is proper and creative. First, the policies, which favor export than stimulating
Government’s action of spending 2 consecutive the domestic market, had helped increasing the
economic stimulus packages in a year showed trade deficit rate in 2008-2009 (27.8 % in 2008
the determination and efforts in rescuing the and 21.6% in 2009).
economy from the impact of crisis. This is an Second, there were inequalities between
action that even countries with the most organizations and individuals in accessing to
powerful economies are still very cautious, the preferential policies of the Government. For
especially with a second package. It is daring example, the Government support packages
but needed action that make an economy in aimed only at supporting enterprises’
stagnation and recession (from late 2008) production and business (production
became active in mid-2009. Many businesses stimulation), not for all activities and the whole
operate again, people return to work; inflation is economy. Even among the enterprises, there
being controlled at one-single-digit rate; and the were only about 20% of them be able to receive
economy grows again. This success of anti- these incentives. Lower taxes or postpone
crisis policy in Vietnam is acknowledged by enterprises income tax only benefits enterprises
many international organizations. Mrs. Victoria
that have profits, meanwhile loss enterprises
Kwakwa, Director of the World Bank in
couldn’t access this capital although they were
Vietnam, confirmed: "Recently, Vietnam has
the ones who need it in the first place. This
announced important macro-economic actions
resulted in a budget reduction while the aim of
that all in the right direction in terms of
helping loss ones to get out of the hard time of
ensuring the stability of macro economy, which
we all consider important to continue growing. crisis still hadn’t been achieved.
This success was globally recognized”. The Third, the risk of increasing debt of the
Head of Australian Chamber of Commerce in Government was higher. In order to help the
Vietnam, Clive Randall, also said that the economy, the Government has spent over one
Government of Vietnam "has control the fiscal hundred trillions VND from the budget, of
 M.T.T. Xuan / VNU Journal of Science, Economics and Business 27, No. 2 (2011) 103‐112 111

which supporting for enterprises’ interest is up Looking back at the response of the
to 17 trillion, while the budget revenues are Government of Vietnam to the impact of the
tight and now continue to decrease because of crisis, we can see the persuasion of the
tax exemptions anti-crisis programs. So, to decisions more clearly, so we can have
compensate the deficit, the Government must experiences to deploying the next step more
borrow. Currently, government debt is up to efficient, especially with the second support
40% of GDP (2009), an increase of 3.5% package being deployed this year. The success
compared with 2008, but we will have to wait a of the Government’s intervention is already
very long time for the enterprises to develop known and recognized, but there are still
until we can repay the debt. different explanations for the other sides of
Fourth, the potential risk of inflation and those interventions. However, there is no
credit risks was also high. The supporting in perfect policy. In fact, each policy has its own
interest rate and loosening in monetary policy positive aspects and limitations. So in order to
made the total means of payment and credit evaluate the effectiveness of those policies, we
increased at a high level. In 2009, the total need to consider the level of "exchange" and
credit increased 37.73%, capital mobilized in assess more objectively, thus we can have more
credit organizations increased 28.7%, total appropriate and effective solutions.
means of payment increased 28.67%. That had
contributed to raise up businesses in the short-
term, but in medium-term and long-term there References
will be high pressure of re-inflation. On the
[1] Dinh Van An, Hoang Thu Hoa (co-author), 2009,
other hand, flow of the Government' supported Overcome challengers, create opportunities for
capital is directed to the enterprises, but what sustainable development. Finance Publisher. Hanoi
those enterprises use the supported capital for [2] Vietnamese Communist Party, 2006, Document of
was difficult to control, which could lead to the The 10th National Party Congress, Hanoi.
phenomenon of debt swapping or changing the [3] General economic model in the period of transition
capital’s purpose. In fact, the capital intended to to socialism in Vietnam: theoretical and practical
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to repay high-interest old loans or invest in real [4] General Statistics Organization, 2009: Stastical
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Một số giải pháp ứng phó của chính phủ

Việt Nam trước ảnh hưởng của khủng hoảng
tài chính toàn cầu
PGS.TS. Mai Thị Thanh Xuân
Khoa Kinh tế Chính trị, Trường Đại học Kinh tế,
Đại học Quốc gia Hà Nội, 144 Xuân Thuỷ, Cầu Giấy, Hà Nội, Việt Nam

Tóm tắt: Cuộc khủng hoảng tài chính khởi phát tại Mỹ và bùng nổ trên toàn cầu năm 2007-2009
được đánh giá là cuộc khủng hoảng trầm trọng, ảnh hưởng nặng nề tới nhiều quốc gia. Việt Nam tuy
không chịu ảnh hưởng nhanh chóng và trực tiếp của cuộc khủng hoảng này song hầu hết các hoạt động
kinh tế đều rơi vào trạng thái trì trệ, tăng trưởng kinh tế giảm sút đáng kể. Chính phủ đã nỗ lực thực thi
hàng loạt biện pháp ứng phó trước ảnh hưởng của cuộc khủng hoảng, song nhìn chung đó mới chỉ là
những biện pháp tình thế, dừng lại ở việc ứng phó hay cứu vãn nền kinh tế khỏi vòng suy thoái, chứ
chưa nhằm vào các yếu tố tạo ra sức cạnh tranh lâu dài, do vậy chưa tạo được động lực tăng trưởng
cho nền kinh tế cũng như cho các doanh nghiệp trong tương lai.