3:05:07 PM | 22/9/2008
The economic turmoil causing shocks in the U.S financial market only put little impact on Vietnam economy, according to some domestic and foreign experts.
Ayumi Konishi, ADB country director for Vietnam, said Vietnam’s banking system is at initial stage of development, and what happened to the U.S market and its banks is hardly related to Vietnam.
Risks from the U.S market to Vietnam banks are very small, Konishi said.
However, the negative impacts of the global financial markets will put on Vietnam’s financial investors in lending property sector. Once prices of property fall, bad debts of several banks will increase.
Le Dac Son, General Director of Vietnam Bank for Private Enterprises (VPBank), said the financial “earthquake” in the U.S financial market is remote from Vietnam’s banking system.
The impact, if any, is the difficulty in Vietnam’s exports to the U.S market and the possible reduction of overseas remittance, he said.
The U.S economic turmoil, more or less, will impact on businesses and people first, and then influencing back to banks, Son said. (VNA)
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