4:26:09 PM | 31/10/2008
Vietnamese economists gathered on October 28 at the seminar to discuss ways to mitigate domino effects on Vietnam's economy and financial and capital markets.
The global financial crisis is sweeping widely and Vietnam will definitely be impacted in a wide of sectors," Vu Thanh Tu Anh, director of Fulbright's reaching program was quoted by the Youth newspaper as saying.
However, it is not too pessimistic because Vietnam has not securitized property-based lending contracts and statistics showed that bad debts for property sector are at secure levels, Anh said.
Meanwhile, Truong Dinh Tuyen, former Minister of Trade, member of the National Advisory Council for Monetary Policies said Vietnam's exports were hurt as exports value in Oct dropped slightly to US$5.2 billion, down from US$5.4 billion and rubber, furniture, interior deco products, electronic and computers are among the most hurt staples of Vietnam, Tuyen said.
Pham Do Chi, vice CEO of VinaCapital said there are still chances for Vietnam's exports because staples are cheap and most of them are essential goods. Tuyen and Chi said that many staples of Vietnam including tra and basa catfish are holding the market shares.
Chi also said there are no foreign cash withdrawals from the local stock market.
Le Xuan Nghia, head of State Bank of Vietnam's Banking Development Strategy proposed that banks and businesses should sit together to tackle current difficulties.
Nghia also said local banks have a surplus of VND50 trillion of working capital. Bad debts of the banking system in Vietnam are VND22 trillion as of Oct, and are forecast to hit VND30 trillion by the end of the year. (Youth)
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