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COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: VIET NAM

COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: VIET NAM

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Published by ASEAN
COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: VIET NAM

with the support of:

This volume is a product resulting from a project jointly implemented by the staff of the International Bank for Reconstruction and Development/ the World Bank and the ASEAN Secretariat, with financial support of the Australian Government. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors
COUNTRY REPORT OF THE ASEAN ASSESSMENT ON THE SOCIAL IMPACT OF THE GLOBAL FINANCIAL CRISIS: VIET NAM

with the support of:

This volume is a product resulting from a project jointly implemented by the staff of the International Bank for Reconstruction and Development/ the World Bank and the ASEAN Secretariat, with financial support of the Australian Government. The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the Executive Directors

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Published by: ASEAN on Nov 01, 2012
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COUNTRY REPORT OFTHE ASEAN ASSESSMENT ONTHE SOCIAL IMPACT OFTHE GLOBAL FINANCIAL CRISIS:VIET NAM
with the support o:
 
i
This volume is a product resulting rom a project jointly implemented by the sta o the International Bank or Reconstruction and Development/ the World Bank and the ASEAN Secretariat, with nancial support o the Australian Government. The ndings, interpretations, and conclusionsexpressed in this paper do not necessarily refect the views o the Executive Directors o the World Bank, the governments they represent, the ASEANSecretariat, the Australian Government and/or ASEAN Member States. The World Bank, the ASEAN Secretariat and the Australian Government donot guarantee the accuracy o the data included in this work. The boundaries, colors, denominations, and other inormation shown on any map in this work do not imply any judgment on the part o the World Bank concerning the legal status o any territory or the endorsement or acceptanceo such boundaries.
 
1
I. The ImpacT o The crIsIs and The GovernmenT’s response
 
 Wit xt tig   t 70 t  Gdp, vit n i igly ll t xtl   t gll fil ii.
However, the economy appears to be in solid recovery, and GDP grew by 5.8 percent(year on year) in the third quarter o 2009.
1
Prior to the nancial crisis, Viet Nam had sustained an average annualGDP growth o 7.5 percent since 1990, halving poverty in a mere six years since 2002.
2
The current global nancialcrisis is aecting the Viet Namese economy primarily through lowered international demand or its exports o goodsand a reduction in tourism, as well as through reduced oreign direct investment (FDI). Since the start o the crisis,exports have been sliding downward continuously, decreasing by 13.4 percent or the rst seven months o 2009compared with the same period in 2008.
3
Foreign tourist arrivals were down by 20 percent in July 2009 comparedwith the same period in 2008. As o May 2009, FDI was down by almost 30 percent compared with the same periodin 2008. Estimates o overseas remittances are scarce, but statistics show smaller numbers o Vietnamese seekingjobs overseas.
hw, t gggt fg  igift tl i.
As can be seen in Figure 1, the manuacturingand the agricultural sectors registered only a little more than 1 percent growth in the second quarter o 2009,while their perormance was even worse in the rst quarter. These sectors are responsible or 65 percent o allemployment in Viet Nam and generate 35 percent o GDP. In addition, they generate large number o jobs or sel-employed and low-skilled, low-income workers.
4
Other sectors have appeared to be more resilient in the ace o the crisis. Recovery will most likely be led by the construction and transport sectors.
1 In the frst quarter o 2009, GDP growth was 3.1 percent (year on year) and in the second quarter, it was 4.5 percent.2 Poverty stands at 13.5 percent as o 2008.3 General Statistics Ofce (GSO) website as o August 19, 2009.4 The hotel and restaurant sector has also been hit particularly hard but accounts or less than 2 percent o total employment.

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