Taking Stock, June 2012

World Bank

Taking Stock, June 2012

Autores

World Bank

Editor

World Bank, Hanoi

Descripción

The authorities' determined implementation of stabilization measures over the past year has helped to avert a macroeconomic crisis. If the deterioration of the macroeconomic environment in 2010-11 was rapid, the improvement in the situation in the past twelve months has been equally swift. Regaining macroeconomic stability has been costly, but not stabilizing the economy would have led to even bigger losses. Real gross domestic product (GDP) growth has decelerated from 6.8 percent in 2010 to 5.9 percent in 2011, and further to 4 percent in the first quarter of 2012 as higher prices has lowered domestic demand, affecting sectors such as construction, manufacturing and utilities. Industrial production has slowed, inventory for key industrial products has accumulated, and a number of small and medium enterprises have either closed, been liquidated or temporarily suspended their operations. While the stabilization efforts may have contributed to a cyclical slowdown, Vietnam's trend growth rate has been on a downward path for the last 5-6 years, largely on account of the slow pace of structural reforms. Inefficiencies in state-owned enterprises, banks and public investments have been a drag on the country's long-term growth potential. With gains from macroeconomic stabilization still recent and fragile, especially in an external environment that is fraught with uncertainty, the government needs to be careful not to shift to an expansionary stance prematurely.

Palabras clave

ACCESS TO INFORMATION, ACCOUNTING, ACCOUNTING STANDARDS, ADMINISTRATIVE PROCEDURES, ADVOCACY ROLE, AIR POLLUTION, ALLOCATION OF RESOURCES, AUDITS, BANKING SECTOR, BASIC EDUCATION, BEHAVIOR CHANGE, BIODIVERSITY, BLINDNESS, CAPACITY BUILDING, CHILD HEALTH, CHILD MORTALITY, CLINICS, COMMERCIAL BANK, COMMERCIAL BANKS, COMMUNITY DEVELOPMENT, COVERAGE OF POPULATION, CURRENCY, DEBT, DEBTS, DEVELOPING COUNTRIES, DEVELOPMENT ASSISTANCE, DEVELOPMENT BANK, DEVELOPMENT PLANS, DEVELOPMENT POLICIES, DEVELOPMENT ASSISTANCE, DISABILITIES, DISADVANTAGED CHILDREN, EARLY CHILDHOOD, ECONOMIC ACTIVITY, ECONOMIC CONSEQUENCES, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC IMPACT, ECONOMIC INTEGRATION, ECONOMICS, EDUCATIONAL ACTIVITIES, EFFECTIVE GOVERNANCE, EMPIRICAL RESEARCH, EMPLOYMENT CREATION, ENVIRONMENTAL, ENVIRONMENTAL IMPACTS, ENVIRONMENTAL INFORMATION, ENVIRONMENTAL MANAGEMENT, ENVIRONMENTAL PROTECTION, ENVIRONMENTAL QUALITY, EPIDEMIC, EXERCISES, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORT PERFORMANCE, FAMILIES, FAMILY HEALTH, FAMILY PLANNING, FAMILY PLANNING SERVICES, FINANCIAL RESOURCES, FISCAL POLICIES, FOOD POLICY RESEARCH, FOOD PROCESSING, FOREIGN DIRECT INVESTMENT, FOREST MANAGEMENT, GENDER BIAS, GLOBAL ENVIRONMENT, GOVERNMENT EXPENDITURES, GOVERNMENT SUPPORT, HEALTH CARE, HEALTH CARE SERVICES, HEALTH EDUCATION, HEALTH OF WOMEN, HEALTH OUTCOMES, HEALTH PROMOTION, HEALTH SECTOR, HEALTH SERVICES, HEALTH SYSTEM, HOSPITAL, HOUSEHOLD SURVEYS, HUMAN WELL-BEING, HYGIENE, IMPORT QUOTAS, IMPORTS, IMPROVEMENT OF HEALTH, INCIDENCE OF POVERTY, INCOME, INDOOR AIR POLLUTION, INDUSTRIAL PRODUCTION, INFANT, INFORMATION SYSTEM, INFORMATION SYSTEMS, INFRASTRUCTURE DEVELOPMENT, INSTITUTIONAL CAPACITY, INSURANCE, INTERMEDIATE GOODS, INTERNATIONAL COOPERATION, INTERNATIONAL DEVELOPMENT, INTERNATIONAL FOOD POLICY RESEARCH INSTITUTE, INTERNATIONAL TRADE, INTERNATIONAL TREATIES, INTERVENTION, LABOR COSTS, LABOR FORCE, LAM, LAND TENURE, LAND-USE PLANNING, LAWS, LEGAL SYSTEM, LEGISLATION, LEVELS OF CONSUMPTION, LIVING STANDARDS, MALNUTRITION AMONG CHILDREN, MANDATES, MARKET ECONOMY, MARKETING, MASS EDUCATION, MATERNAL MORTALITY, MEDICAL FACILITIES, MIGRANTS, MIGRATION, MILLENNIUM DEVELOPMENT GOALS, MINISTRY OF EDUCATION, MINISTRY OF HEALTH, MINORITY, MODERNIZATION, MONETARY FUND, MORTALITY, MULTILATERAL ORGANIZATIONS, NATIONAL STRATEGY, NATURAL DISASTER, NATURAL RESOURCE, NATURAL RESOURCE MANAGEMENT, NATURAL RESOURCES, NON-PERFORMING LOAN, NPL, NUMBER OF HOUSEHOLDS, NUMERICAL TARGETS, NUTRITION, NUTRITION EDUCATION, OIL, PESTICIDES, POLICY FORMULATION, POLICY INSTRUMENTS, POLICY MAKERS, POLLUTION, POOR HOUSEHOLDS, POOR PEOPLE, POOR WOMEN, POPULATION CENSUS, POPULATION CENSUSES, POVERTY ALLEVIATION, POVERTY LINE, POVERTY REDUCTION, PREVENTION ACTIVITIES, PREVENTIVE HEALTH CARE, PRIMARY EDUCATION, PRIMARY HEALTH CARE, PRIMARY SCHOOL, PRIMARY SCHOOLS, PRODUCTION PROCESSES, PROGRESS, PROPERTY RIGHTS, PUBLIC PERCEPTIONS, QUALITATIVE INFORMATION, QUALITY OF EDUCATION, QUALITY STANDARDS, REMITTANCES, REPRODUCTIVE HEALTH, REPRODUCTIVE HEALTH PROGRAM, RESEARCH PROJECTS, RESOURCE ALLOCATION, RESOURCES MANAGEMENT, RURAL AREAS, RURAL DEVELOPMENT, RURAL POPULATION, RURAL POVERTY, SAFE WATER, SAFETY NETS, SANITATION, SAVINGS, SCHOOL QUALITY, SECONDARY EDUCATION, SECONDARY SCHOOLING, SECURITIES, SERVICE DELIVERY, SHORT-TERM TRAINING, SKILLS DEVELOPMENT, SOCIAL AFFAIRS, SOCIAL PARTICIPATION, SOCIAL POLICIES, SOCIAL POLICY, SOCIAL SCIENCES, SOCIAL SERVICES, STATE BANK, STREET CHILDREN, SUSTAINABLE DEVELOPMENT, SUSTAINABLE GROWTH, TECHNICAL ASSISTANCE, TECHNICAL EDUCATION, TRADING, TRANSPORTATION, TREASURY, UNFPA, URBAN AREAS, URBAN ENVIRONMENTS, URBAN POVERTY, VOCATIONAL TRAINING, WASTE, WATER RESOURCES, WORKERS, WORKPLACE, YOUNG CHILDREN