Vietnam: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vietnam

Author: International Monetary Fund. Asia and Pacific Dept

Vietnam: 2023 IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vietnam

Volume/Issue: Volume 2023 Issue 338

Publication date: September 2023

ISBN: 9798400256899

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , State budget , policy buffer , U , S , dollar , monetary policy decision-making process , USD trading band , Corporate bonds , Securities markets , Global

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Summary

After a strong post-pandemic recovery, the economy faces strong headwinds. A weaker external environment led to a sizable decline in exports. In addition, amidst high private debt and rising global interest rates, a liquidity crunch distressed highly leveraged sectors (in particular, real estate), the corporate bond came to a halt, and nonperforming loans rose. As a result, economic activity decelerated sharply in the first half of 2023. While the government managed to stabilize the markets, risks remain elevated.