TITLE

Banking On Changes

PUB. DATE
December 2003
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;Dec2003, Vol. 14 Issue 12, p6
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
The article presents information on various economic developments in Vietnam. A run on one of Vietnam's top private banks has prompted the government to consider a review of the country's banking sector and its ability to cope with such a crisis. The incident happened in mid-October when a rumor spread through Vietnam's commercial hub, Ho Chi Minh City, that the general director of the Asian Commercial Bank (ACB) had fled the country. The governor of Vietnam's central bank, Le Duc Thuy, made a statement outside of ACB's headquarters to reassure investors and to deny rumors. In a move of major significance in the context of improving the U.S.-Vietnam relations, Vietnam is keen to maintain good relations with the U.S. in part because of its superpower status and influence in world affairs, but also because it is an important market for Vietnamese exports and a source of foreign investment and technology. According to BMI Vietnam will grow this year by 7.3%. Such a strong performance would make Vietnam the second-fastest growing economy in Asia. Vietnam's National Assembly, the highest lawmaking body, has predicted that GDP will grow by 7.2%-7.3% in 2003.
ACCESSION #
11533892

 

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