Experts have cited success from the Republic of Korea (ROK), including
investment in the Forex market and a “Government of Economic Emergency,”
in recovering from the 2008 crisis to its current 12 th largest
economy status, as an example for Vietnam today.
Experiences shared at a workshop held in Hanoi on August 17
showed that the RoK government spent 130 billion USD to stabilise the
foreign exchange market at the worst point of the financial market in
2008. The Government signed a swap contract with the US Federal Reserve
to reduce pressures on lowering interest rates.
Such contracts with the Federal Reserve as well as with Japan and
China were called “quick measures” by experts and designed to
stabilise the financial market. The experts advised Vietnam to
consider these measures in order to cope with possible negative impact
on economic recovery caused by open policies.
Other experiences included a “Government of Economic Emergency,” that
the RoK established in 2009 with a system of measures to cope with
crisis. They highlighted timely adjustments to State budgets to make up
for unexpected spending, the issuance of tax policies in favour of
purchasing power and increasing the liquidity of RoK and foreign
currencies.
Restructuring key industries such as
construction, shipbuilding and transportation as well as enterprises,
especially those at high risk of bankruptcy, was another major lesson
RoK experts shared at the event.
They called on
Vietnam, which has emerged as a leading world exporter in products such
as rice, coffee and wooden furniture, to boost the service industry
based on domestic demands in order to reduce risks from huge dependence
on exports, which are largely sensitive to global economic changes.
Economies, including Vietnam, should stay alert against a relapse
into another global crisis, despite signs of a rebound in developing
economies, as risks still loom over the world, economists warned./.
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