Vietnam s Recovery From The Global Economic Crisis

Vietnam’s recovery from the global economic crisis has been rapid but precarious (WB, 2010). During the economic recession, the Government launched many flexible monetary policies and the economy became less open. Nonetheless, due to failure of macroeconomic policymakers in Vietnam to introduced the stimulus package in time and the failures over the Economic Groups, stability did not return until 2012 (Suiwah, 2015). In 2010, the real GDP growth rate was increased to 6.8% from consecutive deduction since 2007. However, it decreased again in 2011 and 2012 with 5.8% and 5% respectively, and only recovered afterwards (Figure 2). As the world recession spread out, inflation rate in Vietnam kept increasing dramatically, reaching the peak in July 2008. In April 2008, the eight policy packages issued by the Government was implemented, including tight monetary policy, interest rate controls, etc. to curb inflationary expectations and to stabilize the economy (Thanh, 2008). 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