The Decline in Vietnam Real Estate Market- Lessons from The United States of America and China
Keywords:
Vietnam Assets Management Company (VAMC), mortgage debt obligations (CDOs), gross domestic product (GDP)Abstract
Vietnamese economy in 2013 likely to reach GDP growth of about 5.4%, inflation was under control at an increase of 6.5% figure. According to Prime Minister Nguyen Tan Dung, Vietnam's economy has overcome many difficulties towards recovery and higher growth. In 2013, the size of the economy GDP is about 176 billion U.S. dollars, per capita income was about $ 1,960. This figure is meaningful in the context of Vietnam's economy still faces many difficulties due to the impact of the world economic crisis. As predicted by the General Statistics Office, Vietnam's GDP in the next two years is expected to grow 5.8%, respectively, and 6%. The exchange rate between the Vietnamese dong and foreign currencies like dollars, yen, euro remained stable, while the trade surplus in 2013 is about $ 863 million, up slightly from 280 million surplus dollar in 2012. Besides the bright spots on the macroeconomic, Vietnam's economy faces challenges due to the decline of the real estate market as the NPL ratio of the banking sector increased to 8.8% in 2012 (according to data from state-owned banks), interest rates fell but remained at high levels and are unlikely to business access to capital. Currently, the fiercely in the direction and administration of state-owned banks in the implementation of monetary policy, the introduction of the VAMC company has taken the NPL ratio of banks to an average of around 5%. This article the author refers to lessons learned from the decline in industrial real estate market in the United States, China which offers a number of measures to increase liquidity in the real estate market in Vietnam, contributing to economic growth in the future.
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