A study by Vo Tri Thanh et al (2001) analysing the solvency of Vietnam's externaldebt11 points out that during the 1989-99, the current account deficit and the external debt ofVietnam was sustainable. Vietnam's external debt vulnerability was quite low, especially inthe context of Vietnam's relatively closed capital account and limited access to internationalcapital markets. However, in recent years, Vietnam has had an import restriction policy thatmay not bring a positive contribution to economic growth, and could harm the acceleration oftrade liberalization and international integration.
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