When: Thu, Sep 6th 2012 5:30 pm to 8:30 pm
Where: New World Saigon Hotel, Ho Chi Minh City
What: AmCham Members Networking Night with Dr. Le Dang Doanh
Dr. Le Dang Doanh, a prominent economist and a former top official at a government research organization, was recently quoted in the NY Times: “The problem in Vietnam is a very, very toxic cocktail from the European debt crisis, the stagnation in the U.S. economy plus a very critical situation in the domestic economy,” Mr. Doanh said. “It’s a very dangerous mixture.”
Stabilization policies since February 2011 have slowed the roller coaster ride of credit growth, inflation, and the economy. Many AmCham companies seem to be doing well, but there seems to be a malaise in the Vietnamese economy, with SOE reform lagging, non-performing bank loans, land disputes and conflicts, and the Vietnamese local economy seems to be under stress.
With FDI plunging (down 67% in the first seven months of 2012), and continuing lack of productivity growth, some observers talk about Vietnam getting caught in the “middle-income trap.” Indonesia, Malaysia, Bangladesh, Myanmar seem more attractive investment destinations than Vietnam, according to news reports and a survey by A.T. Kearney Consultants.
Please click this link to Register Online for this important event.
After the unlearned lesson: Vinashin, VinaLines, and other SOEs’ inefficiencies, comes a dear price to pay: Nguyen Duc Kien, ACB and HCMC stock market. And the New York Times recently reported that In Vietnam, Message of Equality Is Challenged by Widening Wealth Gap (SOEs), which highlighted corruption/nepotism in State Owned Enterprises.