Báo cáo Kinh tế Việt Nam năm 2007 pot

Mùơc díìu víơy, baâm saât sûơ chó ăaơo cuêa Chñnh phuê, nùm 2007 vïì cú baên ăiïìu hađnh CSTT ăaơt ặúơc muơc tiïu öín ắnh tiïìn tïơ, goâp phíìn öín ắnh kinh tïị vô mö taơo thuíơn lúơi ch

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LÚÂI TÛÅA CUÃA THƯËNG ÀƯËC

Truå súã chđnh vâ cấc chi nhấnh NHNN tĩnh, thânh phưë

Ban lậnh àẩo NHNN

Sú àưì tưí chûác cuãa NHNN

Hïå thưëng tưí chûác cuãa cấc TCTD

KINH TÏË THÏË GIÚÁI VÂ VIÏÅT NAM

Sẫn xuêët

Xuêët nhêåp khêíu hâng hốa

Lao àưång, viïåc lâm, thu nhêåp

Thu chi Ngên sấch

Tiïët kiïåm vâ àêìu tû

Cấn cên thanh toấn quưëc tïë

DIÏỴN BIÏËN CHĨ SƯË GIẤ TIÏU DUÂNG

DIÏỴN BIÏËN TIÏÌN TÏÅ

HOẨT ÀƯÅNG CUÃA NHNN

ÀIÏÌU HÂNH CHĐNH SẤCH TIÏÌN TÏÅ

HOẨT ÀƯÅNG KHẤC

TRIÏÍN VỔNG KINH TÏË VƠ MƯ VÂ HOẨT ÀƯÅNG NGÊN HÂNG NÙM 2008

PHUÅ LUÅC

MUÅC LUÅC

FOREWORD BY THE GOVERNOR

Head Office and Provincial Branches

Management Board of the State Bank of Vietnam

Organization Chart of the State Bank of Vietnam

Credit Institutions System in Vietnam

GLOBAL AND DOMESTIC ECONOMIC SITUATION

Production

Goods import and export

Labor, employment and income

State Budget revenue and expenditure

Savings and Investment

International Balance of Payment

CONSUMER PRICE INDEX IN 2007

MONETARY DEVELOPMENT

OPERATIONS OF THE STATE BANK OF VIETNAM

MONETARY POLICY MANAGEMENT

OTHER ACTIVITIES

PROSPECTS FOR MACRO-ECONOMY AND BANKING SECTOR IN 2008

APPENDIXES

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CONTENT

Sûơ kiïơn Viïơt Nam chñnh thûâc trúê thađnh thađnh viïn cuêa töí chûâc thûúng maơi thïị giúâi nùm 2007 lađ kïịt

quaê minh chûâng cho nhûông nöî lûơc caêi caâch khöng ngûđng trong lônh vûơc kinh tïị cuêa Viïơt Nam trongnhiïìu nùm qua theo hûúâng múê cûêa thõ trûúđng, trong ăoâ coâ nhûông caêi caâch maơnh meô trong lônh vûơcngín hađng Thađnh tûơu phaât triïín kinh tïị xaô höơi nùm 2007, vúâi töịc ăöơ tùng trûúêng kinh tïị ăaơt 8,48%; ăíìu

tû trûơc tiïịp nûúâc ngoađi ăaơt mûâc cao nhíịt trong nhiïìu nùm trúê laơi ăíy; xuíịt khííu gia tùng; dûơ trûô ngoaơi höịitùng maơnh, ăúđi söịng, an sinh xaô höơi ặúơc caêi thiïơn trong böịi caênh kinh tïị - chñnh trõ thïị giúâi coâ nhiïìu diïînbiïịn phûâc taơp, biïịn ăöíi khñ híơu toađn cíìu, thiïn tai, dõch bïơnh liïn tiïịp xaêy ra úê nhiïìu ắa phûúng trong caênûúâc ăaô cađng khùỉng ắnh Viïơt Nam tíơn duơng ặúơc cú höơi cuêa höơi nhíơp ăïí phaât triïín kinh tïị Trong lônhvûơc ngín hađng, viïơc múê cûêa thõ trûúđng, nïìn kinh tïị tùng trûúêng úê mûâc cao, kinh tïị vô mö tûúng ăöịi öín ắnh,höơi nhíơp dõch vuơ tađi chñnh-ngín hađng ăaô thuâc ăííy caâc ngín hađng thûúng maơi phaât triïín theo hûúâng aâpduơng caâc cöng nghïơ ngín hađng hiïơn ăaơi, ăa tiïơn ñch, an toađn vađ hiïơu quaê Caâc ngín hađng thûúng maơi ăaôtiïịp tuơc phaât triïín caê vïì quy mö vađ chíịt lûúơng hoaơt ăöơng, níng cao nùng lûơc caơnh tranh vúâi ngín hađngtrong khu vûơc vađ trïn thïị giúâi

Tuy nhiïn, khöng ñt nhûông thaâch thûâc mađ Viïơt Nam phaêi ăöịi mùơt khi höơi nhíơp Nhûông bíịt öín trïn thõtrûúđng thïị giúâi, nhû khuêng hoaêng trïn thõ trûúđng cho vay nhađ úê dûúâi tiïu chuíín úê Myô vađ giaâ díìu tùng lïnmûâc kyê luơc, giaâ lûúng thûơc - thûơc phíím, theâp tùng cao ăaô coâ nhûông taâc ăöơng bíịt lúơi ăïịn sûơ öín ắnh kinh tïị

vô mö úê Viïơt Nam Tyê lïơ laơm phaât coâ xu hûúâng gia tùng, tûđ mûâc 6,6% nùm 2006 lïn 12,63% nùm 2007 Thïmvađo ăoâ, viïơc múê cûêa thõ trûúđng tađi chñnh taơo cú höơi tùng vöịn cho ăíìu tû phaât triïín, nhûng cuông lađm tùng khöịilûúơng tiïìn trong nïìn kinh tïị, ăííy tñn duơng cuêa hïơ thöịng ngín hađng lïn cao vađ aâp lûơc VND lïn giaâ Ăiïìu nađygíy khöng ñt khoâ khùn cho thûơc thi CSTT Mùơc díìu víơy, baâm saât sûơ chó ăaơo cuêa Chñnh phuê, nùm 2007 vïì

cú baên ăiïìu hađnh CSTT ăaơt ặúơc muơc tiïu öín ắnh tiïìn tïơ, goâp phíìn öín ắnh kinh tïị vô mö taơo thuíơn lúơi chophaât triïín kinh tïị vađ phaât triïín hïơ thöịng ngín hađng; thûơc hiïơn ăuâng löơ trònh cöí phíìn hoaâ caâc ngín hađngthûúng maơi Nhađ nûúâc; tùng cûúđng hoaơt ăöơng thanh tra, giaâm saât hoaơt ăöơng cuêa töí chûâc tñn duơng

Nùm 2008, töịc ăöơ tùng trûúêng kinh tïị thïị giúâi coâ xu hûúâng giaêm, laơm phaât mang tñnh toađn cíìu coâ nhûôngtaâc ăöơng bíịt lúơi vúâi nïìn kinh tïị cuêa Viïơt Nam Song bùìng sûơ quýịt tím cao cuêa Chñnh phuê, sûơ nöî lûơc vađchia seê cuêa caâc tíìng lúâp nhín dín, nïìn kinh tïị Viïơt Nam seô vûúơt qua soâng gioâ, tiïịp tuơc vûông bûúâc phaâttriïín maơnh meô, taơo sûâc caơnh tranh trong nùm 2008 vađ nhûông nùm tiïịp theo Hïơ thöịng ngín hađng Viïơt Namtiïịp tuơc phaât triïín bïìn vûông, goâp phíìn hoađn thađnh kïị hoaơch phaât triïín kinh tïị - xaô höơi cuêa ăíịt nûúâc theoNghõ quýịt Ăaơi höơi Ăaêng toađn quöịc líìn thûâ X ăïì ra./

Thöịng ăöịc Ngín hađng Nhađ nûúâc Viïơt Nam

LÚĐI TÛƠA CUÊA THÖỊNG ĂÖỊC

NGUÝÎN VÙN GIAĐU

NGUYEN VAN GIAU

of the country in reforming its economy over the past many years in the direction of market opening,including vigorous reforms in the banking sector Achievements of socio-economic development in

2007 such as economic growth rate of 8.48%, the all time high foreign direct investment level; rising exports;surging international reserves; improved living standard and social welfare, in the context of complex devel-opments in the world politico-economic picture, global climate changes, natural disasters and epidemic dis-eases occurring continuously in many areas all over the country, added more weight to the conclusion thatVietnam has made best use of opportunities from integration to develop the economy In the banking field,the market opening, high economic growth rate, relatively stable macroeconomic situation, and the integra-tion of banking and financial services pushed commercial banks to develop toward applying modern, multi-purpose, safe and effective banking technologies Commercial banks continued to develop in terms of bothoperational scale and quality, thereby improving their competitiveness with regional and international banks.However, there are not a few challenges facing Vietnam in the integration process World market uncer-tainties, such as crisis in the sub-prime mortgage market in the US and record high oil prices, increasing foodand steel prices, exerted their adverse impact on Vietnam's macroeconomic stability Inflation was on a ris-ing trend, from 6.6% in 2006 to 12.63% in 2007 Moreover, financial market opening, on the one hand, helpedincrease the capital for development investment, and on the other accelerated money supply in the econo-

my, resulting in banking credit expansion and VND appreciation pressure This caused many difficulties tomonetary policy implementation Nevertheless, closely following the Government's direction, monetary poli-

cy management in 2007 generally achieved the objective of monetary stabilization; contributed to nomic stability and hence creating favorable conditions for economic and banking system development;implemented State-owned commercial banks (SOCB) equitization in line with the roadmap; strengthenedbanking supervision over commecial banks' operations

macroeco-The slow down tendency of the world economy and global-like inflation in 2008, would exert adverseimpacts on Vietnam's economy However, with the strong determination of the Government, the efforts andsharings of all the people, Vietnam's economy will surmount all difficulties and challenges to continue to moveahead firmly and strongly, heightening its competitiveness in 2008 and beyond Vietnam's banking systemcontinues to develop in a sustainable way, thus contributing to fulfil the country's socio-economic development plan in accordance with Resolution of the 10th National Party Congress

Governor State Bank of Vietnam

FOREWORD BY THE GOVERNOR

HEAD OFFICE AND PROVINCIAL BRANCHES

TRUÅ SÚÃ CHÑNH VAÂ CAÁC CHI NHAÁNH TÓNH, THAÂNH PHÖË

Ưng Phuâng Khùỉc Kïë

Phố Thưëng àưëc - Deputy Governor

Ưng Nguyïỵn Vùn Bịnh

Phố Thưëng àưëc Deputy Governor

Ưng Nguyïỵn Toân Thùëng

Phố Thưëng àưëc

Deputy Governor

BAN LẬNH ÀẨO NGÊN HÂNG NHÂ NÛÚÁC VIÏÅT NAM

MANAGEMENT BOARD OF THE STATE BANK OF VIETNAM

Ưng Àùång Thanh Bịnh

Phố Thưëng àưëc Deputy Governor

Ưng Nguyïỵn Àưìng Tiïën

Phố Thưëng àưëc

Deputy Governor

SÚ ĂÖÌ TÖÍ CHÛÂC CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC VIÏƠT NAM

Monetary Policy

Banking Strategy Development

Advise the SBV Governor on developing the banking development strategy and plan in accordance with the objectives of the socio-economic development strategy of the Party and the State; Assist the SBV Governor to manage sci- entific research work in the banking industry

International Cooperation Department

Advise the SBV Governor on implementing the international cooperation and integration tasks of the SBV; on expanding cooperation between Vietnam and international and regional credit, financial and monetary institutions

Foreign Exchange Department

Advise the SBV Governor on implementing state management of foreign borrowing and debt servicing of enterprises, foreign exchange and gold import, export activities in accordance with law.

Banks and Non-bank Credit Institutions Department

Advise the SBV Governor on implementing state management of lishment, operation and development of credit institutions (excluding cooperative credit institutions) and banking operations of other institu- tions in order to ensure the stability of system

estab-Cooperative Credit Institutions Department

Advise the SBV Governor on conducting state management of tive credit institutions, People's Credit Fund.

coopera-General Control Department

Advise the SBV Governor on controlling the activities and conduct nal audits of entities of the SBV

inter-Credit Department Advise the SBV Governor on conducting state management of creditoperations and managing monetary market in accordance with law.Accounting and

Finance Department

Advise the SBV Governor on conducting state management of accounting, investment on construction and exercising the owner's rights of the State's capital contribution at the enterprises in banking industry in accordance with the law; Assist the Governor in instructing and organizing the implementation of accounting, financial manage- ment and management of the SBV's properties

Personnel Department

Advise the SBV Governor and the Party's Civil Affairs Committee on institutional organization, personnel, employees' salary and training of the SBV and the banking industry in accordance with law.

Legal Department

Advise the SBV Governor on conducting state legal management of the ing system; conduct the development of legal documents, appraise, review and systemize legal documents; advise the Governor on legal aspects in implementing the functions of the central bank; disseminate, train and exam- ine the implementation of legal documents in the banking industry

bank-Emulation and Rewarding Department

Assist the SBV Governor in implementing state management functions

on emulation and rewarding in accordance with law.

Banking Supervision

Conduct professional supervision and advise the SBV Governor on implementing the powers and responsibilities of supervision in the areas subject to the management of SBV in accordance with law.

Banking Operations Center

Implement a number of central bank operations, namely open market operations; credit ations of SBV, acting as an agent for State Treasury; Organize and conduct auctions of Treasury bill and bonds; Organize, manage, and participate in foreign exchange inter-bank market; Manage and conduct business on foreign exchange resources held by SBV; imple- ment correspondent agent operations; Conduct transactions with State Treasury, credit insti- tutions operating in Vietnam, foreign banks, international financial and monetary institutions

Tham mûu cho Thöịng ăöịc NHNN trong viïơc xíy dûơng vađ ăiïìu hađnh

chñnh saâch vïì tiïìn tïơ quöịc gia; thûơc hiïơn chûâc nùng quaên lyâ nhađ nûúâc

trong lônh vûơc tñn duơng, tiïìn tïơ, thöng tin thöịng kï vađ caân cín thanh toaân

Tham mûu giuâp Thöịng ăöịc thûơc hiïơn chûâc nùng quaên lyâ nhađ nûúâc vïì hoaơt ăöơng ngoaơi höịi, vay, traê núơ nûúâc ngoađi cuêa caâc doanh nghiïơp vađ hoaơt ăöơng xuíịt, nhíơp khííu vađng theo quy ắnh cuêa phaâp luíơt.

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn chûâc nùng quaên lyâ nhađ nûúâc trong viïơc thađnh líơp, hoaơt ăöơng vađ phaât triïín caâc TCTD (trûđ TCTD húơp taâc) vađ hoaơt ăöơng ngín hađng cuêa caâc töí chûâc khaâc nhùìm ăaêm baêo an toađn hïơ thöịng

Tham mûu cho Thöịng ăöịc NHNN thûơc hiïơn quaên lyâ nhađ nûúâc ăöịi vúâi caâc TCTD húơp taâc, Quyô Tñn duơng nhín dín.

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn kiïím soaât hoaơt ăöơng vađ kiïím toaân nöơi böơ ăöịi vúâi caâc ăún võ thuöơc NHNN

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn quaên lyâ Nhađ nûúâc trong lônh vûơc tñn duơng ngín hađng vađ ăiïìu hađnh thõ trûúđng tiïìn tïơ theo quy ắnh cuêa phaâp luíơt.

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn viïơc quaên lyâ nhađ nûúâc vïì kïị toaân, ăíìu tû xíy dûơng vađ thûơc hiïơn quýìn ăaơi diïơn chuê súê hûôu vöịn nhađ nûúâc taơi doanh nghiïơp nhađ nûúâc trong ngađnh ngín hađng theo quy ắnh cuêa phaâp luíơt; giuâp Thöịng ăöịc chó ăaơo vađ töí chûâc thûơc hiïơn cöng taâc kïị toaân, quaên lyâ tađi chñnh, tađi saên cuêa NHNN

Tham mûu giuâp Thöịng ăöịc NHNN, Ban caân sûơ Ăaêng NHNN trong cöng taâc töí chûâc böơ maây vađ biïn chïị, quaên lyâ caân böơ, ăađo taơo vađ tiïìn lûúng cuêa NHNN vađ cuêa ngađnh theo caâc quy ắnh cuêa phaâp luíơt.

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn viïơc quaên lyâ nhađ nûúâc bùìng

phaâp luíơt trong ngađnh ngín hađng; töí chûâc thûơc hiïơn cöng taâc xíy dûơng

phaâp luíơt; kiïím tra, rađ soaât vađ hïơ thöịng hoâa caâc vùn baên quy phaơm phaâp

luíơt; tû víịn phaâp lyâ trong viïơc thûơc hiïơn chûâc caâc nhiïơm vuơ, quýìn haơn cuêa

NHNN, phöí biïịn, giaâo duơc phaâp luíơt, kiïím tra thûơc hiïơn phaâp luíơt, tùng

cûúđng phaâp chïị trong ngađnh ngín hađng

Giuâp Thöịng Ăöịc NHNN thûơc hiïơn chûâc nùng quaên lyâ nhađ nûúâc vïì cöng taâc thi ăua, khen thûúêng theo quy ắnh cuêa phaâp luíơt

Thûơc hiïơn thanh tra chuýn ngađnh vïì ngín hađng vađ giuâp Thöịng ăöịc thûơc

hiïơn nhiïơm vuơ quýìn haơn thanh tra trong caâc lônh vûơc thuöơc phaơm vi quaên

lyâ cuêa NHNN theo quy ắnh cuêa phaâp luíơt

Vùn phođng

Tham mûu giuâp Thöịng ăöịc töíng húơp, ăiïìu phöịi hoaơt ăöơng theo chûúng

trònh, kïị hoaơch cöng taâc; tham mûu cho Thöịng ăöịc thûơc hiïơn chûâc nùng

quaên lyâ nhađ nûúâc ăöịi vúâi caâc hoaơt ăöơng baâo chñ, vùn thû lûu trûô, thi ăua

cuêa ngađnh Ngín hađng vađ thûơc hiïơn cöng taâc hađnh chñnh ăöịi vúâi hoaơt ăöơng

taơi Truơ súê chñnh NHNN

Súê giao dõch

Thûơc hiïơn möơt söị nghiïơp vuơ Ngín hađng Trung ûúng nhû nghiïơp vuơ thõ trûúđng múê, nghiïơp

vuơ tñn duơng cuêa NHNN, lađm ăaơi lyâ cho Kho baơc Nhađ nûúâc; töí chûâc ăíịu thíìu traâi phiïịu, tñn

phiïịu Kho baơc; töí chûâc, ăiïìu hađnh vađ tham gia thõ trûúđng ngoaơi tïơ liïn ngín hađng quaên lyâ

vađ kinh doanh nguöìn ngoaơi höịi do NHNN nùưm giûô; thûơc hiïơn nghiïơp vuơ quan hïơ ăaơi lyâ;

thûơc hiïơn caâc giao dõch vúâi Kho baơc Nhađ nûúâc, caâc TCTD hoaơt ăöơng taơi Viïơt Nam, caâc

ngín hađng nûúâc ngoađi, caâc töí chûâc tađi chñnh - tiïìn tïơ quöịc tïị.

Vuơ Caâc ngín

hađng vađ töí

chûâc tñn duơng

phi ngín hađng

Advise the Governor of the State Bank of Vietnam (SBV) on making and aging national monetary policies; on implementing the state management of credit, statistics information and balance of payment.

man-ORGANIZATION CHART OF THE STATE BANK OF VIETNAM

Banking Information Technology Department

Issue and Vault Department

Advise the SBV Governor on implementing the state management of information technology in the banking industry.

Administration Department

Conduct and organize administrative and logistic service for the tions of the SBV headquarters; provide security services within the SBV system

opera-International Credit Project Management Unit

Manage and implement international credit projects financed by tional financial and monetary institutions and other foreign donors

interna-Payment and settlement sys- tem Department

Advise the SBV Governor on researching and developing the payment mechanism, developing and managing the payment system, and the provision of payment instruments in the economy

Cuơc Phaât hađnh

vađ Kho quyô

Tham mûu giuâp Thöịng ăöịc thûơc hiïơn chûâc nùng quaên lyâ nhađ nûúâc vađ chûâc nùng ngín hađng trung ûúng trong lônh vûơc phaât hađnh vađ kho quyô.

Tham mûu giuâp Thöịng ăöịc NHNN thûơc hiïơn nhiïơm vuơ quaên lyâ nhađ nûúâc chuýn ngađnh vïì lônh vûơc cöng nghïơ tin hoơc trong phaơm vi toađn ngađnh ngín hađng.

Töí chûâc thûơc hiïơn cöng taâc quaên trõ, ăaêm baêo híơu cíìn, phuơc vuơ cho caâc hoaơt ăöơng taơi truơ súê chñnh vađ cöng taâc baêo vïơ trong hïơ thöịng NHNN.

Quaên lyâ vađ thûơc hiïơn caâc dûơ aân tñn duơng quöịc tïị do caâc töí chûâc tađi chñnh tiïìn tïơ quöịc tïị, nûúâc ngoađi tađi trúơ.

Tham mûu giuâp Thöịng ăöịc trong viïơc nghiïn cûâu, xíy dûơng chïị ăöơ thanh toaân, phaât triïín vađ quaên lyâ hïơ thöịng thanh toaân vađ viïơc cung ûâng phûúng tiïơn thanh toaân trong nïìn kinh tïị.

Trûơc tiïịp thûơc hiïơn möơt söị nghiïơp vuơ ngín hađng trung ûúng theo sûơ uêy quýìn cuêa Thöịng ăöịc vađ thûơc hiïơn chûâc nùng quaên lyâ Nhađ nûúâc vïì tiïìn tïơ vađ hoaơt ăöơng ngín hađng trïn ắa bađn tónh, thađnh phöị trûơc thuöơc Trung ûúng.

Lađ ăún võ phuơ thuöơc, coâ nhiïơm vuơ ăaơi diïơn theo sûơ uêy quýìn cuêa Thöịng ăöịc NHNN.

Lađ cú quan ngön luíơn; diïîn ăađn xaô höơi vađ lađ cöng cuơ tuýn truýìn, phöí biïịn ặúđng löịi, chuê trûúng cuêa Ăaêng, chñnh saâch, phaâp luíơt cuêa Nhađ nûúâc vađ hoaơt ăöơng cuêa ngađnh theo Luíơt Baâo chñ vađ quy ắnh cuêa Thöịng ăöịc NHNN.

Lađ cú quan ngön luíơn vađ diïîn ăađn vïì lyâ luíơn nghiïơp vuơ khoa hoơc, cöng

nghïơ ngín hađng; tuýn truýìn phöí biïịn ặúđng löịi chuê trûúng cuêa

Ăaêng, chñnh saâch vađ phaâp luíơt cuêa Nhađ nûúâc vađ nhûông thađnh tûơu vïì

khoa hoơc, cöng nghïơ cuêa ngađnh ngín hađng theo quy ắnh cuêa Luíơt

Baâo chñ vađ Luíơt NHNN.

Lađ töí chûâc ăađo taơo vađ nghiïn cûâu khoa hoơc vïì lônh vûơc ngín hađng.

Lađ trûúđng Ăaơi hoơc cöng líơp, töí chûâc ăađo taơo vađ nghiïn cûâu khoa hoơc vïì lônh vûơc ngín hađng

Thu nhíơn, phín tñch, dûơ baâo thöng tin tñn duơng trong ngađnh ngín hađng phuơc vuơ cöng taâc quaên lyâ, ăiïìu hađnh cuêa Thöịng ăöịc NHNN, cung cíịp vađ lađm dõch vuơ thöng tin vïì tiïìn tïơ, hoaơt ăöơng ngín hađng cho caâc TCTD vađ töí chûâc khaâc.

Trung tím

Dõch vuơ An

toađn kho quyô

Thu nhíơn, phín tñch vađ thöng baâo nhûông thöng tin liïn quan ăïịn hoaơt ăöơng rûêa tiïìn cho caâc cú quan coâ thíím quýìn theo quy ắnh, giuâp Thöịng ăöịc NHNN thûơc hiïơn caâc nhiïơm vuơ ặúơc giao nhû chuê trò phöịi húơp vúâi caâc

cú quan hûôu quan xíy dûơng thûơc hiïơn chñnh saâch phođng, chöịng rûêa tiïìn taơi Viïơt Nam.

Trung tím Ăađo

taơo Ngín hađng

Nhađ nûúâc

Chûâc nùng, nhiïơm vuơ

Implement certain operations as authorized by the Governor and ment state management of monetary and banking operations in the provinces and the cities under the central government.

imple-A subsidiary of the SBV, which implements the representative functions authorized by the Governor.

The mouthpiece and the newspaper of the banking sector to disseminate the Party's orientation and guidelines, the State's legislation and policies and operations of the banking industry in accordance with Press Law of the Socialist Republic of Vietnam and Law on the SBV

The mouthpiece and the magazine to disseminate banking theory, science, and technology; to disseminate the Party's orientation and guidelines, the State's legislation and policies and technology achievements of banking indus- try in accordance with the Press Law of the Socialist Republic of Vietnam and the Law on the SBV

A training and scientific research organization in the field of banking.

The public University implementing education, training and research function in the field of banking

Collect, analyze, forecast, and provide credit information in banking industry to support the management of SBV Governor; to provide mone- tary and banking operation information service to credit and other institu- tions.

Other units

64 municipal and provin- cial branches Representative Office in HCMC Banking Times

Banking Review

Banking Institute HCMC Banking University Credit Information Center

A subsidiary of the SBV, conducting vault security activities within the SBV and providing vault security service for individuals and organizations

in accordance with the law.

Vault Security Service Center

Receive, analyze and communicate information concerning money dering activities to competent authority; Assist the Governor in carrying out the assigned tasks including the formulation and implementation, in coordination with other concerned agencies, of anti-money laundering policies in Vietnam.

laun-Anti-money Laundering Information Center

A subsidiary of the SBV, conducting training and human resource opment work, serving the development strategy of the SBV and the bank- ing sector, and providing professional training services in the field of finance-banking.

devel-SBV Training Center

Functions

Advise the SBV Governor on implementing state management and tral bank functions on issue and vault operations.

HÏÅ THƯËNG TƯÍ CHÛÁC TĐN DUÅNG ÚÃ VIÏÅT NAM

CREDIT INSTITUTION SYSTEM IN VIETNAM

Ngên hâng Chđnh sấch xậ hưåi Social Policy Bank

Ngên hâng Phất triïín Vietnam Development Bank

34 Ngên hâng Thûúng mẩi Cưí phêìn

34 Joint Stock Commercial Banks

5 Ngên hâng liïn doanh

5 Joint Venture Banks

41 Chi nhấnh Ngên hâng Nûúác ngoâi

41 Foreign Bank Branches

Hïå thưëng Quyä Tđn duång nhên dên:

- QTDNDTÛ gưìm 24 chi nhấnh

- 996 Quyä tđn duång cú súã Peoples Credit Fund System:

- Central Peoples Credit Fund and 24 branches

- 996 local credit funds

9 Cưng ty Tâi chđnh (trong àố cố 5 cưng ty trûåc thuưåc Tưíng Cưng ty)

9 Finance Companies (of which 5 are belonging to General Corporations)

12 Cưng ty Cho thụ tâi chđnh (trong àố 6 cưng ty trûåc thuưåc NHTM Nhâ nûúác)

12 Leasing Companies (of which 6 are affiliates of SOCBs)

HÏå THƯËNG TƯÍ CHÛÁC

TĐN DUÅNG

5 Ngên hâng Thûúng mẩi Nhâ nûúác

5 State-owned Commercial Banks (SOCBs)

KINH TÏỊ THÏỊ GIÚÂI VAĐ KHU VÛƠC

Möơt trong nhûông ăiïím nöíi bíơt nhíịt kinh tïị thïị

giúâi nùm 2007 lađ traêi qua nhûông xaâo tröơn maơnh

trïn caâc thõ trûúđng tađi chñnh xuíịt phaât tûđ cuöơc

khuêng hoaêng trïn thõ trûúđng cho vay cíìm cöị

dûúâi tiïu chuíín úê Myô vađ giaâ díìu tùng lïn mûâc

kyê luơc 100 USD/thuđng Tuy nhiïn, kinh tïị thïị

giúâi víîn ăaơt mûâc 4,9%, thíịp hún mûâc 5,0% cuêa

nùm 2006 nhûng cao hún mûâc bònh quín 3,9%

trong vođng 10 nùm trúê laơi ăíy Trong ăoâ, caâc

nûúâc phaât triïín, díîn ăíìu lađ Myô, bùưt ăíìu tùng

trûúêng chíơm laơi thò caâc nïìn kinh tïị múâi nöíi vađ

ăang phaât triïín laơi trúê thađnh ăöơng lûơc múâi thuâc

ăííy kinh tïị thïị giúâi

Laôi suíịt SIBOR vađ LIBOR öín ắnh trong 6 thaâng

ăíìu nùm, tûđ thaâng 7/2007 laôi suíịt giaêm khoaêng

0,77%/nùm so vúâi ăíìu nùm Ăöìng USD tiïịp tuơc

giaêm giaâ maơnh so vúâi híìu hïịt caâc ăöìng tiïìn chuê

chöịt trïn thïị giúâi Giaâ vađng tùng 30,94%, cao hún

so vúâi nhiïìu nùm trûúâc vađ ăaơt mûâc kyê luơc 838,6

USD/oz ngađy 28/12 Tuy nhiïn tñnh bònh quín

tùng 15,35% thíịp hún mûâc tùng 35,76% cuêa

nùm 2006

Kinh tïị Myô tùng trûúêng chíơm laơi úê mûâc 2,2%,

thíịp hún mûâc 2,9% cuêa nùm 2006, chuê ýịu do

taâc ăöơng cuêa thõ trûúđng nhađ ăíịt suy giaêm lađm

giaêm ăíìu tû vađ tiïu duđng Laơm phaât bònh quín

caê nùm úê mûâc 2,9%, thíịp hún mûâc 3,2% nùm

2006 Trûúâc nhûông bíịt öín cuêa nïìn kinh tïị sau

cuöơc khuêng hoaêng tađi chñnh ăaô buöơc Fed cùưt

giaêm laôi suíịt (3 líìn) nhùìm höî trúơ thanh khoaên

cho thõ trûúđng tađi chñnh vađ thuâc ăííy tùng trûúêng

kinh tïị

Kinh tïị khu vûơc ăöìng EUR tùng trûúêng ăaơt

2,6%, thíịp hún mûâc 2,8% cuêa nùm 2006 Laơm

phaât caê nùm úê mûâc 2,1%, gíìn bùìng mûâc 2,2%

cuêa nùm 2006 Trûúâc diïîn biïịn giaâ díìu thïị giúâi

KINH TÏỊ THÏỊ GIÚÂI VAĐ VIÏƠT NAM

GLOBAL AND DOMESTIC ECONOMIC SITUATION

GLOBAL AND REGIONAL ECONOMIES

One of the most striking features of the worldeconomy in 2007 was strong turbulence in thefinancial markets, stemming from the US sub-prime mortgage crisis and the record high level ofoil price at US$ 100 per barrel Nevertheless,world economic growth still reached 4.9 %, lowerthan 5% of 2006 but higher than the averagegrowth of 3.9% of the past 10 years Developedcountries, led by the US, started to slow downwhile developing and emerging economiesbecame new momentum for the global economy SIBOR and LIBOR interest rates were stable dur-ing the first 6 months, then since July went downroughly by 0.77% in comparison with the beginning

of the year USD continued to depreciate againstmost of the world's key currencies Gold priceincreased by 30.94%, higher than that of many pre-vious years and reached the record level of 838.6USD/ounce on December, 28th However, takingaverage, gold price increased by 15.35%, lowerthan that of 35.76% in 2006

The US economy's growth rate went down to

2.2%, lower than that of 2.9% in 2006, mostlycaused by the downturn of the housing marketleading to decreases in investment and consump-tion Annual inflation stayed at 2.9%, lower thanthat of 3.2% in 2006 Facing economic uncertain-ties after the financial crisis, FED had to cut downinterest rates 3 times to support the liquidity offinancial market and to foster economic growth

The Euro zone economy growth rate reached

2.6%, lower than that of 2.8% in 2006 The wholeyear inflation stayed at 2.1%, nearly equal to the2.2% level of 2006 Given the rising world oil price,within the first 6 months, the European CentralBank (ECB) tightened monetary policy with 2

tùng cao, ăïí kiïìm chïị laơm phaât, trong nûêa ăíìu

nùm, Ngín hađng trung ûúng Chíu Íu (ECB) ăaô

thùưt chùơt tiïìn tïơ vúâi 2 líìn tùng laôi suíịt tûđ 3,5%

lïn 4%

Kinh tïị Nhíơt Baên tùng trûúêng ăaơt 2,1%, thíịp

hún mûâc 2,4% nùm 2006 cho thíịy quaâ trònh höìi

phuơc cuêa nïìn kinh tïị chûa vûông vađng Laơm phaât

úê mûâc 0%, thíịp hún mûâc 0,3% cuêa nùm 2006

Nhûông thaâng ăíìu nùm, NHTW Nhíơt Baên ăiïìu

chónh tùng laôi suíịt tûđ 0,25% lïn 0,5% vađ ặúơc

giûô nguýn cho ăïịn cuöịi nùm

Kinh tïị caâc nûúâc ăang phaât triïín chíu AÂ tùng

trûúêng ăaơt mûâc 9,7% (nùm 2006 lađ 9,6%) vađ trúê

thađnh ăöơng lûơc tùng trûúêng múâi cuêa thïị giúâi

Ăûâng ăíìu lađ Trung Quöịc vúâi mûâc tùng trûúêng

11,4%, ÍỊn Ăöơ ăaơt 9,2% Möơt söị nûúâc Ăöng Nam

AÂ tùng trûúêng cao hún nùm trûúâc nhû Indonesia,

Philippines, Viïơt Nam Tuy nhiïn giaâ nhiïn liïơu,

lûúng thûơc, thûơc phíím tùng cao lađm cho laơm phaât

cuêa caâc nûúâc ăang phaât triïín tùng tûđ mûâc 4,1%

nùm 2006 lïn 5,3% Trong ăoâ Trung Quöịc coâ

mûâc tùng 4,8% (nùm 2006 lađ 1,5%) Ăïí kiïìm chïị

interest rate hikes from 3.5% to 4% in order tocontain inflation

The Japanese economy's growth rate was

2.1%, lower than that of 2.4% in 2006 reflectingthe country's unsteady economic recoveryprocess Inflation rate was at 0%, lower than that

of 0.3% in 2006 In the beginning months of theyear, the Bank of Japan raised interest rate from0.25% to 0.5%, which was maintained until theend of the year

Developing economies in Asia saw growth

rate at 9.7% (compared with 9.6% in 2006) andbecame new development momentum of theworld Growth leaders were China with 11.4%and India with 9.2% Some of the South-eastAsian countries had higher growth rates than lastyear, such as Indonesia, the Philippines andVietnam However, increasing prices of fuels,food resulted in developing countries' inflationrate hike to 5.3% from 4.1% in 2006 Amongthose, China's inflation rate was 4.8% (up from1.5 % in 2006) In order to curb inflation, China

LAÔI SUÍỊT ẮNH HÛÚÂNG MÖƠT SÖỊ NHTW

(%/nùm)

Söị líìn ăiïìu chónhTùng Giaêm

Mûâc cuöịi nùm(%/nùm)

lẩm phất, Trung Quưëc àậ thùỉt chùåt tiïìn tïå bùçng

nhiïìu cưng cuå nhû tùng lậi suêët, tùng dûå trûä bùỉt

buưåc Tuy nhiïn, mưåt sưë nûúác lẩi núái lỗng CSTT do

tùng trûúãng kinh tïë giẫm suát (Thấi Lan), hóåc do lậi

suêët àậ tùng quấ cao trong nùm 2006 (Indonesia,

Philippines)

KINH TÏË VIÏåT NAM

Nùm 2007 lâ nùm àêìu tiïn Viïåt Nam trúã thânh

thânh viïn chđnh thûác cuãa WTO, thúâi gian

mưåt nùm lâ quấ ngùỉn àïí nhịn nhêån vâ àấnh

giấ àêìy àuã tấc àưång cuãa hưåi nhêåp túái tiïën trịnh

cẫi cấch nïìn kinh tïë Viïåt Nam Nhûäng thuêån

lúåi vâ khố khùn mâ nïìn kinh tïë Viïåt Nam phẫi

àưëi mùåt trong nùm 2007 lâ tûúng àưëi rộ, dông

vưën àêìu tû nûúác ngoâi vâo nhiïìu nhûng khẫ

nùng hêëp thuå vưën côn hẩn chïë, hiïåu quẫ sûã

duång vưën côn thêëp Tuy nhiïn, cuâng vúái cấc

cam kïët cẫi cấch mẩnh mệ àậ gốp phêìn thuác

àêíy tùng trûúãng kinh tïë nùm 2007 àẩt mûác

8,48% cao hún mûác 8,2% cuãa nùm 2006 vâ lâ

tightened monetary policy with various ments such as raising interest rate and reserverequirement Nevertheless, some countriesloosened monetary policy due to deterioratingeconomic growth (Thailand) or excessively highinterest rate in 2006 (Indonesia, the

instru-Philippines)

VIETNAM'S ECONOMY

2007 was the first year that Vietnam officiallyjoined WTO, thus one year is too short to have

a full assessment of the impact of integration

on Vietnam's economic reform process Theopportunities and challenges that Vietnam'seconomy had to confront with 2007 were fairlyapparent FDI flows significantly poured into thecountry while absorption capacity was still limit-

ed and capital utilization efficiency was low

However, with strong reform commitments,economic growth in 2007 reached 8.48%, high-

er than that of 8.2% in 2006 and being thehighest level for the past 11 years

POLICY INTEREST RATES OF SEVERAL CENTRAL BANKS

Source: Reuters.

the year (% /year)

Times of adjustmentIncrease Decrease

Rate at the end of theyear (%year)

mûác cao nhêët trong voâng 11 nùm qua

Cú cêëu kinh tïë: cú cêëu kinh tïë tiïëp tuåc

chuyïín dõch theo hûúáng tñch cûåc, tyã troång

khu vûåc nöng – lêm – ngû nghiïåp giaãm tûâ

20,36% nùm 2006 xuöëng 20,25%, trong khi

tyã troång khu vûåc cöng nghiïåp vaâ xêy dûång

tùng tûâ 41,56% nùm 2006 lïn 41,61%, khu

vûåc dõch vuå tùng tûâ 38,08% nùm 2006 lïn

38,14%

Saãn xuêët

Nöng, lêm nghiïåp chõu taác àöång tûâ thiïn tai,

dõch bïånh nhûng thuyã saãn vêîn tùng maånh:

giaá trõ saãn xuêët cuãa ngaânh tröìng troåt tùng

2,9%, thêëp hún mûác 3,6% nùm 2006; ngaânh

chùn nuöi tùng 4,6%, thêëp hún nhiïìu mûác

7,3% nùm 2006 khiïën töíng giaá trõ gia tùng

nöng nghiïåp chó àaåt 2,3%, thêëp hún mûác

2,8% cuãa nùm 2006 Ngûúåc laåi, ngaânh thuãy

saãn coá saãn lûúång tùng 11,5% vaâ giaá trõ gia

tùng tùng 10,4% (mûác naây cuãa nùm 2006 laâ

10,6% vaâ 7,5%)

Economic structure: Economic structure

contin-ued the positive shift, GDP share of forestry-fishery reduced to 20.25% from 20.36% in

agriculture-2006 while industry and construction shareincreased to 41.61% from 41.56% in 2006, andshare of the service sector increased to 38.14%from 38.08% in 2006

Production

Agriculture and forestry suffered from natural ters and epidemics but fishery still experienced sig- nificant increase: Output of cultivation increased by

disas-2.9%, lower than the rate of 3.6% in 2006; and that

of husbandry increased by 4.6%, well under therate of 7.3% in 2006, which reduced the growthrate of the total added value of agriculture to 2.3%from 2.8% in 2006 On the contrary, fishery experi-enced an increase of 11.5% in output and 10.4% inadded value (compared with 10.6% and 7.5%respectively in 2006)

Industry and construction saw a fair growth at

10.6%, higher than that of 10.37% in 2006, ofwhich, industrial growth was 10.2%, equal to that of

2006 The mining industry declined by 2% mainly

KINH TÏË THÏË GIÚÁI VAÂ TRONG NÛÚÁC

Cöng nghiïơp-xíy dûơng coâ mûâc tùng khaâ, 10,6%,

cao hún mûâc tùng 10,37% cuêa nùm 2006 Tùng

trûúêng cuêa cöng nghiïơp noâi chung ăaơt 10,2%,

bùìng mûâc nùm 2006 Cöng nghiïơp khai thaâc

giaêm -2,0% chuê ýịu do saên lûúơng khai thaâc díìu

moê vađ khñ hoâa loêng giaêm, saên lûúơng khai thaâc

than tùng thíịp hún cuđng kyđ Ăöịi vúâi xíy dûơng,

thõ trûúđng bíịt ăöơng saên khúêi sùưc tûđ cuöịi nùm

2006, hoaơt ăöơng xíy dûơng nhađ cûêa cuêa caâc nhađ

ăíìu tû vađ dín cû tùng cao khiïịn lônh vûơc nađy

tùng maơnh hún cuđng kyđ

Dõch vuơ: nùm 2007, giaâ trõ tùng thïm cuêa ngađnh

dõch vuơ tùng khoaêng 8,7% Trong ăoâ, nhúđ cöng

taâc quaêng baâ vađ níng cao chíịt lûúơng dõch vuơ

nïn khaâch quöịc tïị tùng khoaêng 22,8%, khaâch

nöơi ắa tùng 8,8% so vúâi nùm 2006 Dõch vuơ víơn

taêi ăaâp ûâng ặúơc nhu cíìu phaât triïín kinh tïị vađ

due to the decreasing exploited quantity of oiland liquefied gas and the slower growth of coalexploited Regarding construction, as the realestate market prospered since the end of 2006,construction growth became much higher com-pared with the same period last year with asubstantial increase in housing constructionactivities of investors and citizens

Service: In 2007, the added value of service

increased by roughly 8.7%, in which, the ber of international tourists increased by about22.8%, domestic tourists increased by about8.8% compared with 2006, thanks to the pro-motion and service quality improvement

num-Transportation service met the demand of nomic development and people's living stan-dards Telecommunication service had a rapidgrowth rate, achieved and exceeded the plan

eco-GLOBAL AND DOMESTIC ECONOMIC SITUATION

GDP at current price GDP at constant price of 1994 GDP growth rate (%)

ĂÖÌ THÕ TÙNG TRÛÚÊNG GDP TÛĐ NÙM 2002-2007

GROWTH OF GDP FROM 2002 - 2007

Tó ăöìng

Billion dong

ăúđi söịng nhín dín Dõch vuơ bûu chñnh viïîn

thöng coâ töịc ăöơ tùng trûúêng nhanh, ăaơt vađ

vûúơt mûâc kïị hoaơch ăïì ra cho 5 nùm

2006-2010 Caâc dõch vuơ tađi chñnh, ngín hađng,

baêo hiïím tiïịp tuơc phaât triïín Thõ trûúđng baêo

hiïím coâ bûúâc phaât triïín nhanh vúâi töịc ăöơ

tùng doanh thu toađn thõ trûúđng khoaêng 10%,

trong ăoâ töịc ăöơ tùng cuêa thõ trûúđng baêo

hiïím nhín thoơ lađ 5,5%, thõ trûúđng baêo hiïím

phi nhín thoơ lađ 17%

Xuíịt, nhíơp khííu hađng hoâa

Töíng kim ngaơch xuíịt khííu, nhíơp khííu hađng

hoaâ ăaơt 111,2 tó USD, tùng 31%

so vúâi nùm 2006

Vïì xuíịt khííu

Töíng kim ngaơch xuíịt khííu hađng hoaâ ăaơt

48,56 tó USD (giaâ FOB), vûúơt 3,8% so vúâi muơc

tiïu kïị hoaơch vađ tùng 22% so vúâi nùm 2006

Trong ăoâ, xuíịt khííu cuêa caâc doanh nghiïơp coâ

vöịn ăíìu tû nûúâc ngoađi (khöng tñnh díìu thö)

ăaơt 19,3 tó USD tùng 31% so vúâi nùm 2006,

chiïịm 39,7% töíng kim ngaơch xuíịt khííu cuêa

caê nûúâc Xuíịt khííu díìu thö ăaơt 8,5 tó USD,

tùng 2,1% so vúâi nùm 2006, chuê ýịu do ặúơc

lúơi vïì giaâ (giaâ bònh quín tùng 11,5% so vúâi

nùm 2006) Dïơt may ăaơt gíìn 7,8 tó USD, tùng

33% so vúâi nùm 2006 vađ giađy deâp ăaơt 3,99 tó

USD, tùng 11% so vúâi nùm 2006

Cú cíịu thõ trûúđng xuíịt khííu coâ nhiïìu chuýín

biïịn tñch cûơc, giaêm maơnh sûơ phuơ thuöơc vađo

khu vûơc thõ trûúđng chíu AÂ, vúâi hún 200 thõ

trûúđng, phaên aânh sûâc caơnh tranh cuêa hađng

xuíịt khííu cuêa Viïơt Nam tùng lïn ăaâng kïí Tuy

nhiïn xuíịt khííu cuêa Viïơt Nam tíơp trung chuê

ýịu úê thõ trûúđng Myô vađ chíu Íu, caâc saên

phíím chñnh xuíịt khííu vađo thõ trûúđng nađy víîn

lađ díìu thö, giađy deâp, dïơt may, saên phíím göî vađ

thuyê saên Xuíịt khííu sang Myô chiïịm tó troơng

gíìn 20,8% töíng kim ngaơch xuíịt khííu cuêa caê

nûúâc, ăaơt 10,1 tó USD, tùng 29% so vúâi nùm

2006 Töíng kim ngaơch xuíịt khííu vađo thõ

set for 5 years from 2006 to 2010 Banking,finance, and insurance services continued todevelop The insurance market had a rapiddevelopment with total market revenueincreased by about 10%, in which the revenuegrowth of life insurance market was 5.5% andnon life insurance market was 17%

Goods export and import

Total two-way trade turnover in 2007 reachedUSD 111.2 billion, up by 31% against 2006

Export

Turnover of exported goods reached USD 48.56billion (FOB price), up by 22% against 2006(3.8% higher than the set goal), of which, export

of foreign invested enterprises (excluding crudeoil) reached USD 19.3 billion, up by 31% against

2006 and accounted for 39.7% of the total exportturnover Crude oil export reached USD 8.5 bil-lion, up by 2.1% against 2006 thanks to pricehike (average price up by 11.5% against 2006).Garment export turnover was almost USD 7.8billion, up by 33% against 2006, and footwearexport turnover reached USD 3.99 billion, up by11% compared with 2006

There was a positive shift in the export marketstructure with significantly less reliance on theAsian market There were more than 200 mar-kets, reflecting a substantial increase in exportcompetitiveness of Vietnam However, exportindustry of Vietnam mostly focused on the USand European markets, the main export products

to these markets were still crude oil, footwear,garment, timber, and aquatic products, etc.Export to the US market occupied almost 20.8%

of total national export turnover which reachedUSD 10.1 billion and increased by 29% com-pared with 2006 Total export turnover to EUmarket reached USD 8.5 billion which occupied17.5% and increased by 26% year on year Totalexport turnover to Asian market reached USD20.7 billion, an increase of 19.4% year on year

KINH TÏỊ THÏỊ GIÚÂI VAĐ TRONG NÛÚÂC

trûúâng EU àaåt khoaãng 8,5 tó USD, chiïëm tó troång

khoaãng 17,5%, tùng 26% so vúái nùm 2006

Töíng kim ngaåch xuêët khêíu vaâo thõ trûúâng chêu

AÁ àaåt khoaãng 20,7 tó USD, tùng khoaãng 19,4%

so vúái cuâng kyâ nùm 2006 Trong àoá, thõ trûúâng

ASEAN chiïëm tó troång gêìn 16,1% trong töíng

kim ngaåch xuêët khêíu cuãa caã nûúác; thõ trûúâng

Nhêåt Baãn àaåt hún 6,1 tó USD, tùng 16% so vúái

cuâng kyâ nùm 2006 vaâ chiïëm tó troång 12,5% töíng

kim ngaåch xuêët khêíu cuãa caã nûúác; thõ trûúâng

Trung Quöëc àaåt 3,4 tó USD, tùng 11% so vúái

nùm 2006

Vïì nhêåp khêíu

Töíng kim ngaåch nhêåp khêíu àaåt 62,68 tó USD

(giaá CIF), tùng 40% so vúái nùm 2006 Caác

doanh nghiïåp coá vöën àêìu tû nûúác ngoaâi nhêåp

khêíu 21,7 tó USD, chiïëm 34,6% töíng kim ngaåch

nhêåp khêíu vaâ tùng 32% so vúái nùm 2006

Nhêåp khêíu tùng caã vïì kim ngaåch vaâ lûúång, caác

nhoám mùåt haâng coá kim ngaåch nhêåp khêíu tùng

maånh nhêët laâ maáy moác thiïët bõ duång cuå, phuå

tuâng àaåt 11,1 tó USD, chiïëm 17,7% töíng kim

ngaåch nhêåp khêíu, tùng 68% so vúái nùm 2006

Nhêåp khêíu xùng dêìu àaåt hún 7,7 tó USD, chiïëm

12,3% töíng kim ngaåch, tùng 29% so vúái nùm

2006; Vaãi, nguyïn phuå liïåu dïåt may, da, giaây

àaåt 6,1 tó USD, chiïëm 9,7% töíng kim ngaåch

nhêåp khêíu vaâ tùng 36,9% so vúái nùm 2006; Sùæt

theáp àaåt 5,1 tó USD, tùng 74% so vúái nùm 2006

(giaá tùng 24%, lûúång tùng 41%)

Cú cêëu thõ trûúâng nhêåp khêíu cuãa Viïåt Nam coá

chuyïín biïën tñch cûåc, tùng nhêåp khêíu haâng

maáy moác, thiïët bõ, phuå tuâng tûâ nûúác coá trònh àöå

cöng nghïå cao EU, Nhêåt Baãn, Hoa Kyâ, Haân

Quöëc, Haâng hoaá nhêåp khêíu tûâ caác nûúác

ASEAN àaåt 15,9 tó USD, tùng 27% so vúái nùm

2006 nïn thêm huåt thûúng maåi vúái caác nûúác

ASEAN caâng lúán (8,1 tó USD), bùçng 16,7% trõ

giaá xuêët khêíu Tiïëp àïën laâ nhêåp khêíu tûâ thõ

trûúâng Trung Quöëc (chuã yïëu laâ phên boán vaâ sùæt

theáp) àaåt 12,5 tó USD, tùng 69% so vúái nùm

In Asia, the ASEAN market accounted for nearly16.1% of total national export turnover year onyear; the Japanese market reached USD 6.1 bil-lion, up by 16% year on year and occupied 12.5%

of total national export turn-over; the Chinese ket reached USD 3.4 billion, increasing by 11%

Imports increased in terms of both value and ume, of which the product group having the high-est growth rate in terms of value was machineries,equipment, accessories and spare parts whichreached USD 11.1 billion, accounting for 17.7% oftotal import turnover and increased by 68% year

vol-on year Import of petrol reached over USD lion, occupied 12.3 % of the total import turnoverand increasing by 29% year on year Import of tex-tile, raw materials for garment, leather, and

7.7bil-footwear industries reached USD 6.1 billion, pied 9.7% of the total import turnover, and

occu-increased 36.9% year on year Import of iron andsteel reached USD 5.1 billion, increasing 74%

year on year (price increased by 24%, quantityincreased by 41%)

The import market structure of Vietnam had tive changes, enhancing import of machineries,equipment, and spare-parts from high-tech coun-tries such as EU, Japan, US, Korea, etc Importedproducts from ASEAN countries reached USD15.9 billion, increased by 27% year on year andheightened trade deficit with ASEAN countries toUSD 8.1 billion, equivalent to 16.7% of exportvalue Import from China (mostly iron and steel,fertilizer) reached USD 12.5 billion, increased by69% year on year Generally, import activities metdemands of development and contributed toGLOBAL AND DOMESTIC ECONOMIC SITUATION

posi-2006 Vïì cú baên, hoaơt ăöơng nhíơp khííu ăaô ăaâp

ûâng ặúơc nhu cíìu phaât triïín, goâp phíìn níng cao

nùng lûơc saên xuíịt trong nûúâc Nhíơp siïu úê mûâc

khoaêng 14,1 tó USD (xuíịt khííu theo giaâ FOB,

nhíơp khííu theo giaâ CIF), bùìng 29% töíng kim

ngaơch xuíịt khííu, cao hún mûâc nhíơp siïu cuêa

nùm 2006

Lao ăöơng, viïơc lađm, thu nhíơp

Cíìu vïì lao ăöơng tùng úê caê doanh nghiïơp trong

nûúâc vađ doanh nghiïơp coâ vöịn ăíìu tû nûúâc ngoađi

thïí hiïơn tyê lïơ thíịt nghiïơp úê khu vûơc thađnh thõ

giaêm tûđ mûâc 4,82% nùm 2006 xuöịng cođn 4,64%

nùm 2007 Nùm 2007 ăaô xuíịt khííu 82 nghòn lao

ăöơng, cao hún mûâc 78,8 nghòn cuêa nùm 2006 do

viïơc múê röơng thõ trûúđng xuíịt khííu lao ăöơng sang

khu vûơc Trung Ăöng vađ caâc nûúâc coâ thu nhíơp

cao nhû UÂc, Canada Thu nhíơp bònh quín ăíìu

ngûúđi nùm 2007 ăaơt 835 USD/ngûúđi, tùng so vúâi

mûâc 724,5 USD/ngûúđi nùm 2006

Thu chi ngín saâch

Töíng thu ngín saâch Nhađ nûúâc tùng 12,1% so

vúâi dûơ toaân nùm Töíng chi ngín saâch Nhađ nûúâc

vûúơt 11,8% so vúâi dûơ toaân Thím huơt ngín saâch

Nhađ nûúâc bùìng 4,95% GDP, ặúơc buđ ăùưp tûđ caâc

nguöìn vay trong nûúâc vađ vay nûúâc ngoađi ăuâng

theo kïị hoaơch ặúơc duýơt

Tiïịt kiïơm vađ ăíìu tû

Vïì ăíìu tû: khöịi lûúơng vöịn ăíìu tû toađn xaô höơi

thûơc hiïơn nùm 2007 bùìng 40,4% GDP vađ tùng

15,8% so vúâi nùm 2006, trong ăoâ vöịn khu vûơc

Nhađ nûúâc chiïịm 43,3% töíng vöịn vađ tùng 8,1%

so vúâi nùm 2006; vöịn khu vûơc ngoađi Nhađ nûúâc

chiïịm 40,7% töíng vöịn vađ tùng 24,8%; vöịn ăíìu

tû trûơc tiïịp nûúâc ngoađi chiïịm 16% töíng vöịn vađ

tùng 17,1%

Vïì tiïịt kiïơm: tùng trûúêng kinh tïị ăaơt cao,

nhûng tiïu duđng cuöịi cuđng cuông tùng úê mûâc

cao 25% so vúâi nùm 2006 lađm tiïịt kiïơm quöịc

dín giaêm 11% so vúâi nùm 2006 Tiïịt kiïơm quöịc

dín ăaơt khoaêng 31% GDP, thíịp hún mûâc

improving domestic production capacity Tradedeficit stayed at USD 14.1 billion (export with FOBprice, import with CIF price), as high as 29% of thetotal export turnover, and higher than the tradedeficit of 2006

Labor, employment, and income

Demand for labor increased both in domestic andforeign-invested enterprises which was shown bythe reduction of urban unemployment rate from4.82% in 2006 to 4.64% in 2007 Foreign demandfor Vietnamese workers was also in an upwardtrend In 2007, Vietnam exported 82 thousands ofguest workers in comparison to 78.8 thousands in

2006 because of the labor export market expansion

to Middle East area and high income countriessuch as Australia and Canada GDP per capita in

2007 was USD 835, up from USD 724.5 in 2006

State budget revenues and expenditures

Total state budget revenues increased by 12.1% ascompared to the annual plan Total budget expendi-ture increased by 11.8% as compared to the plan.State budget deficit was equivalent to 4.95% ofGDP, and was financed by domestic and foreignborrowing in accordance with the approved plan

Savings and Investment

Investment: Total social investment was equivalent

to 40.4% of GDP and increased by 15.8% as pared to 2006, of which the State sector investmentaccounted for 43.3% of total investment andincreased by 8.1% y-o-y; non-State sector invest-ment accounted for 40.7% of total investment andincreased by 24.8% y-o-y; foreign direct investmentaccounted for 16% of total investment and

com-increased by 17.1% y-o-y

Savings: High growth rate of the economy

accom-panied with rapid final consumption increase of25% as compared to 2006 resulted in a reduction

of national savings by 11% as compared to 2006.National savings was equivalent to 31% of GDPand lower than 41.2% level of 2006

KINH TÏỊ THÏỊ GIÚÂI VAĐ TRONG NÛÚÂC

41,2% GDP cuãa nùm 2006.

Cấn cên thanh toấn quưëc tïë

Cấn cên thanh toấn tưíng thïí cẫ nùm 2007 thùång dû

gêëp 2,3 lêìn so vúái nùm 2006, chuã yïëu do cấn cên

vưën àẩt thùång dû cao hún nhiïìu so vúái thêm huåt cấn

cên vậng lai

Cấn cên vậng lai thêm huåt 9,8% GDP, trong khi

nùm 2006 thêm huåt 0,27% GDP, chuã yïëu do:

Cấn cên thûúng mẩi thêm huåt cao hún 3,7 lêìn so vúái

mûác thêm huåt nùm 2006, do xuêët khêíu tùng trûúãng

chêåm hún nhêåp khêíu

Cấn cên dõch vuå thêm huåt cao hún nhiïìu so vúái nùm

2006 Nguyïn nhên chuã yïëu lâ do nhêåp khêíu hâng

hốa tùng mẩnh lâm cho chi phđ vêån tẫi vâ bẫo hiïím

hâng hốa tùng lïn, chiïëm túái 43% tưíng kim ngẩch

nhêåp khêíu dõch vuå Ngoâi ra, cấc hoẩt àưång nhêåp

khêíu dõch vuå cố kim ngẩch lúán khấc nhû du lõch,

dõch vuå tâi chđnh, vêån tẫi hâng khưng cuäng tùng so

vúái nùm 2006

Thu nhêåp àêìu tû rông thêm huåt gêëp 1,5 lêìn mûác

thêm huåt nùm 2006 Thu nhêåp àêìu tû cuãa Viïåt Nam

chuã yïëu vêỵn lâ thu lậi tiïìn gûãi úã nûúác ngoâi cuãa hïå

thưëng ngên hâng Dûå trûä ngoẩi hưëi Nhâ nûúác tùng

mẩnh Chi cuãa hẩng muåc thu nhêåp àêìu tû àang cố

xu hûúáng tùng nhanh Trong àố, chi trẫ lậi cấc

khoẫn vay núå nûúác ngoâi (kïí cẫ vay ODA vâ vay

thûúng mẩi) tùng lïn

Chuyïín tiïìn rông àẩt thùång dû tùng 58,8% so vúái

mûác thùång dû nùm 2006 chuã yïëu nhúâ chuyïín tiïìn

tû nhên tùng mẩnh: chuyïín tiïìn kiïìu hưëi vâ ngûúâi

lao àưång Viïåt Nam úã nûúác ngoâi Àêy lâ nguưìn

ngoẩi tïå quan trổng buâ àùỉp cho mûác thêm huåt

ngây câng gia tùng cuãa cấc cấn cên bưå phêån

trong cấn cên vậng lai

Cấn cên vưën thùång dû, cao gêëp hún 5,7 lêìn mûác

thùång dû nùm 2006 Nguyïn nhên chuã yïëu lâ do giẫi

ngên àêìu tû trûåc tiïëp nûúác ngoâi, vay ODA vâ àêìu tû

giấn tiïëp cuãa cuãa nûúác ngoâi vâo Viïåt Nam (cưí

phiïëu, trấi phiïëu) àïìu àẩt tưëc àưå tùng trûúãng cao

International balance of payment

In 2007, the overall balance surplused 2.3times higher than 2006, mostly because capi-tal account surplus was much higher than cur-rent account deficit

Current account deficit was equivalent to 9.8%

of GDP, while the deficit in 2006 was about0.27% of GDP, mostly due to the followingreasons:

Trade account deficit was 3.7 times higherthan 2006 due to the slower growth rate ofexport than import

Service account deficit was much higher than

2006 This was mainly due to a surge inimport of goods, which pushed up transporta-tion and insurance costs (accounted for 43%

of total service import turnover) Besides,major service import items such as tourism,financial service, and air transportation alsowent up in comparison with 2006

Net investment income was 1.5 times higherthan the deficit of 2006 Most of Vietnameseinvestment incomes still came from interest ofoverseas deposits of the banking system

International reserves increased sharply Ininvestment income, payments were in a fastrising trend Of which, interest payments forforeign loans (including ODA and commercialloans) were increased

Net transfers increased by 58.8% in son with 2006 mostly thanks to surging privatetransfer: remittance from overseas

compari-Vietnamese and guest workers This was animportant source of foreign exchange tofinance rising deficits of the current accountcomponents

Capital account surplused 5.7 times higherthan 2006, mainly thanks to the high growthrate of disbursed foreign direct investments,ODA loans, and indirect foreign investmentsinflows (stocks, bonds)

GLOBAL AND DOMESTIC ECONOMIC SITUATION

KINH TÏË THÏË GIÚÁI VÂ TRONG NÛÚÁC

CẤN CÊN THÛÚNG MẨI VÂ CẤN CÊN VẬNG LAI CUÃA VIÏÅT NAM 2004 - 2007

VIETNAM TRADE BALANCE AND CURRENT BALANCE, 2004-2007

Triïåu USD

USD million

Trade Balance Current Balance Current Balance/GDP

Phêìn trùm Percentage

CẤN CÊN VƯËN CUÃA VIÏÅT NÙM 2004 - 2007

VIETNAM CAPITAL ACCOUNT, 2004 - 2007

DIÏÎN BIÏỊN CHÓ SÖỊ GIAÂ TIÏU DUĐNG NÙM 2007

CONSUMER PRICE INDEX IN 2007

DIÏÎN BIÏỊN CHÓ SÖỊ GIAÂ TIÏU

DUĐNG NÙM 2007

Mûâc tùng chó söị giaâ tiïu duđng (CPI) lađ 12,63%,

cao hún mûâc 6,6% cuêa nùm 2006, laơm phaât

bònh quín cuông tùng tûđ 7,45% lïn 8,3% Trong

10 nhoâm hađng hoaâ cuêa röí CPI thò coâ 7 nhoâm

hađng coâ mûâc tùng cao hún cuđng kyđ, líìn lûúơt lađ

nhoâm Lûúng thûơc thûơc phíím, Nhađ úê víơt liïơu

xíy dûơng, Hađng hoaâ dõch vuơ khaâc, Phûúng tiïơn

ăi laơi vađ Bûu ăiïơn, Ăöì uöịng -thuöịc laâ, May mùơc

giađy deâp muô noân, Dûúơc phíím y tïị; cođn ba

nhoâm hađng lađ Thiïịt bõ ăöì duđng gia ằnh, Vùn

hoaâ thïí thao giaêi trñ vađ Giaâo duơc coâ mûâc tùng

thíịp hún cuđng kyđ

Nùm 2007 coâ thïí thíịy, trong cíịu thađnh CPI,

thò chó söị giaâ Lûúng thûơc-Thûơc phíím vađ CPI

loaơi trûđ Lûúng thûơc-Thûơc phíím ăïìu coâ mûâc

tùng cao hún cuđng kyđ Ăiïìu nađy cho thíịy taâc

ăöơng cuêa caê cuâ söịc bïn cung vađ sûâc eâp bïn

cíìu ăïìu tùng cao Tuy nhiïn, nhoâm Lûúng

thûơc-thûơc phíím chiïịm khoaêng 65% mûâc tùng

cuêa laơm phaât nïn víîn lađ ăöơng lûơc chuê ýịu taâc

ăöơng lađm laơm phaât tùng cao

CONSUMER PRICE INDEX (CPI) IN 2007

CPI in 2007 increased by 12.63%, as compared tothat of 6.6% in 2006 Average inflation rate alsoincreased from 7.45% to 8.3% Out of 10 commod-ity groups in the commodity basket used to calcu-late CPI, 7 groups had higher price growth com-paring to the same period last year, namely food;

housing and construction materials; other goodsand services; transportation and postal services;

beverage and cigarette; garment, footwear, andheadwear; and pharmaceutical products and medi-cine Prices of the other 3 groups increased atlower rates than those in 2006, namely: homeappliances; culture, sports, and entertainment; andeducation

In 2007, both food and non-food price indices istered higher growth than in 2006 The CPI devel-opments reflected the increased pressures fromboth supply and demand sides Food, however,remained the main factor causing high inflation rate

reg-as the price increreg-ase of this group accounted for65% of the overall increase

Average

CPI ex Foods and foodstuffs Foods and foodstuffs

Nguöìn: Töíng cuơc Thöịng kï

DIÏÎN BIÏỊN CPI, LTTP VAĐ CPI LOAƠI TRÛĐ LTTP TÛĐ NÙM 2005-2007

% TÙNG, GIAÊM SO CUĐNG KYĐ

DEVELOPMENTS OF CPI, FOOD, AND CPI EX FOODS AND FOODSTUFFS, 2005-2007

UNIT: YEAR-ON-YEAR PERCENTAGE CHANGE

% tùng, giaêm

Source: General Statistic Office

Möơt söị nguýn nhín chuê ýịu taâc ăöơng lađm laơm

phaât tùng maơnh:

Taâc ăöơng bíịt lúơi cuêa kinh tïị toađn cíìu, nhíịt lađ sûơ

tùng giaâ maơnh cuêa caâc mùơt hađng thiïịt ýịu, nhû

díìu thö, lûúng thûơc, theâp Trong ăiïìu kiïơn mûâc

ăöơ múê cûêa nïìn kinh tïị Viïơt Nam vúâi nïìn kinh tïị

thïị giúâi lúân thïí hiïơn úê nhíơp khííu chiïịm túâi 80%

GDP, nïìn kinh tïị ăöla hoâa vađ khoaêng 70% hađng

xuíịt khííu lađ coâ nguýn liïơu tûđ hađng nhíơp khííu

thò viïơc giaâ thïị giúâi tùng seô taâc ăöơng vađo giaâ caê

trong nûúâc

Trong nûúâc thúđi tiïịt diïîn biïịn khöng thuíơn lúơi,

cuđng vúâi dõch bïơnh trong chùn nuöi, tröìng troơt;

thiïn tai hoađnh hađnh, cöơng vúâi chi phñ saên xuíịt

ăíìu vađo tùng cao gíy aênh hûúêng bíịt lúơi ăïịn saên

xuíịt nöng nghiïơp lađm giaêm lûúơng cung lûúng

thûơc, thûơc phíím

Múê cûêa thõ trûúđng tađi chñnh taơo cú höơi tùng vöịn

Main reasons for high inflation rate:

Unfavorable impacts of the global economy,

especial-ly the surge in price of such necessities as crude oil,food, steel… Given the relatively high level of open-ness of the economy, as evidenced by the fact thatimport value accounted for 80% of the GDP, theeconomy was dollarized, and 70% of export valuewas sourced from import, hence being negativelyaffected by the world price hike;

Weather conditions as well as diseases in livestockand plantation coupled with high production costheavily affected agriculture, thus reducing food supply;The openness of the financial market, which broughtabout not only increased capital for developmentinvestment but also a higher volume of money in theeconomy, resulting in larger bank credit amount andpressure for the appreciation of the VND This situa-tion has been popular in most of the countries as

DIÏÎN BIÏỊN CHÓ SÖỊ GIAÂ TIÏU DUĐNG NÙM 2007

CPI

I- Hađng ùn vađ dõch vuơ ùn uöịng

1- Lûúng thûơc

2- Thûơc phíím

II- Ăöì uöịng vađ thuöịc laâ

III- May mùơc, muô noân, giíìy deâp

IV- Nhađ úê, víơt liïơu xíy dûơng

V- Thiïịt bõ ăöì duđng gia ằnh

VI- Dûúơc phíím y tïị

VII- Phûúng tiïơn ăi laơi vađ bûu ăiïơn

VIII- Giaâo duơc

IX- Vùn hoâa, thïí thao, giaâo duơc

X- Hađng hoâa dõch vuơ khaâc

CPI loaơi trûđ lûúng thûơc thûơc phíím

Bònh quín Cuöịi kyđ

6,6 7,9

14,15,55,25,85,96,24,34,03,63,56,5

5,1

7,45 8,71

9,018,45,05,98,815,64,97,14,43,16,1

6,0

12,6 18,9

15,421,26,86,717,15,27,17,32,01,79,0

7,8

8,3 11,2

15,010,26,06,111,06,25,13,63,33,27,7

6,1

2007 Bònh quín Cuöịi kyđ

DIÏÎN BIÏỊN CHÓ SÖỊ GIAÂ TIÏU DUĐNG NÙM 2006-2007

Ăún võ: % tùng, giaêm so vúâi cuđng kyđ

Nguöìn: Töíng cuơc Thöịng kï, CPI loaơi trûđ Lûúng thûơc-thûơc phíím do NHNN tñnh toaân.

cho ăíìu tû phaât triïín, nhûng cuông lađm tùng khöịi

lûúơng tiïìn trong nïìn kinh tïị, ăííy tñn duơng cuêa hïơ

thöịng ngín hađng lïn cao vađ aâp lûơc VND lïn giaâ

Ăíy lađ tònh traơng phöí biïịn úê híìu hïịt caâc quöịc gia

khi múê cûêa thõ trûúđng tađi chñnh Ăïí öín ắnh tyê giaâ,

tùng dûơ trûô ngoaơi tïơ NHNN ăaô cung tiïìn ăöìng ăïí

mua ngoaơi tïơ, ăöìng thúđi huât tiïìn vïì thöng qua caâc

cöng cuơ CSTT, nhûng do tònh traơng ăö la hoâa cođn

hiïơn hûôu úê Viïơt Nam nïn töíng phûúng tiïơn thanh

toaân vađ tñn duơng víîn tùng cao, gíy aâp lûơc laơm phaât

Caâc chñnh saâch quaên lyâ vô mö ăïí kiïím soaât laơm

phaât chûa ăöìng böơ díîn ăïịn nhiïìu dûơ aân ăíìu tû

keâm hiïơu quaê; chi tiïu cöng cođn lúân

Nhu cíìu múê röơng saên xuíịt ăïí tùng khaê nùng caơnh

tranh doanh nghiïơp lađm cho tñn duơng tùng coâ taâc

duơng tñch cûơc cho tùng trûúêng kinh tïị, nhûng hiïơu

quaê ăíìu tû chûa cao gíy aâp lûơc tùng giaâ

they open their financial markets The State Bank ofVietnam used domestic currency to buy foreign cur-rencies and at the same time absorbed the VND byusing its monetary policy tools in an effort to stabi-lize the exchange rate and increase the foreignreserves, but due to the existing dollarization, thetotal liquidity and banking credit continued toincrease, putting pressure on inflation;

The lack of coordination between macro ment policies aiming at controlling inflation led tomany ineffective investment projects and high vol-ume of public expenditure;

manage-Increased demand for production expansion toimprove enterprises' competitiveness went along-side with high credit growth, hence positively con-tributing to economic growth and at the same timeputting high pressure on price due to the low invest-ment effectiveness

CONSUMER PRICE INDEX IN 2007

CPI

I- Restaurant

1- Foods

2- Food stuffs

II- Beverage and cigarette

III- Garment, footwear, and headwear

IV- Housing and construction materials

V- Home appliances

VI- Pharmaceutical products and medicine

VII- Transportation and postal services

VIII- Education

IX- Culture, sports, and entertainment

X- Other goods and services

CPI ex foods and foodstuffs

INDICATORS

2006 Average End-period

6.6 7.9

14.15.55.25.85.96.24.34.03.63.56.5

5.1

7.45 8.71

9.018.45.05.98.815.64.97.14.43.16.1

6.0

12.6 18.9

15.421.26.86.717.15.27.17.32.01.79.0

7.8

8.3 11.2

15.010.26.06.111.06.25.13.63.33.27.7

6.1

2007 Average End-period

CONSUMER PRICE INDEX IN 2006-2007

Unit: Year on year percentage change

Source: General Statistics Office, non-food inflation rate calculated by State Bank of Vietnam.

DIÏÎN BIÏỊN TIÏÌN TÏơ

Dođng vöịn ăíìu tû nûúâc ngoađi vađo Viïơt Nam tùng

maơnh gíịp 5 líìn nùm 2006 taơo nïn nhûông diïîn

biïịn tiïìn tïơ nöíi bíơt nùm 2007 khaâc vúâi caâc

nùm trûúâc, ăoâ lađ töíng phûúng tiïơn thanh toaân

cuđng vúâi tñn duơng trong nûúâc tùng maơnh, cung

ngoaơi tïơ tùng gíy sûâc eâp tùng giaâ VND, mùơt

bùìng laôi suíịt tûúng ăöịi öín ắnh, giaêm nheơ

trong 6 thaâng ăíìu nùm do vöịn khaê duơng cuêa

caâc NHTM dû thûđa

DIÏÎN BIÏỊN TÖÍNG PHÛÚNG TIÏơN

THANH TOAÂN

Töíng phûúng tiïơn thanh toaân (TPTTT) ăïịn

31/12/2007 tùng 46,12%, cao hún nhiïìu so vúâi

mûâc tùng 33,59% cuêa nùm 2006 Nguýn

MONETARY DEVELOPMENTS

Foreign investment in Vietnam registered a fold increase in 2006, resulting in the outstandingand unprecedented monetary movements in

five-2007, namely the drastic increase in the total uidity and bank credit, increased supply of foreigncurrencies followed by pressure for appreciation

liq-of VND, and the relatively stable levels liq-of interestrates which slightly decreased in the first 6months of the year due to commercial banks' liq-uidity surplus

TOTAL LIQUIDITY DEVELOPMENTS

As of December 31, 2007, total liquidityincreased by 46.12%, much higher than the rate

of 33.59% in 2006, mainly due to the increase of

DIÏÎN BIÏỊN TIÏÌN TÏƠ

MONETARY DEVELOPMENTS

DIÏÎN BIÏỊN TÖÍNG PHÛÚNG TIÏƠN THANH TOAÂN TOTAL LIQUIDITY DEVELOPMENTS

Nghòn tyê ăöìng Trillion dong

Total liquidity VND total liquidity Foreign currency deposits

nhín chuê ýịu do tađi saên coâ ngoaơi tïơ rođng

tùng 42,54% ăaô lađm TPTTT tùng 14,02%,

tađi saên coâ trong nûúâc rođng tùng 47,75% ăaô

lađm TPTTT tùng 32,08%

Cú cíịu TPTTT coâ thay ăöíi tñch cûơc, tiïìn gûêi

víîn chiïịm tyê troơng lúân trong töíng phûúng

tiïơn thanh toaân, chiïịm 83,64% Trong ăoâ, tyê

troơng tiïìn gûêi bùìng VND chiïịm 64,46%, cao

hún mûâc 61,17% cuêa nùm 2006 vađ 57,93%

cuêa nùm 2005 Tyê troơng tiïìn gûêi bùìng ngoaơi

tïơ giaêm nheơ, chiïịm 19,18%, nùm 2006 lađ

21,62% Tyê troơng tiïìn mùơt trong TPTTT

chiïịm 16,36%, tyê lïơ nađy liïn tuơc giaêm díìn

trong nhûông nùm gíìn ăíy: nùm 2006 lađ

17,21%, 2005 lađ 19,01%, nùm 2004 lađ

20,35%, phaên aânh hònh thûâc thanh toaân

khöng duđng tiïìn mùơt trong dín cû ăang

ặúơc hïơ thöịng ngín hađng múê röơng vađ phaât

triïín maơnh nhû theê ghi núơ, theê tñn duơng, theê

ATM , goâp phíìn giaêm khöịi lûúơng tiïìn mùơt

trong thanh toaân

42.54% of net foreign assets that resulted in theincrease of 14.02% of total liquidity, and theincrease of 47.75% of the net domestic assetsthat resulted in the increase of 32.08%

of total liquidity

Total liquidity structure moved in a a positivedirection where deposits still made up the signifi-cant share, accounting for 83.64% of the total Bytype of currency, VND deposits took 64,46%,higher than the rate of 61.17% in 2006 and57.93% in 2005, while foreign currency depositsexperienced a slight decrease, accounting for19.18% as compared to that of 21.62% in 2006

Cash made up 16.36% of the total liquidity, tinuing the decreasing trend in recent years:

con-17.21% in 2006 from 19.01% in 2005 and20.35% in 2004, reflecting the fact that non-cashpayment had been increasingly popular amongthe population, as the banking system promotedsuch payment modes as debit card, credit card,ATM , contributing to reducing the use of cash insettlement

MONETARY DEVELOPMENTS

CÚ CÍỊU TÖÍNG PHÛÚNG TIÏƠN THANH TOAÂN

TOTAL LIQUIDITY COMPOSITION

Cash VND Deposits Foreign currency deposits

Huy àöång vöën cuãa toaân hïå thöëng

ngên haâng tùng trûúãng maånh goáp

phêìn múã röång hoaåt àöång àêìu tû vaâ

vúái mûác 41,15% cuãa nùm 2006; huy àöång ngoaåi

tïå àaåt 29,66%, tùng so vúái mûác 25,31% cuãa nùm

2006 Tùng trûúãng huy àöång vöën cuãa khöëi ngên

haâng cöí phêìn, chi nhaánh ngên haâng nûúác ngoaâi

vaâ caác TCTD phi ngên haâng maånh nhêët, àaåt

101,85%, huy àöång vöën cuãa khöëi NHTM nhaâ

nûúác cuäng àaåt töëc àöå tùng 24,45%

Trûúác aáp lûåc caånh tranh vúái caác kïnh huy àöång

vöën khaác nhû thõ trûúâng chûáng khoaán, thõ trûúâng

bêët àöång saãn, traái phiïëu chñnh phuã , caác TCTD

Capital mobilization of the entire banking system registered a strong growth, contributing to the expan- sion of investment and lending

As of end-2007, total capital mobilization growth

of the whole credit institution system reached47.64%, higher than that of 36.53% in 2006 and32.08% in 2005, of which, VND mobilizationgrew by 53.99%, much higher than the rate of41.15% in 2006; foreign currency mobilizationincreased by 29.66%, higher than the rate of25.31% in 2006 Capital mobilization by jointstock commercial banks, foreign bank branchesand non-bank credit institutions reached thehighest growth rate of 101.85%, while that of theState owned commercial banks was 24.45%.Under the competitive pressure from such othercapital mobilization channels as stock market,real estate market, and market for Government

HUY ÀÖÅNG VÖËN TÛÂ NÏÌN KINH TÏË

CAPITAL MOBILIZATION FROM THE ECONOMY

ăaô coâ nhiïìu giaêi phaâp tùng cûúđng huy ăöơng

vöịn nhû ăa daơng hoaâ caâc hònh thûâc huy ăöơng

thöng qua viïơc tùng laôi suíịt, múê tađi khoaên

thanh toaân, dõch vuơ theê, khuýịn maôi híịp díîn

Ngoađi ra, viïơc múê röơng maơng lûúâi, chi nhaânh,

phođng giao dõch cuêa hïơ thöịng TCTD trong

nùm qua ăaô goâp phíìn thu huât ặúơc khaâ lúân

lûúơng tiïìn nhađn röîi cuêa töí chûâc kinh tïị vađ

trong dín cû

Tùng trûúêng tñn duơng cao, ăaâp

ûâng nhu cíìu vöịn cho phaât triïín

kinh tïị

Nùm 2007, dû núơ cho vay cuêa hïơ thöịng ngín

hađng tùng 53,89% so vúâi nùm 2006, cao hún

nhiïìu so vúâi mûâc tùng 25,44% cuêa nùm 2006,

goâp phíìn ăaâp ûâng coâ hiïơu quaê nhu cíìu vöịn

cuêa caâc doanh nghiïơp, caâc thađnh phíìn kinh tïị

Tùng trûúêng tñn duơng cao nhíịt tíơp trung úê khöịi

NHTM cöí phíìn, chi nhaânh ngín hađng nûúâc

bonds, credit institutions conducted variousmeasures to accelerate funds mobilization,namely diversifying forms of mobilization byincreasing interest rate, facilitating the opening

of payment accounts, enhancing card services,and offering attractive promotions In addition,the expansion of network, branches, and trans-action offices by the credit institution system inthe previous year had contributed to attracting alarge amount of idle money from economic enti-ties and the population

Rapid credit expansion to meet the capital needs for economic devel- opment

In 2007, in order to meet the capital needs ofenterprises, commercial banks' credit outstand-ing increased by 53.89% as compared to 2006,much higher than the previous year-on-yearincrease of 25.44%

TÑN DUƠNG ĂÖỊI VÚÂI NÏÌN KINH TÏỊ

CREDIT GROWTH

Nghòn tyê ăöìng

Trillion dong

MONETARY DEVELOPMENTS

DIÏỴN BIÏËN TIÏÌN TÏÅ

TYÃ TRỔNG HUY ÀƯÅNG VƯËN CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2007

CAPITAL MOBILIZATION, BREAKDOWN BY GROUP OF CREDIT INSTITUTIONS - 2007

TYÃ TRỔNG HUY ÀƯÅNG VƯËN CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2006 CAPITAL MOBILIZATION, BREAKDOWN BY GROUP OF CREDIT INSTITUTIONS - 2006

TYÃ TRỔNG CHO VAY NÏÌN KINH TÏË CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2007 LENDING TO THE ECONOMY, BREAKDOWN BY TYPE OF LENDERS - 2007

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

NHTMNN vâ NH Chđnh sấch xậ hưåi SOCBs and Bank for Social Policies

Khưëi NH cưí phêìn, phi NH vâ Quyä Tđn duång Group of joint stock banks, non- bank institutions and credit funds

Khưëi chi nhấnh NH nûúác ngoâi vâ liïn doanh Group of foreign bank branches and joint venture banks

TYÃ TRỔNG CHO VAY NÏÌN KINH TÏË CUÃA TÛÂNG NHỐM SO VÚÁI TƯÍNG SƯË NÙM 2006 LENDING TO THE ECONOMY, BREAKDOWN BY TYPE OF LENDERS - 2006

ngoađi vađ caâc TCTD phi ngín hađng, ăaơt mûâc

tùng 105,27%, khöịi NHTM nhađ nûúâc coâ töịc ăöơ

tùng 31,09%

Tñn duơng ngín hađng phuơc vuơ phaât triïín nöng

thön (göìm ngađnh nöng - lím - thuyê saên) chiïịm

tyê troơng cao nhíịt trong cú cíịu cho vay theo

ngađnh cuêa hïơ thöịng ngín hađng, khoaêng

28,92% Tyê troơng cho vay ngađnh cöng nghiïơp

vađ thûúng nghiïơp ăaô caêi thiïơn hún so vúâi nùm

trûúâc, chiïịm 26,02% vađ 18,24%; tyê troơng cho

vay ngađnh xíy dûơng ặúơc duy trò úê mûâc nhû

nùm 2006, chiïịm 14,15% trong töíng dû núơ

Laôi suíịt VND vađ ngoaơi tïơ coâ biïịn

ăöơng nheơ

Laôi suíịt VND trong böịn thaâng ăíìu nùm 2007

coâ sûơ ăiïìu chónh tùng nheơ tûđ 0,06%

-0,12%/nùm ăöịi vúâi nhoâm NHTM cöí phíìn vađ do

caâc TCTD phaât hađnh giíịy túđ coâ giaâ vúâi laôi suíịt

cao hún laôi suíịt tiïịt kiïơm cuđng kyđ haơn khoaêng

0,12% - 0,6%/nùm (kyđ phiïịu, chûâng chó tiïìn

gûêi…) ăïí ăaâp ûâng nhu cíìu thanh toaân cho

khaâch hađng trong dõp Tïịt Nguýn ăaân Tûđ giûôa

thaâng 5/2007 ăïịn thaâng 11/2007 laôi suíịt huy

Joint-stock commercial banks (JSCB), foreignbank branches and non-bank financial institu-tions registered the highest credit growth of105.27%, while that of SOCB was 31.09%

Banks' credit for the rural sector (including culture, forestry and fishery) accounted for thebiggest share (of about 28.92%) in bankingcredit by sectors The shares of credit to theindustrial and commercial sectors wereimproved to 26.02% and 18.24% respectively;and the share of the construction sector wasmaintained at the same level as that of 2006,i.e 14.15% of the total loan outstanding

agri-Mild fluctuaton of the VND and foreign currency interest rate

In the first 4 months of 2007, VND annual est rates offered by JSCBs increased slightly by0.06% - 0.12% due to the fact that these creditinstitutions had issued valuable papers (bills,CDs) with the annual interest rates of about0.12%-0.6% higher than those of the sameterm deposits to meet the demands for liquidi-ties during the Lunar New Year holidays From

inter-MONETARY DEVELOPMENTS

LAÔI SUÍỊT HUY ĂÖƠNG VAĐ CHO VAY CUÊA CAÂC TCTD NÙM 2007

LENDING AND MOBILIZATION INTEREST RATE OF CREDIT INSTITUTIONS IN 2007

Base interest rate 6-month deposit mobilization rate of SOCBs

6-month deposit mobilization rate of JSCBs Short-term lending rate in urban areas

ăöơng VND giaêm khoaêng 0,1% - 0,2%/nùm do

caâc TCTD thúđi ăiïím nađy dû thûđa vöịn Tûđ giûôa

thaâng 11/2007 ăïịn hïịt nùm 2007 laôi suíịt huy

ăöơng VND coâ biïíu hiïơn tùng cuơc böơ úê möơt söị

NHTM cöí phíìn, nhûng chûa aênh hûúêng ăïịn mùơt

bùìng laôi suíịt chung do laôi suíịt cuêa nhoâm NHTM

nhađ nûúâc (chiïịm thõ phíìn 60%) víîn duy trò öín

ắnh

Laôi suíịt USD: 6 thaâng ăíìu nùm 2007 tùng do

möơt söị NHTM phaât hađnh giíịy túđ coâ giaâ vúâi laôi

suíịt cao hún laôi suíịt tiïịt kiïơm cuđng kyđ haơn tûđ

0,05% - 0,45%/nùm vađ caâc NHTM ăiïìu chónh

tùng laôi suíịt tiïìn gûêi USD cuêa phaâp nhín taơi

TCTD lïn tûúng ûâng vúâi laôi suíịt huy ăöơng tiïịt

kiïơm Tûđ thaâng 7/2007, nhiïìu NHTM cöí phíìn

ăiïìu chónh tùng laôi suíịt huy ăöơng tûđ

0,05%-0,15%/nùm nhùìm múê röơng huy ăöơng vöịn ăaâp

ûâng nhu cíìu vay ngoaơi tïơ ngađy cađng tùng Tuy

nhiïn, ăïịn thaâng 8/2007, möơt söị NHTM coâ mûâc

laôi suíịt tûúng ăöịi cao so vúâi mùơt bùìng laôi suíịt

chung ăaô ăiïìu chónh giaêm nheơ 0,1%/nùm Laôi

suíịt huy ăöơng USD phöí biïịn úê kyđ haơn 3 thaâng

lađ 4,2% 4,6%/nùm, 6 thaâng lađ 4,5%

-4,8%/nùm, 12 thaâng lađ 4,85% - 5,1%/nùm; laôi

suíịt cho vay khoaêng 11,48% - 13,8%/nùm ăöịi

vúâi cho vay ngùưn haơn vađ 11,8%- 16,2%/nùm ăöịi

vúâi trung, dađi haơn

Thõ trûúđng ngoaơi tïơ liïn ngín hađng

Nùm 2007, thõ trûúđng ngoaơi tïơ liïn ngín hađng

tiïịp tuơc phaât triïín maơnh vïì quy mö thõ trûúđng vađ

doanh söị giao dõch thõ trûúđng tùng cao Doanh

söị giao dõch giûôa caâc ngín hađng tùng khoaêng

113% so vúâi nùm 2006, trong ăoâ doanh söị giao

dõch giao ngay tùng 125%, doanh söị giao dõch

kyđ haơn vađ giao dõch hoaân ăöíi tùng 30%, caâc

NHTM ăaô sûê duơng nhiïìu caâc nghiïơp vuơ giao

dõch ăïí phođng ngûđa ruêi ro trong kinh doanh

ngoaơi höịi Thõ trûúđng ngoaơi tïơ liïn ngín hađng coâ

65 ngín hađng thađnh viïn tham gia Nhiïìu ngín

hađng tñch cûơc tham gia ăaô taơo thïm sûơ söi ăöơng

cuêa thõ trûúđng

Trong nùm 2007, vúâi vai trođ can thiïơp cuöịi cuđng

mid-May to November 2007, VND mobilizingannual interest rates decreased by about0.1%-0.2% as credit institutions had surplus intheir liquidity during this period From mid-November to the end of 2007, VND mobilizinginterest rates increased in some JSCBs, butyet to affect the general level of interest ratesthanks to the stable interest rates offered bythe SOCBs that accounted for 60% of the mar-ket

USD interest rates: in the first half of 2007,USD internet rates increased as some com-mercial banks issued valuable papers at annu-

al interest rates of 0.05%-0.45% higher thanthose of the same term deposits and adjustedinterest rates paid on legal entities' USDdemand deposits equal to those of savingdeposits From July 2007, many JSCBs raisedUSD deposit interest rates by 0.05%-0.15%annually to increase USD mobilization in order

to meet the increasing needs for foreign rency loans However, in August 2007, somecommercial banks having interest rates com-paratively higher than the general level slightlyadjusted downwardly their annual rates by0.1% Generally, interest rates stayed at 4.2%-4.6%, 4.5%-4.8%, and 4.85%-5.1% p.a for the3-, 6- and 12-month USD deposits, respective-ly; and at about 11.48%-13.8% and 11.8%-16.2% p.a for short-term and medium- andlong-term loans, respectively

cur-Inter-bank foreign exchange market

In 2007, the inter-bank foreign exchange ket continued to develop robustly in terms ofboth scale and transaction volume Inter-banktransaction volume increased by about 113%

mar-as compared to that of 2006, of which spottransactions increased by 125%, and forwardand swap transactions increased by 30%.Commercial banks conducted many transac-tions in this market to hedge against foreign

DIÏÎN BIÏỊN TIÏÌN TÏƠ

MONETARY DEVELOPMENTS

ăïí öín ắnh thõ trûúđng, NHNN ăaô thûơc hiïơn

mua, baân ngoaơi tïơ vúâi caâc NHTM ăïí höî trúơ

nhu cíìu vïì VND cuông nhû nhu cíìu vïì ngoaơi

tïơ möơt caâch kõp thúđi ăïí nhíơp khííu caâc mùơt

hađng thiïịt ýịu vađ nhu cíìu chuýín ăöíi ngoaơi

tïơ cuêa caâc nhađ ăíìu tû nûúâc ngoađi Khi cung

cíìu trïn thõ trûúđng biïịn ăöơng aênh hûúêng ăïịn

traơng thaâi ngoaơi tïơ cuêa caâc NHTM, NHNN can

thiïơp baân ngoaơi tïơ ăïí cín bùìng traơng thaâi,

haơn chïị ruêi ro hoaơt ăöơng kinh doanh cuêa caâc

NHTM

Nhúđ nguöìn cung ngoaơi tïơ trïn thõ trûúđng trong

nùm 2007 tùng maơnh, NHNN ăaô mua ặúơc

möơt khöịi lûúơng lúân ngoaơi tïơ, tùng dûơ trûô ngoaơi

höịi, taơo tiïìm lûơc vađ thïị chuê ăöơng cho NHNN

trong viïơc can thiïơp thõ trûúđng vađ thûơc hiïơn

muơc tiïu ăiïìu hađnh CSTT

Hoaơt ăöơng thõ trûúđng ăíịu thíìu

tñn phiïịu Kho baơc

Ăíịu thíìu tñn phiïịu Kho baơc qua NHNN nùm

exchange risks There were 65 banks ing in the inter-bank foreign exchange market,many of whom participated actively, making themarket more dynamic

participat-In 2007, as the last resort bank in the market,the SBV was buying and selling foreign curren-cies to promptly meet the demand for VND andforeign currencies for import of essential goodsand the demand for foreign exchange by foreigninvestors When foreign exchange position ofcommercial banks was affected by the supply-demand fluctuations, the SBV sold foreign cur-rencies to help the banks balance their positionand limit business risks

Thanks to the drastic increase in foreign currencysupply in the market was rather large thus allow-ing the SBV to buy a large amount of foreign cur-rencies to increase the international reserves and

to be more pro-active in market intervention andrealization of monetary policy targets

DIÏÎN BIÏỊN THÕ TRÛÚĐNG ĂÍỊU THÍÌU TÑN PHIÏỊU KHO BAƠC

TREASURY BILL AUCTION MARKET DEVELOPMENTS

Tyê ăöìng/VND billion %/nùm

%/year

2007 ăaơt kïịt quaê thíịp hún nhiïìu so vúâi nùm

2006 Giaâ trõ tñn phiïịu Kho baơc truâng thíìu cuêa

nùm 2007 lađ 10.620 tyê ăöìng, chó ăaơt khoaêng

54% khöịi lûúơng chađo thíìu vađ 48% giaâ trõ truâng

thíìu cuêa nùm 2006 Toađn böơ söị tñn phiïịu baân ra

trong nùm ăïìu coâ kyđ haơn 364 ngađy Laôi suíịt

truâng thíìu tñn phiïịu Kho baơc nùm 2007 tùng tûđ

3,35-4,80%/nùm

Caê nùm coâ 43 ăúơt ăíịu thíìu tñn phiïịu Kho baơc

ặúơc töí chûâc (ñt hún so vúâi 52 ăúơt cuêa nùm 2006)

vađ coâ túâi 14 ăúơt khöng coâ thađnh viïn tham gia

Kho baơc Nhađ nûúâc ăaô phaêi taơm dûđng phaât hađnh

tñn phiïịu (tûđ ngađy 23/10-02/12/2007) do liïn tiïịp

nhiïìu ăúơt khöng coâ thađnh viïn tham gia Thõ

trûúđng ăíịu thíìu tñn phiïịu Kho baơc trong nùm

2007 khöng thu huât ặúơc caâc thađnh viïn ngoađi

khöịi NHTM Nhađ nûúâc tham gia do caâc NHTM

nhađ nûúâc víîn lađ caâc ngín hađng coâ ûu thïị hún

hùỉn vïì nguöìn vöịn

Nguýn nhín chñnh díîn ăïịn sûơ keâm híịp díîn

cuêa thõ trûúđng ăíịu thíìu tñn phiïịu Kho baơc nùm

2007 lađ do diïîn biïịn tiïìn tïơ tñn duơng khaâ phûâc

taơp Chó söị giaâ tiïu duđng caâc thaâng ăíìu nùm

2007 tùng cao vađ víîn cođn aâp lûơc tùng cao trong

caâc thaâng cuöịi nùm, vöịn khaê duơng cuêa caâc

TCTD ăíìu nùm coâ dû thûđa nhûng chuýín díìn

sang cín bùìng vađo nhûông thaâng cuöịi nùm

Ngoađi ra, thûơc hiïơn chó ăaơo cuêa Chñnh phuê,

NHNN ăaô ăiïìu hađnh CSTT linh hoaơt vađ ăííy

maơnh viïơc phaât hađnh tñn phiïịu NHNN thöng qua

nghiïơp vuơ thõ trûúđng múê vúâi nhiïìu kyđ haơn vađ laôi

suíịt híịp díîn ăïí ruât tiïìn tûđ lûu thöng vïì nhùìm

kiïím soaât töịc ăöơ tùng tñn duơng vađ töíng phûúng

tiïơn thanh toaân Vò víơy, laôi suíịt tñn phiïịu Kho baơc

nùm 2007 keâm híịp díîn so vúâi laôi suíịt tñn phiïịu

NHNN cuđng kyđ haơn (khoaêng 7,0-7,75%/nùm)

Market for treasury bills

Auctions of Treasury bills through the SBV in

2007 registered much lower winning volume ascompared to 2006 Total value of bid winningTreasury bills was VND 10,620 billion, equal toonly 54% of the offered value of 2007 or 48% ofsuccessful bid value of 2006 All the Treasurybills issued in 2007 was at 364-day term withthe cut-off rates increasing by 3.35-4.80% p.a For 2007 as a whole, there were totally 43Treasury bills auctions (as compared to 52 dur-ing 2006), with 14 auctions receiving no bidder.The State Treasury had to postpone bill

issuance between October 23 and December

2, 2007 due to the fact that no bid was offered

in many consecutive auctions In 2007, the ket for Treasury bills issuance failed to attractother participants rather than SOCBs as thesebanks remained the most prominent banks interms of capital strength

The reason for the Treasury bill issuance ket to be less attractive in 2007 was the strongfluctuations of the monetary and credit market.The CPI reached high levels in the first half of

mar-2007 and continued to be under upward sure in the second half Commercial banks' sur-plus in liquidity during the first months of theyear gradually changed to sufficient in the latermonths Besides, in implementing the

pres-Government's guidance, the SBV was ing the monetary policies in a flexible mannerand speeding up the issuance of SBV bills indifferent terms and with attractive interest ratesvia open market operations so as to control thecredit growth and total liquidity Therefore, inter-est rates offered by Treasury bills became lessattractive as compared to those of SBV bills ofthe same terms (SBV bills' rates stood ataround 7.0% - 7.75% p.a.)

manag-DIÏÎN BIÏỊN TIÏÌN TÏƠ

ĂIÏÌU HAĐNH CHÑNH SAÂCH TIÏÌN TÏơ

NÙM 2007

Nùm 2007 lađ nùm thûâ 2 caê nûúâc phíịn khúêi triïín

khai Nghõ quýịt Ăaơi höơi Ăaêng toađn quöịc líìn thûâ

10, nùm ăíìu tiïn nûúâc ta trúê thađnh thađnh viïn

WTO, múê ra nhiïìu thúđi cú, cú höơi múâi Tuy

nhiïn, thaâch thûâc lúân nhíịt trong thûơc thi CSTT

cuêa NHNN nùm 2007 ăoâ lađ nhíơp siïu úê mûâc

cao lađm tùng thím huơt caân cín vaông lai; dođng

vöịn ăíìu tû nûúâc ngoađi tùng maơnh, laơm phaât coâ

xu hûúâng tùng maơnh trong böịi caênh kinh tïị vađ

thõ trûúđng tađi chñnh quöịc tïị coâ nhiïìu biïịn ăöơng

khoâ lûúđng gíy sûâc eâp ăöịi vúâi ăiïìu hađnh tyê giaâ

vađ viïơc kiïím soaât töíng phûúng tiïơn thanh toaân

vađ tñn duơng Trong böịi caênh ăoâ, NHNN ăaô thûơc

hiïơn CSTT theo hûúâng ăiïìu hađnh CSTT linh

hoaơt ăaêm baêo öín ắnh tiïìn tïơ, kiïìm chïị laơm

phaât vađ thuâc ăííy tùng trûúêng kinh tïị; Triïín khai

ăöìng böơ caâc giaêi phaâp ăiïìu hađnh tiïìn tïơ nhùìm

kiïím soaât mûâc tùng töíng phûúng tiïơn thanh

toaân vađ tùng trûúêng tñn duơng, ăaâp ûâng nhu cíìu

vöịn phuơc vuơ muơc tiïu tùng trûúêng kinh tïị

* Ăiïìu tiïịt cung tiïìn thöng qua

nghiïơp vuơ thõ trûúđng múê

Nghiïơp vuơ thõ trûúđng múê lađ möơt trong nhûông

cöng cuơ chuê ýịu ăïí ăiïìu tiïịt vöịn cuêa caâc

TCTD Trong nùm 2007, nghiïơp vuơ thõ trûúđng

múê ăaô coâ nhûông ăöíi múâi nhû cöị ắnh phiïn mua

nhùìm khùưc phuơc haơn chïị cuêa thõ trûúđng tiïìn tïơ,

thay ăöíi phûúng thûâc ăíịu thíìu nhùìm baâm saât

muơc tiïu ăiïìu hađnh CSTT vađ diïîn biïịn vöịn

bùìng VND cuêa caâc TCTD Trong nùm 2007, coâ

20 thađnh viïn tham gia, göìm caâc NHTM nhađ

nûúâc, caâc NHTM cöí phíìn, ngín hađng liïn

MONETARY POLICY MANAGEMENT IN 2007

The year 2007 was the second year the wholecountry had been eager to implement theResolution of the 10th Communist PartyCongress and the first year of the WTO mem-bership, which opened many new opportunitiesand chances However, biggest challenges inmonetary policy management of the year wastrade deficit at high level leading to an increase

in the current account deficit; a sharp increase

in foreign investment inflows, inflation in a ing trend given many unpredictable fluctuations

surg-in the global economy and fsurg-inancial marketswhich put pressures on exchange rate manage-ment and total liquidity and credit control In thiscontext, the SBV implemented monetary policy

in a flexible direction to ensure monetary

stabili-ty, inflation curb and better economic growth

The SBV also took comprehensive measures inmonetary management in order to control totalliquidity growth and credit growth, meeting thecapital demand for economic growth

* Manage money supply through open market operations

Open market operations (OMO) is one of themajor instruments to manage funds of creditinstitutions There were several reforms inOMOs in 2007 such as fixing buying sessions

in order to overcome monetary markets' comings, changing auction methods to closelyfollow objectives of monetary policy manage-ment as well as VND liquidity of credit institu-tions In 2007, OMO participants were 20,including state-owned commercial banks, joint-stock commercial banks, joint-venture banks

short-HOAƠT ĂÖƠNG CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC

OPERATIONS OF THE STATE BANK OF VIETNAM

doanh vađ chi nhaânh ngín hađng nûúâc ngoađi,

tùng 20% so vúâi nùm trûúâc, goâp phíìn tùng

khaê nùng ăiïìu tiïịt cuêa nghiïơp vuơ nađy

Ăïí thûơc hiïơn möơt söị biïơn phaâp cíịp baâch kiïìm

chïị töịc ăöơ tùng giaâ thõ trûúđng, thûơc hiïơn muơc

tiïu huât tiïìn vïì qua nghiïơp vuơ thõ trûúđng múê,

NHNN ăaô tùng söị phiïn giao dõch tûđ 3

phiïn/1 tuíìn lïn thûơc hiïơn giao dõch nghiïơp

vuơ thõ trûúđng múê hađng ngađy; tùng khöịi lûúơng

tñn phiïịu NHNN baân ra, ăa daơng hoâa caâc kyđ

haơn tñn phiïịu NHNN tûđ 14 ăïịn 364 ngađy, xaâc

ắnh mûâc laôi suíịt húơp lyâ ăïí ruât tiïìn tûđ lûu

thöng vïì qua kïnh nađy Laôi suíịt truâng thíìu

bònh quín trong caâc phiïn chađo baân lađ

4,35%/nùm

Bïn caơnh ăoâ, NHNN ăaô thûơc hiïơn ắnh kyđ

hađng tuíìn 1 phiïn chađo mua giíịy túđ coâ giaâ

vúâi kyđ haơn 14 ngađy, nhùìm phaât tñn hiïơu sùĩn

sađng höî trúơ vöịn cho caâc NHTM thûơc sûơ thiïịu

huơt vöịn nhùìm ăaêm baêo khaê nùng thanh toaân

Laôi suíịt chađo mua bònh quín khoaêng

8,2%/nùm

* Vïì cöng cuơ dûơ trûô bùưt buöơc

Tûđ giûôa nùm 2007, laơm phaât coâ xu hûúâng

tùng maơnh, NHNN ăaô ăiïìu chónh tùng tyê lïơ

DTBB gíịp 1,5-2 líìn (aâp duơng tûđ thaâng

6/2007) ăïí huât tiïìn vïì, kiïím soaât tùng trûúêng

töíng phûúng tiïơn thanh toaân Tyê lïơ DTBB aâp

duơng ăöịi vúâi tiïìn gûêi VND coâ kyđ haơn dûúâi 12

thaâng tùng tûđ 5% lïn 10%; riïng Ngín hađng

Nöng nghiïơp vađ phaât triïín nöng thön Viïơt

Nam tùng tûđ 4% lïn 8%; NHTM cöí phíìn nöng

thön, Quyô tñn duơng nhín dín Trung ûúng tùng

tûđ 2% lïn 4% Tyê lïơ DTBB aâp duơng ăöịi vúâi

tiïìn gûêi ngoaơi tïơ kyđ haơn dûúâi 12 thaâng tùng tûđ

8% lïn 10% Tyê lïơ DTBB ăöịi vúâi tiïìn gûêi VND

vađ ngoaơi tïơ coâ kyđ haơn tûđ 12 thaâng ăïịn dûúâi 24

thaâng tùng tûđ 2% lïn 4%

and foreign bank branches, an increase of20% of participants against the previous year,hence improving the regulatory capability ofthis operation

In order to take several urgent measures tocurb the market price hike, and meet theobjective of liquidity withdrawal throughOMOs, the SBV increased the number oftransaction sessions from 3 sessions/week todaily OMOs transactions; increasing theamount of SBV bills to be sold, diversifyingterms of SBV bills from 14 days to 364 days,and determining the appropriate interest rate

to withdraw money from circulation throughthis channel Average bid winning interest rate

in selling auctions was 4.35%/year

In addition, the SBV organized weekly sions offering to buy valuable papers withmaturity of 14 days so as to signal SBV'sreadiness to support commercial banks withactual liquidity shortage in order to ensuretheir solvency The average buying interestrate offered was about 8.2%/year

ses-* Reserve requirement:

Inflation showed a trend of sharp increasesince the middle of 2007 SBV adjustedreserve requirement ratios to increase by 1.5- 2 times (effective since June 2007) inorder to withdraw money and control total liquidity growth Reserve requirement ratioapplicalbe to VND deposit with terms of lessthan 12 months increased from 5% to 10%,with the exception of an increase from 4% to8% at Bank for Agriculture and Rural

Development; and from 2% to 4% at the ruraljoint stock banks, the central people's creditfund and cooperative credit bank Reserverequirements ratios applied to foreign curren-

cy deposits with terms of less than 12 monthsincreased from 8% to 10%, while that of VNDand foreign currency deposits with terms from

HOAƠT ĂÖƠNG CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC

Viïơc ăiïìu chónh dûơ trûô bùưt buöơc cuêa NHNN

ăöịi vúâi TCTD mùơc duđ lađm tùng chi phñ huy

ăöơng vöịn nhûng chó úê mûâc thíịp, do viïơc thûơc

hiïơn ăiïìu chónh tùng tyê lïơ DTBB vađo thúđi

gian caâc TCTD coâ dû thûđa vöịn, nïn caâc

TCTD chuýín phíìn dûơ trûô dû thûđa ăang gûêi

taơi NHNN khöng ặúơc traê laôi sang phíìn

DTBB ặúơc traê laôi Hún nûôa, do chïơch lïơch

laôi suíịt cuêa caâc TCTD tûúng ăöịi cao, caâc

TCTD giaêm chi phñ ăïí caơnh tranh huy ăöơng

vöịn vađ cho vay mađ khöng aênh hûúêng ăïịn laôi

suíịt Vò víơy, sau khi ăiïìu chónh tyê lïơ DTBB,

mùơt bùìng laôi suíịt huy ăöơng vađ cho vay cuêa

TCTD ñt biïịn ăöơng

* Taâi cíịp vöịn, taâi chiïịt khíịu

Nùm 2007, nhòn chung, vöịn cuêa caâc TCTD

xeât trïn toađn hïơ thöịng tiïịp tuơc dû thûđa

Trong khi ăoâ, hoaơt ăöơng thõ trûúđng liïn ngín

hađng chûa thûơc sûơ thöng suöịt nïn möơt söị

NHTM coâ thiïịu huơt taơm thúđi vïì vöịn khaê

duơng, ăaô tiïịp cíơn caâc kïnh taâi cíịp vöịn cuêa

NHNN (dûúâi hònh thûâc chiïịt khíịu, cíìm cöị

giíịy túđ coâ giaâ) ăïí ăaêm baêo khaê nùng thanh

toaân

Ăöịi vúâi hònh thûâc cíìm cöị giíịy túđ coâ giaâ, tûđ

ăíìu nùm 2007 NHNN ăaô haơn chïị viïơc taâi

cíịp vöịn thöng qua cíìm cöị giíịy túđ coâ giaâ

Bïn caơnh ăoâ, do caâc TCTD tiïịp tuơc dû thûđa

vöịn nïn ríịt ñt TCTD tiïịp cíơn nguöìn vöịn nađy

* Vïì ăiïìu hađnh laôi suíịt

Ăïí traânh taâc ăöơng khöng thuíơn lúơi ăöịi vúâi

tùng trûúêng kinh tïị, NHNN giûô nguýn caâc

mûâc laôi suíịt do NHNN cöng böị nhû laôi suíịt

cú baên lađ 8,25%/nùm, laôi suíịt taâi cíịp vöịn lađ

6,5%/nùm, laôi suíịt chiïịt khíịu lađ 4,5%/nùm,

laôi suíịt qua ăïm, laôi suíịt tiïìn gûêi taơi NHNN

nhùìm öín ắnh laôi suíịt thõ trûúđng Ăöịi vúâi laôi

12 months to under 24 months increased from2% to 4%

Though the SBV's adjustments of reserverequirement ratios for credit institution might pick

up fund mobilization costs, but only slightly, as these adjustment were made whencredit insitutions observed surplus liquidity, thentheir non- interest bearing excess reservesdeposited at the SBV were converted to interestbearing reserve portion Moreover, due to sub-stantially large interest rate difference amongcredit institutions, they reduced costs to compete

in borrowing and lending without changes ininterest rates Therefore, after adjustments ofreserve requirement ratios, there were little fluc-tuations on mobilizing and lending interest ratelevels of credit institutions

* Refinancing and rediscount

Generally, credit institutions as a whole ued to report surplus liquidity Meanwhile, inter-bank market activities had not yet been smooth-

contin-ly operated, therefore several commercial bankssuffering from temporary shortage of liquidity gotaccess to the SBV'refinancing channels (viavaluable paper discount and mortage) in order toensure their solvency

As for valuable paper mortage, since the ning of 2007, the SBV limited refinancing trans-actions through this facility Additionally, as cred-

begin-it instbegin-itutions continued to report liquidbegin-ity excess,very few credit institutions got access to thischannel

* Interest rate management

In order to avoid adverse impacts on economicgrowth, the SBV maintained interest ratesincluding base interest rate of 8.25%/year, refi-nancing interest rate of 6.5%/year, discountinterest rate of 4.5%/year as well as overnightrate, and deposit rate at the SBV to stabilizeOPERATIONS OF THE STATE BANK OF VIETNAM

suíịt tiïìn gûêi USD cuêa phaâp nhín taơi TCTD

kïí tûđ ngađy 01/01/2007, NHNN boê quy ắnh

tríìn laôi suíịt tiïìn gûêi bùìng USD ăöịi vúâi phaâp

nhín, theo ăoâ, caâc TCTD ặúơc pheâp íịn

ắnh laôi suíịt tiïìn gûêi bùìng USD cuêa phaâp

nhín theo cú chïị thoaê thuíơn

Vúâi cú chïị ăiïìu hađnh laôi suíịt nhû nïu trïn,

laôi suíịt trïn thõ trûúđng tiïìn tïơ nùm 2007

tûúng ăöịi öín ắnh Laôi suíịt trïn thõ trûúđng

tiïìn tïơ liïn ngín hađng biïịn ăöơng trong

khoaêng dûúâi 15%/nùm Laôi suíịt huy ăöơng

cuêa caâc NHTM biïịn ăöơng trong khoaêng

dûúâi 10%/nùm

* Kiïím soaât tùng trûúêng vađ chíịt

lûúơng tñn duơng

Kiïím soaât tùng trûúêng tñn duơng lađ biïơn phaâp

quan troơng, cíìn thiïịt ăïí kiïím soaât laơm phaât

vađ ăaêm baêo an toađn hïơ thöịng, chñnh vò víơy,

bïn caơnh viïơc tùng dûơ trûô bùưt buöơc, trong

nùm 2007 NHNN ăaô ban hađnh vađ triïín khai

caâc chñnh saâch, cú chïị tñn duơng, baêo ăaêm

an toađn hoaơt ăöơng kinh doanh ngín hađng

nhû chónh sûêa, böí sung cú chïị vïì caâc hònh

thûâc cíịp tñn duơng (cho vay, baêo laônh, cho

thú tađi chñnh ) ăïí thaâo gúô kõp thúđi khoâ

khùn, vûúâng mùưc, taơo ăiïìu kiïơn cho caâc töí

chûâc, caâ nhín vay vöịn ăíìu tû phaât triïín saên

xuíịt, kinh doanh; sûêa ăöíi Quy chïị giao dõch

hoaân ăöíi laôi suíịt, taơo ăiïìu kiïơn cho caâc

TCTD phođng ngûđa ruêi ro laôi suíịt trong hoaơt

ăöơng kinh doanh, ăöìng thúđi ăa daơng hoaâ

caâc dõch vuơ cung cíịp cho khaâch hađng vađ

giuâp doanh nghiïơp phođng ngûđa ruêi ro laôi

suíịt Ăöìng thúđi, NHNN ăaô thûơc hiïơn ăöìng

böơ caâc giaêi phaâp kiïím soaât tñn duơng nhû

ban hađnh caâc cú chïị sûêa ăöíi quy ắnh vïì

trñch líơp vađ dûơ phođng ruêi ro phuđ húơp vúâi

chuíín mûơc quöịc tïị, ban hađnh Chó thõ

market interest rates For the rate of USDdeposit of legal entities at credit institutionssince January 1st 2007, the SBV removed theceiling rate for USD deposits of legal entities,accordingly, credit institutions were authorized

to determine the USD deposit rate for legalentities on a negotiation basis

With the above-mentioned interest rate agement regime, interest rates in money mar-ket in 2007 were relatively stable Interbankmoney market rates fluctuated within a range

man-of less than 15% /year, deposit rates man-of merical bank fluctuated less than 10%/year

com-* Credit growth and quality control

Credit growth control is an important and essary measure to control inflation and ensurethe system safety Therefore, apart fromupward adjustments in reserve requirements, in

nec-2007, the SBV issued and implemented creditpolicies and regimes to ensure sound bankingoperations, such as the revision of mechanisms

of credit extension (loans, guarantees, financialleasing, etc.), helping to timely remove obsta-cles and shortcomings, facilitating credit access

by organizations and individuals for businessdevelopment; revising the Regulation on inter-est swap to support credit institutions in interestrate risk hedging in their business, and at thesame time divesifying services provided to cus-tomers and helping enterprises to hedge inter-est rate risks Also, the SBV implemented com-prehensive credit control measures such as theissuance of the revised Regulation on RiskProvisioning in line with international standards,issuance of Directive 03/2007/CT-NHNN toinstruct credit institutions to implement creditcontrol measures and limit margin lendingunder 3%, and strengthening margin lendingsupervision in order to ensure the safety andeffectivess of credit institution system

HOAƠT ĂÖƠNG CUÊA NGÍN HAĐNG NHAĐ NÛÚÂC