Also, certain light electronic products such as fans and lighting fixtures typically set off for export were diverted to the domestic market, which underwent a construction boom because of the economic stimulus package.
One engine for growth during the crisis was Vietnam's construction sector. Vietnam's government enacted a program of stimulus spending which emphasized public works and building projects. (the Economist, 2009, Sep 24). Vietnam's stimulus spending went a long way with regard to construction because of the cheap labor available in Vietnam. The stimulus program was successful because it provided valuable infrastructure while alleviating unemployment.
Vietnam's greatest liability in the eyes of investors, its lack of full integration with the global economy, served as its greatest protection against the effects of the global financial crisis. (the Economist, 2008, Jun. 19). With an aggressive economic stimulus program and a healthy consumer base, Vietnam was able to keep its production lines moving and maintain positive GDP growth. However, as the country transitions into a full-fledged market economy, Vietnam will be increasingly vulnerable the effects to global economic forces such as the recent global financial crisis. (Konishi, 2008, 8).
Economist Intelligence Unit (2010). Vietnam Country Forecast. The Economist. Retrieved from http://www.viet-studies.info/kinhte/EIU-VN-Country-Forecast-2010-02.pdf
Nguyen, T.C. (2009). -- Opportunities and Challenges for Vietnam in the Global Financial Crisis. Retrieved from http://www.eastwestcenter.org/fileadmin/resources/seminars/Urbanization_Seminar/HCMC_Workshop/Papers_and_Presentations/FinancialCrisisPaper_NguyenThiCanh.pdf
Konishi, a. (2008).The Global Financial Crisis: Viet Nam's prospects in 2009 and Beyond [PowerPoint Slides] Retrieved...
V not yet for victory an impressive recovery may create problems of its own. The Economist. Retrieved from http://www.economist.com/node/14506580
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The Economist (2008, Jun. 19). Flu symptoms: Is dangerous overheating contagious? The Economist. Retrieved from http://www.economist.com/node/11599015
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Vietnam Business News (2010, April 12). Vietnam: Global Economic Prospects & Challenges in Post Crisis Period. Vietnam Business News. Retrieved from http://www.allbusiness.com/economy-economic-indicators/economic-conditions-growth/14270263-1.html
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