World Bank warns Vietnam on economy
The World Bank has warned Vietnam that its economic growth next year will be
much slower than expected unless it implements urgent reforms.
The Bank's representative in Hanoi, Andrew Steer, said Vietnam had to
dismantle export barriers and adopt a more flexible exchange rate policy if
it was to compete with South-East Asian countries which have devalued their
currencies.
Mr Steer's remarks came a day before the Vietnamese national assembly is due
to resume debate on new banking laws.
Correspondents say confidence in the banking system has been hit recently by
the Central Bank's haphazard handling of foreign exchange, and by bad
lending by other state banks.
BBC - Nov 21, 1997
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