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Finance & Development
A quarterly magazine of the IMF
September 2008, Volume 45, Number 3

Country Focus


Greater integration with the global economy enabled Vietnam to grow rapidly, but also brought massive capital inflows, which fueled a credit boom that has led to overheating of the economy.

Domestic demand

Increase in credit

Capital inflows

Fiscal deficit


Current account deficit

Andreas Jobst is an Economist in the IMF's Monetary and Capital Markets Department.