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The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. [ 1]
The economy of Vietnam is a developing mixed socialist-oriented market economy. [ 3] It is the 35th-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living.
Government control of the economy and a nonconvertible currency have protected Vietnam from what could have been a more severe impact resulting from the East Asian financial crisis in 1997. [16] Nonetheless, the crisis, coupled with the loss of momentum as the first round of economic reforms ran its course, has exposed serious structural ...
After being branded a "currency manipulator" by the United States in December for trying to keep the dong from rising in value, Vietnam is again intervening in foreign exchange markets and using ...
Currency war. Currency war, also known as competitive devaluations, is a condition in international affairs where countries seek to gain a trade advantage over other countries by causing the exchange rate of their currency to fall in relation to other currencies. As the exchange rate of a country's currency falls, exports become more ...
2.7% (2019) [ 1] The dong ( Vietnamese: đồng) ( / dɒŋ /; Vietnamese: [ˀɗɜwŋ͡m˨˩]; sign: ₫ or informally đ in Vietnamese; [ 2] code: VND) has been the currency of Vietnam since 3 May 1978. [ 3][ 4] It is issued by the State Bank of Vietnam. [ 5] The dong was also the currency of the predecessor states of North Vietnam and South ...
Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock. [2] The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure.
On September 2, 1945, at Duc Anh Ba Đình Square, Ho Chi Minh, leader of the Viet Minh organization, declared Vietnam's independence under the new name of the Democratic Republic of Vietnam (DRVN) in a speech that invoked the United States Declaration of Independence and the French Revolution 's Declaration of the Rights of Man and of the Citizen.