2008 in review:
Banking sector successfully controls inflation and prevents economic recession

Nhan Dan - In 2008, despite great difficulties caused by the global financial crisis, in implementation of the instructions of the government, the State Bank of Vietnam had made timely responses. Tightening monetary policy had been implemented in a flexible manner to curb inflation and stablise the macro-economy. SBV governor Nguyen Van Giau has written.

Nhan Dan - 2008 was a challenging year for Vietnam's industrial sector due to the impacts of changes in prices in the domestic and world markets as well as the global economic recession. Having overcome all the difficulties, Vietnam's industrial production in 2008 registered fairly high growth compared to 2007, contributing to export growth, reducing trade deficit, ensuring supplies of essential products, contributing to curbing inflation, stabilising the macro-economy and maintaining social welfares.

The world’s economic situation
The crisis is spreading rapidly from the financial area to the real economic area and making vigorous impact on the global economy. The US is the focal point of the crisis and its economy has been hit with the heaviest recession. The latest report by the US National Board of Economic Research (NBER) has officially confirmed that the US economy began its recession in the end of 2007 with the obvious signs being the increasing unemployment, the decreasing retail turnover, the decreasing actual revenue and the gradually weakening industrial growth index.