Viet Nam is attracting global bond funds that are envisioning the country’s faster economic growth and higher credit ratings on the globe, said a Japanese newspaper.
The Asahi newspaper, on March 5, ran an article by Wes Goodman, attributing such a strong attraction to the fact that investors are encouraged by the Vietnamese government's forecast of a 7% growth for the sixth straight year and the country’s accession to the World Trade Organisation (WTO).
The country’s joining the Geneva-based global largest trade body last January followed a year in which foreign investment pledges rose by 49% to 10.2 billion US$. Viet Nam ’s currency reserves swelled to 11.5 billion US$ and its benchmark stock index is up 52% so far in 2007, the highest in the world.
However, the nation is attracting so much money needed to curb “excessive exuberance” in its bond and stock markets, according to a recent report by Credit Suisse Group.
Meanwhile, JPMorgan Chase and Australia and New Zealand Banking Group both published reports last month saying Vietnam may seek to curb the amount of money that overseas investors funnel into the country to ease pressure on its currency to appreciate.
Source: VNA
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