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Impact of Fiscal and Monetary Policy on Economic Growth in Vietnam

Nguyen T.H., P.H. Ngo, T.V. Bui, V.S. Mai


Since 1986, after over 30 years of implementation of "Doi Moi" policy, Vietnam has become one of the world’s high-growth economies. In the 2001-2010 period, the average GDP growth rate was 7.25%. From 2010 to 2015, the growth rate was slightly reduced to 5.90%, increasing in 2016 to 6.21% and again in 2017 to 6.7%. Vietnam's economic growth target for the period of 2016-2020 is 6.5% -7.0% (other goals include economic restructuring, renewal of the current growth model, sustainable development and reduction of the state budget deficit while not exceeding the public debt ceiling of 65% of GDP). The extent of the impact of monetary and fiscal policy therefore plays a vital role in promoting economic growth in Vietnam. This study will assess the role and impact of monetary and fiscal policy on Vietnam's economic growth from 2001 to 2017, drawing policy implications for reference in planning and policy implementation for the Government of Vietnam in the near future.


Fiscal policies; Monetary policies; Economic growth, Doi Moi, Vietnam

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