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Tóm tắt

This paper examines whether and to what extent the Vietnamese economy have been suffering and is still suffering from a credit crunch in the context of its dynamic growth. The paper employs a systematic framework in the tradition of the credit view literature to assess the occurrence and the magnitude of the credit crunch considered like a major obstacle to the development of an endogenous entrepreneurship in Vietnam  By using a consistent approach based on several topics (interest rates, exchange rate, dollarization, monetary policy), the paper goes beyond macroeconomic indicators and anecdotal evidence.  The framework also allows assessing how the credit crunch affects differently across the various sectors of the economy. The main results of the study show that the credit crunch is a widespread and permanent reality in Vietnam and its negative impact affects particularly the profitability of enterprises’ productive investments Furthermore, a protracted and heavy reliance on tight monetary policy, entailing high real interest rates, appears inappropriate for restoring a long-term market confidence. Therefore, it would be desirable to consider alternative policy instruments aiming new paradigms and that do not place further stress on the banking sector and on its lending to the corporate sector.

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