Financial turmoil
Financial turmoil
Vietnam’s economy surged in the last decade. But the lack of understanding of the market led to the rampant and inappropriate rise of the fledgling stock market and of property prices. That tumbled earlier this year, and since then the country has been on the defence. The government was incisive and effective in stabilising the banking system. All this came before the rest of the world started having trouble. It means that Vietnam has largely been protected, in part because defensive measures were already in place, but also because there is virtually no exposure to western banks which have built themselves up on bad debt.
Prayer points
- For government wisdom in the face of economic trouble and inflation.
- That people will be reminded of the value of family, integrity and unity, rather than the mindless pursuit of wealth.