The Vietnam's Transition Economy and Its Fledgling Financial Markets: 1986-2003

In this paper, we analyze the context of Vietnam’s economic standings in the reform period. The first section embarks on most remarkable factors, which promote the development of financial markets are: (i) Doi Moi policies in 1986 unleash ‘productive powers’. Real GDP growth, and key economic indicators improve. The economy truly departs from the old-style command economy; (ii) FDI component is present in the economy as sine qua non; a crucial growth engine, forming part of the financial markets, planting the ‘seeds’ for its growth; and (iii) the private economy is both the result and cause of the reform. Its growth is steady. Today, it represents a powerhouse, and helps form part of the genuine financial economy. A few noteworthy points found in the next section are: (i) No evidence of financial markets existence was found before Doi Moi. The reform has generated a bulk of private-sector financial companies. New developments have roots in the 1992-amended constitution (x3.2); (ii) The need to reform the financial started with the domino collapse of credit cooperatives in early 1990s. More stress is caused by the ‘blow’ of banking deficiency in late 1990s; and (iii) Laws on SBV and credit institutions, and the launch of the stock market are bold steps. Besides, the Asian financial turmoil forces the economy to reaffirm its reform agenda. Our findings also indicate, through empirical evidences, that economic conditions have stabilized throughout the reform, thanks to the contributions of the FDI and private economic sector. Private investment flows continue to be an eminent factor that drives the economy growth.

Variations of chlorophyll-a in the northeastern Indian Ocean after the 2004 South Asian tsunami

Analysis of satellite remote sensing data has revealed changes in distribution of chlorophyll-a (Chl-a) and sea surface temperature (SST) in the Indian Ocean during the South Asian tsunami in December 2004. Chl-a data derived from Moderate Resolution Imaging Spectroradiometer (MODIS) and Sea-viewing Wide Field-ofview Sensor (SeaWiFS) images were examined for the period from 1998 to 2005. Around the epicentre of the Sumatra earthquake, the Chl-a concentrationwas found to increase prior to the main event on 26 December 2004 and then decrease during the tsunami event, while a high SST (~30-31°C) was observed in and around the epicentral region. Chl-a concentrations in the coastal waters of the Southeast Asian countries were remarkably low during and after the tsunami. Similar but relatively small variations inChl-a and SST were observed during the second earthquake on 28 March 2005. Analysis of Chl-a, SST, wind and upwelling water has provided information for understanding the changes in Chl-a concentration during the tsunami. A very large offshore phytoplankton bloom (~300 km2) appeared to the southeast of Sri Lanka about 3 weeks after the tsunami; this might have been caused by a tropical storm that could be responsible for the enhancement of nutrients. © 2009 Taylor & Francis.