VietNamNet Bridge - With the current national financial structure, Vietnam is safe from financial global crises, including the debt crisis in Greece.

The VN Index fell on July 1 by 1.55 points to 591.5 points. Meanwhile, the HNX-Index of the Hanoi bourse increased slightly by 0.31 points to 85.25.

Analysts commented that the stock investors, after being encouraged by the news about the lifting of the foreign ownership ratio ceiling, are worried about the Greek debt crisis which will influence economies globally.

While domestic investors tried to sell stocks on that day, foreign investors bought more than sold. The cash flow is flowing out of China because of the fear of the ‘real estate bubble’. It is going to newly emerging markets because of the Greek debt crisis.

Nguyen Tri Hieu, a renowned financial expert, noted that Vietnam does not have trade and investment relations with Greece. 

However, if the country leaves the Eurozone, the euro would lose its value while the US dollar would appreciate, which would put pressure on the dong and affect the macroeconomy.

“There might be the speculation in foreign currencies in the foreign exchange market,” Hieu warned. “If so, the real estate market and the banking sector will be affected.”

Dat Viet reported that Vietnamese export companies have suffered with export consignments to the EU. 

EU importers have asked Vietnamese businesses to lower the selling prices; if not, they will stop buying.

Lan Anh, who works for a German company, complained that she has lost VND100 million for the 20,000 euros in her coffer in the last year because of euro depreciation.

Meanwhile, Truong Van Phuoc, deputy chair of the National Financial Supervision Council, however, has reassured the public that Vietnam would be unhurt by the debt crisis.

Phuoc, while admitting that Vietnam as an economy is more deeply integrated into the world, still believes that Vietnam would be ‘safe’ under its current national financial structure.

Bui Ngoc Son, a renowned economist, also does not think the Greek debt crisis would have a big impact on Vietnam, though Greece is part of Europe, a big trade and investment partner of Vietnam.

If the euro depreciates against the US dollar, Vietnam would find it more difficult to export products.

Son does not think the debt crisis would seriously hurt the European and world economy.

The Greek debt crisis has lasted a long time and European countries have been well prepared for the worst to come, it Greece leaves the Eurozone, and will get ready to deal with the crisis.

Kim Chi