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Oil price slump a rare opportunity for Vietnam's economy: experts

Friday, February 13, 2015, 18:20 GMT+7
Oil price slump a rare opportunity for Vietnam's economy: experts

As global oil prices have steadily fallen recently, many Vietnamese experts are concerned about the gloomy prospect of declining oil export turnover and reduced import tariffs, which all badly affect state revenues.

But other experts, including economists Bui Quang Thai and Bui Trinh, look at the other side of the coin, and think that the local economy will generally benefit from the falling oil price, which will help raise more money from taxes for the state budget.

The calculations to estimate the impact of oil prices show two scenarios, the economists said in their latest research paper, which was published on the government website chinhphu.vn.

In the first scenario, declining oil prices directly reduced the costs for the economy, which led to an increase in value added in the next production cycle.

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