Letter to Business Week

Tôi vừa gửi bức thư này cho Bloomberg's Business Week về một bài báo của họ loan tin IMF có thể sẽ phải giải cứu hệ thống ngân hàng VN (link bên dưới). Mặc dù tôi rất critical với nhiều vấn đề của hệ thống ngân hàng nhưng cách đưa tin rất giật gân và không chính xác như vậy có hại không chỉ cho hệ thống ngân hàng mà còn cho toàn bộ nền kinh tế. Tôi nghĩ nhóm tác giả viết báo cáo này (đặc biệt bác Đinh Tuấn Minh) nên lên tiếng. [Update 11/09: Bác Đinh Tuấn Minh trả lời phỏng vấn VNEconomy khẳng định bài báo này đã diễn dịch không chính xác bản báo cáo mà bác ấy là tác giả.]

Dear Ms Uyen and Ms Phang,

I was very surprised to see your article "Vietnam Risks Biggest East Asia IMF Rescue Since 1990s" on Bloomberg's Business Week this morning (http://www.businessweek.com/news/2012-09-06/vietnam-risks-biggest-east-asia-imf-rescue-since-1990s-economy). The title suggests that Vietnam's banking system is on the brink of a collapse and the IMF is about to step in to fund a rescue program. You refer to a recent report to the Economic Committee of the National Assembly as your source, but the report has only one sentence referring to the IMF:

"Chúng tôi cho rằng NHNN nên hình thành một quỹ tái cấu trúc hệ thống ngân hàng được đảm bảo từ nguồn vốn tiết kiệm từ chi tiêu thường xuyên của Chính phủ hoặc từ vay các quỹ tài chính quốc tế mà Việt Nam tham gia, chẳng hạn IMF."

which could be translated as:

"We think SBV should establish a restructuring fund for the banking system which is funded by a cut from the current operating budget of the government or loans from international organisations in which Vietnam is a member, for example the IMF."

I don't see any evidence from the report that Vietnam is going to borrow from the IMF to rescue its banking system as the title of your article suggested. The above sentence is even not a recommendation to borrow from the IMF, it merely suggests the IMF as one of possible funding sources.

Note that this report clearly indicates on page 18 that the analyses, assessments, and conclusions of the report reflect the authors own opinions, not of the Economic Committee or the UNDP Project which funds the report preparation. Thus the report should be seen as an independent research, not the view or opinion of the National Assembly or the government of Vietnam.

Although your article spots on many economic issues in Vietnam, I have to say that the title is very misleading and sensationalised. Unfortunately the distorted perception that Vietnam is about to ask for an IMF rescue has spread out to other venues such as the BBC and RFA. I think Business Week needs a correction to that misleading title and a clarification update to the article.

Yours Sincerely,

Le Hong Giang


Declaration: I know some authors of the report personally but I have no connection with the above mentioned report and no interest in the banking sector in Vietnam. I also have no intention to defend the banking sector or any restructuring program by the government. This letter is my sole opinion.