Vietnam Academy Of Social Sciences

Seminar "The world 10 years after the global financial crisis 2008-2009"

24/01/2019

Within the framework of the annual research projects of the period 2016-2020, in the morning of the 10th January 2019, at no.1 Lieu Giai, Ba Dinh, Hanoi, Institute of World Economics and Politics which is under Vietnam Academy of Social Sciences (VASS) organized the seminar "The world 10 years after the global financial crisis 2008-2009"

 

Assoc. Prof. Dr. Nguyen Binh Giang presented opening remark <br> at the Seminar   Seminar panorama

Attending the seminar were Assoc. Prof. Dr. Le Van Sang, Asia-Pacific Economic Center; Assoc.Prof.Dr. Nguyen Dinh Luan, international relations expert; Assoc.Prof.Dr. Chu Duc Dung, Director of the Institute of World Economic and Politics; Assoc. Prof. Dr.  Nguyen Binh Giang, Deputy Director of the Institute of World Economic and Politics; Assoc. Prof. Dr. Cu Chi Loi, Director of Institute of American Studies; Assoc. Prf. Dr. Le Phuoc Minh, Director of the Institute of African and Middle East Studies; Assoc. Prof. Dr. Pham Quy Long, Deputy Director of the Institute of Northeast Asia Research; representatives of specialized research agencies inside and outside VASS and crowded number of officials from the Institute of World Economics and Politics.

The 2007-2008 financial crisis originated in the United States with the collapse and bankruptcy of a series of banks and investment organizations related to real estate for rent since August 2007 and peaked on September 15, 2008 with the event Lehman Brothers Holdings (USA) filed for bankruptcy after 158 years of operation; on the same date, another major US banking group, Merrill Lynch, announced its merger with Bank of America due to losses from the secondary credit crisis in the US. Lehman Brothers bankruptcy has left a huge debt of nearly $ 700 billion, causing chaos in the world financial system, dragging the global economic vehicle seriously reduced.

The recent economic crisis in the US and the West has led to the biggest power change over the past century, "for the first time in at least 300 years, we have non-Western members having level and size which are big enough to rule the world ". That is China with the great project “Belt and Road Initiative” (BRI); that is Russia with the Eurasian Economic Union (EEU); that is India with Vision and Action East, ... The emergence of these new power centers making the world more multipolar, more divided, and also becoming unstable and more unpredictable.

In the opening remarks of the Seminar, Assoc.Prof.Dr. Nguyen Binh Giang affirmed that the 2008-2009 global financial crisis had a strong impact on world economy and politics, leading to changes not only in the financial sector but also in the politics, security fields. Therefore, Deputy Director of the Institute also emphasized on the important significance in re-evaluating the world 10 years after the global financial crisis to identify outstanding issues and trends of world economy and politics, as well as the impact of this problem on the prospects of the economy and world politics in the future.

The Seminar received 05 reports from speakers (Dr. Pham Anh Tuan, Mr. Pham Hong Tien, Institute of World Economics and Politics; Dr. Nguyen Dinh Luan; Dr. Ha Thi Hong Van, Institute of Chinese Studies; Dr. Nguyen Ngoc Manh, Institute of American Research) presented about following subjects: some risks of the current global monetary and financial system; World politics - security 10 years after the global financial crisis 2008-2009 and prospects; Donald Trump (thinking and acting); Transformation of China's economic growth model after the global financial crisis; The fluctuation of the US dollar from the 2008-2009 crisis so far. Accordingly, the political position until 2030 will be different from the familiar order in the 20th century or the early years of the 21st century. The main difference lies in the balance of forces principle over the past 300 years is gradually backward. The decline in the ability of these powers to conflict and the proximity of these powers to the majority of controversial issues will lead to the formation of new alliances and links. New alliances and links will play a decisive role in resolving a kind of international conflict that has long existed.

Dr. Nguyen Dinh Luan and Dr. Pham Anh Tuan presented at the Seminar

Besides, for decades, globalization and trade liberalization are the main trends and are considered the main driving force of world economic growth. In this context, Vietnam needs to have timely, synchronous and appropriate solutions to economic policies, drastically improve the business investment environment, ensure macroeconomic stability and strengthen the resilience of the economy before the fast, continuous and difficult to forecast fluctuations of the world economy as well as the policy changes of major economies.

The seminar is a forum for academic exchange between experts and scientists to discuss more deeply about the characteristics and trends of the political economy, world security and regions formed in 10 years. Accordingly, this seminar suggests many important research orientations for officials of the Institute of World Economics and Politics in particular and for those of the International and Regional studies units under VASS in general in future.

Nguyen Thu Trang



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