SUMMARY
Situation
Vietnam is being faced with extremely inflation. According to the editorial of The Economist, consumer price index of Vietnam grew up by 17.5% in the year to last April*. Continuing high inflation in Vietnam suggests the fact that the currency of Vietnam, the dong, continues devaluing especially against international key currencies, especially US dollar.
The Solution
Of course Vietnam’s government and the central bank are dealing with this situation. Especially, the government is carrying the package called “Resolution 11” in order to recover its public finance and make economy grow up more and more while dealing with inflation. Resolution 11 is a plan of public investment, which amounted to 17% of GDP in 2009. Besides high inflation, however, there are other controversial problems to be grapple in Vietnamese economy such as a “dollarization” “goldisation” and huge debt. It also should be noticed that the central-bank governor is also the member of cabinet.
Conclusion
According to the editorial, it may take time for the governments or the central bank to know what the outcome of their plan will be. However, it should not be forgotten that not only them but also the Vietnam people such as farmers are being faced with the harmful effect of inflation.
My Opinion
This article is filled with useful phrases and accurate descriptions. As for vocabulary, my favourite sentence is that “Vietnam’s government seems newly determined to douse the inflationary fires.” Using the words “douse” and “fire” helps readers imagine the situation. “World record-holder for debt creation” which is mentioned by Jonathan Anderson of UBS shows readers how huge the debt of Vietnam is very clearly. I think that these expressions are very interesting and tell readers which information is important. Someday I would like to write essays with a variety of expressions.
*Suppose you went to TESCO and bought a basketful of things for £100 just a year ago. Then, if consumer price index in Colchester rose by 17.5% in the year, you have to pay £117.5 although you only try to buy just same things. (This is a very simple example and actually Consumer price index counts not only daily necessities but also facilities and so on!)
I'm really impressed with the time and effort you're devoting to your blog, Tamami, and I think we can see the results of your work in the quality of your writing. I found this post particularly interesting because I went to Vietnam a few years ago. I remember feeling excited about being a millionaire after changing only £50 into local currency, and I was also surprised at how common it is to use US dollars in everyday transactions there. I wonder if economic data on Vietnam is skewed by the fact that there is a dollar-driven economy within the country (which is presumably "invisible" as far as banks and the government are concerned).
ReplyDeleteIf you want to make some corrections to this post, you could look at word form. Can you see what's wrong with "extremely inflation" in your second paragraph, for example?
Elsewhere in your post, you write "it seems to be consisted of". Can you see anything wrong with this expression? If not, just look up CONSIST in a good dictionary and you should get examples of suitable patterns of use.
Thank you for your comment, Mark.
ReplyDeleteTwo years ago I visited Vietnam with my friends so I also felt as if I was a millionaire like you! I never exchanged yen to dong and I paid everything for USdollar.
I looked up "consist of something" in my dictionary. It told me that CONSIST meant to be formed from two or more things or people. It also showed me the example "The buffet consisted of several different Indian dishes." So I noticed that my sentence was wrong.
However, I don't know how I should correct that sentence.
Is it correct that " it was written by a general view?"
Thank you for your advice.
I've enjoyed reading your writings on this blog very much, Tamami, as they're all very carefully and nicely written. I particularly like your example of inflation in the end.
ReplyDeleteAs for your question about CONSIST, see the following two sentences and tell us which one is correct.
1. The course I am taking consists of six components.
2. The course I am taking is consisted of six components.
I think Sandra's comment will answer your question Tamami!
ReplyDeleteMy answer is no.1.
ReplyDeleteI think I could understand!