Vietnam's stability gets rude $24 bln shock [Reuters]
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Source: Reuters
SINGAPORE, April 18 (Reuters Breakingviews) - Companies derisking their supply chains from China have rushed to Vietnam, but their new stomping ground may not offer much more in the way of stability. The Southeast Asian country's central bank has provided an “unprecedented” $24 billion of “special loans” to Saigon Joint Stock Commercial Bank between October 2022 and the start of this month, Reuters reported on Wednesday, citing documents and a source. At around 5.6% of GDP, that's not far off the outlay major governments on average spent rescuing lenders during the global financial crisis. The fallout from the latest lifeline will ripple through boardrooms around the world. Authorities appear to have struggled to stem a run on SCB despite taking it under its supervision 18 months ago. Often such direct intervention is enough to restore confidence in emerging and frontier markets. Not here in one of the world's fastest-growing economies, whose government has set a 6%-6.5% growth tar
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