Bài tập dịch tiếng anh kinh tế

Translations: Vietnamese to English
Unit 1: The market capitalism
1. Doanh nghiệp và các hộ gia đình là hai yếu tố quan trọng nhất của nền KT Thị trường TBCN
mà hoạt động của chúng được điều phối qua trao đổi thị trường
2. Người tiêu dùng có thu nhập từ việc bán nguyên liệu cho cácdoanh nghiệp có thể không trực
tiếp tham gia vào quá trình mua bán.
3. Trong nền KT thị trường TBCN, các doanh nghiệp và các hộ gia đình có quan hệ phụ thuộc lẫn
nhau đều muốn thu được lợi nhuận càng nhiều càng tốt.
4. Trong nền KTTT cạnh tranh như hiện nay không hàng hoá nào, không người bán và người mua
nào là không thể thay thế.
5. Hàng hoá và dịch vụ có được là do nhu cầu của người tiêu dùng và được cung cấpbởi cácdoanh
nghiệp
Keys:
1. Business firms and households whose actions are coordinated through market exchange are two
most important units in the market capitalism.
2. Consumers whose income is derived from selling resources to business firms may not take part
directly in buying products.
3. In market capitalism, both business firms and households whose relationships are
interdependent desire to obtain as much profit as possible.
4. In the competitive market capitalism nowadays no goods, no sellers and no purchasers are not
substitutable.
5. Goods and services we use are derived from the consumers’ needs and provided by business
firms.
Unit 3: The market mechanism
1. Sự sắp xếp được tạo nên bởi sự tương tác giữa người mua và người bán để xác định giá cả và số
lượng tạo nên một thị trường.
2. Giá gạo sẽ tăng nếu mọi người cùng đổ sô đi nó. Điều này sẽ kích thích sản suất mặt hàng gạo nhiều
hơn nữa.
3. Trong thị trường điện thoại di động giá rẻ, một số lượng lớn hàng được bán ra trong khi nhà sản suất
lai muốn giảm số lượng sản phẩm, điều này sẽ tạo nên sự cân bằng giữa người mua và người bán.
4. Giá cả lao động ở Vietnam vẫn còn thấp trong khi giá cả hàng hoá tiêu dùng lại tăng lên hàng ngày.

Keys:
1. The arrangement created by the interaction among buyers and sellers to determine the price and
quantity makes a market.
2. The rice price will rise if people scramble around to buy it. This will encourage the greater
production of rice.
3. In the low price mobile phone market, a great quantity of phones is sold out while the producers
want to decrease the quantity. This restores a balance between buyers and sellers.
4. In Vietnam, wage rates of human labor are still very low while the prices of consumer goods are day
by day increasing.
Unit 8: Macroeconomics
1. KT học vĩ mô là một môn học quan trọng bởi vì nó nghiên cứu các xu hướng kinh tế tổng thể.
2. Sự thành bại của một quốc gia có thể bị ảnh hưởng bởi một yếu tố trọng tâm đó là sự thực hiện KT
vĩ mô.
3. Chính phủ đề ra nhiều chính sách quan trọng như chính sách kinh tế, CS tài khoá, CS tiền tệ để điều
tiết sự thực hiện KT vĩ mô.
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4. Hiu bit v s nh hng ca cỏc chớnh sỏch xó hi lờn nn kinh t ngy cng cao khi kinh t hc v
mụ hin i phỏt trin.
5. Cỏc cụng c ca chớnh sỏch KT v mụ bao gm CS ti khoỏ, CS TT, CS thu nhp v CS KT ngoi
hi ngy cng c ngi ta hiu rừ hn.
Keys:
1. Macroeconomics is an important subject because it studies overall economic trends.
2. The success or failure of a nation can be affected by a central factor which is the macroeconomic
performance.
3. The government establishes a lot of important policies such as economic policy, fiscal policy and
monetary policy to control the macroeconomic performance.
4. The knowledge about the affect of public policies on the economy has grown as the modern
macroeconomics has developed.
5. The instruments of macroeconomic policy including fiscal policy, monetary policy, income policy
and foreign economic policy are now better understood.

Unit 9: Fiscal and Monetary policy
1. S chi tiờu ca chớnh ph v ỏnh thu l hai thnh phn ch yu ca chớnh sỏch ti khoỏ do B
trng ti chớnh thc hin.
2. Mt nn kinh t c coi l n nh khi ngõn sỏch ca chớnh ph khụng b thõm ht hoc quỏ d
tha.
3. cỏc nc anh phỏt trin, ngõn hng trung ng thng tht cht chớnh sỏch tin t kim ch
lm phỏt khi cú s thõm ht ngõn sỏch quỏ ln.
4. T l lói cao khin cỏc doanh nghip t nhõn gp nhiu khú khn khi vay tin.
5. Lm phat l khụng th trỏnh khi nu chớnh ph c tip tc in tin trang tri cho s thõm ht ngõn
sỏch.
Keys:
1. The government expenditures and taxation are two main types of fiscal policy which is carried out
by the Ministry of Financial.
2. An economy is considered stable when the government budget doesnt have much deficit or surplus.
3. In developing countries, the central bank often restrict the monetary policy to control inflation when
there a big deficit.
4. High interest rates induce private sectors to face a lot of difficulties when borrowing money.
5. Inflation is unavoidable if the government continues to print money to finance the budget deficit.
Unit 10: GDP and GNP
1. Thực phẩm, quần áo và nhà cửa là ba loại hàng hoá và dịch vụ thiết yếu cho sự tồn tại và thịnh vợng
của con ngời ở mỗi quốc gia.
2. Giá trị tiền tệ đợc đặt lên hàng hoá và dịch vụ trên thị trờng là thớc đo tốt nhất cho sự tăng trởng
kinh tế ở mỗi quốc gia.
3. Quy mô nền kinh tế của một quốc gia là lớn hay nhỏ phụ thuộc vào tổng lợng hàng hoá và dịch vụ
đựợc sản suất nhiều hay ít.
4. Nền kinh tế phát triển bền vững là một nền kinh tế khoẻ mạnh, điều này có nghĩa là nền kinh tế đó
tăng trởng trong một thời kỳ lâu bền mà không rơi vào tình trạng suy thoái.
5. Tổng sản phẩm quốc dân khác với tổng sản phẩm quốc nội ở chỗ nó đo lờng cả những hoạt động
kinh tế ngoài quốc gia của một quốc gia.
Keys:

1. Food, clothing and housing are three essential kinds of goods and services that allow people in a
country to survive and prosper.
2. The monetary value which is put on the goods and services in the market is the best measure to the
economic growth in a country.
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3. The size of a country’s economy is big or small depends on how much the total amount of goods
and services produced is.
4. A steady growing economy is a healthy economy, which means that economy keeps growing over
a long period of time and does not fall into a recession.
5. The difference between gross national product and gross domestic product is that gross national
product measures international economic activities of a country.
Unit 13: Demand
1. Nhu cầu về một loại hàng hoá hay dịch vụ có ý nghĩa khi hàng hoá và dịch vụ đó có giá cả được
khẳng định rõ ràng.
2. ở những nước đang phát triển như VN, nhu cầu cao về một số hang hoá thiết yếu như nhiên liệu,
điện, thực phẩm là nguyên nhân đẩy giá của chúng lên cao khiến chính phủ đôi khi không kiểm
soát nổi.
3. Nhu cầu đi lại của người Vietnam là rất lớn, tuy nhiên hệ thống giao thông công cộng ở Vn chất
lượng chưa cao nên chỉ đáp ứng được một phần nhỏ nhu cầu đó.
4. Khi bạn có nhu cầu sở hữu một cái ôtô điều đó có nghĩa là bạn có đủ tiền để mua nó cũng như trả
cho các dich vụ phát sinh khi sử dụng nó.
5. Mong muốn khác với nhu cầu ở chỗ mong muốn đôi khi không thể đựoc thoả mãn do không đủ đk
tài chính.

Keys:
1. Demand for a type of good or service means that type of good or service has a clearly implied
price.
2. In the developing countries like VN, high demand for some essential goods as fuel, electricity and
foodstuffs is the cause of raising price, which sometimes makes the government hard to control.
3. Demand for travelling of Vietnamese people is really high, however, the public transport system is

still in low quality so that it only meets a small part of that demand.
4. When you have demand for your own car that means you can afford to buy it as well as to pay for
potential services when using it.
5. Desire is different from demand in such a way that desire is sometimes not satisfied due to the lack
of financial conition.
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Unit 14: Supply
1. Chúng ta có thể hiểu thuật ngữ Cung bằng nhiều cách khác nhau. Nói chung Cung có nghĩa là tổng
lượng hàng hoá và dich vụ đang tồn tại.
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2. Giá vàng ở VN tăng mạnh không phải do nguồn cung thiếu và cũng không phải do nhu cầu tăng
mà do người dân đổ xô nhau đi mua vàng.
3. Bất cứ thị trường nào cũng chịu sự chi phối của quy luật cung cầu, quy luật mà giải quyết hành vi
mua bán của những nhà sản xuất và khách hàng.
4. Người tiêu dùng VN được hưởng rất nhiều lợi ích từ sự cạnh tranh khốc liệt của các hãng cung cấp
dich vụ viễn thông vốn rất dồi dào ở VN.
Keys:
1. We can understand ‘supply’ in many different terms. In general, ‘supply’ means the total amount
of goods and services which is in existence.
2. The price of gold in VN is rising rapidly is due to neither short supply nor increasing demand but
because people rush to buy it.
3. Every market is governed by the law of supply and demand which deals with the trading behaviors
of producers and customers.
4. Customers in Vietnam benefit much from the tough competition of telecommunication providers
which are in abundance in VN.
Unit 17: Trade surpluses and deficits
1. Một quốc gia với nền kinh tế mạnh thường mang lại nhiều thặng dư thương mại. Ngược lại quốc
gia nào có nền kinh tế không định, lạm phát cao thì thâm hụt thương mại là điều khó tránh khỏi.
2. Khi bạn tiêu tiền nhiều hơn kiếm được, tài khoản của bạn sẽ ngày càng bị thâm hụt Hậu quả là
ngày nào đó bạn phải tìm kiếm những khoản vay từ những nguồn khác.

3. Tài khoản vãng lai là một thước đo bền vững cho các hoạt động thương mại của một doanh nghiệp,
nó chứng tỏ rằng doanh nghiệp đó làm ăn có lãi hay thua lỗ.
4. Kinh doanh các hàng hoá và dịch vụ vô hình như ngân hàng, bảo hiểm và du lịch là các hoạt động
kinh doanh không khói bụi và nhiều khi mang lại nhiều thặng dư thương mại.
Keys:
1. A country with a strong economy often brings about a lot of trade surpluses. In contrast, a country
having an unstable economy and high inflation is hard to avoid trade deficits./ trade deficits are
unavoidable for the country with an unstable economy and high inflation.
2. When you spend more than earn, your account deficits are increasing. One day, as a result, you
must look for loans from other resources.
3. The current account is a steady measure of trade of a business and it shows that that business’ trade
is profitable or unprofitable.
4. Trading in invisible goods and sevices like banking, insurance and tousism is non-smoked trading
activities and usually brings about many surpluses
Unit 18: How do exchange rates function?
1. Ngân hàng nhà nước VN tuyên bố rằng họ sẽ tiếp tục can thiệp trực tiếp vào thị trường ngoaị hối để
ngăn chặn một sự thay đổi lớn về tỷ giá giữa đồng VN và USD.
2. Sự sụt giá nghiêm trọng của đồng VN trên thị trường tự do sẽ ảnh hưởng lớn đến công chúng nói
chung và các doanh nghiệp nói riêng.
3. Sự lên giá của đồng USD là do nhu cầu cao về loại tiền này trong công chúng và nhất là những kẻ đầu
cơ.
4. Trong vài tuần vừa qua, khoảng cách giữa cung và cầu về tiền mặt là không quá lớn và hoàn toàn
nằm dưới sự kiểm soát của nhà nước.
5. Sự can thiệp mạnh mẽ của NHNN VN vào TT ngoại hối sẽ không những đảm bảo nguồn cung hiệu
quả về tiền tệ cho nền kinh tế đang phát triển ở VN mà còn ngăn sự tác động tiêu cực của TT lên các
tổ chức tín dụng.
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Keys:
1. State Bank of Vietnam said it will continue to intervene directly in the foreign exchange market to
prevent a big change in the US dollar – Vietnam dong exchange rate.

2. The Vietnam dong’s sharp depreciation on the free market will strongly affect the public in general
and businesses in particular.
3. The US dollar’s appreciation is due to a high demand for this kind of currency among the public
especially the speculators.
4. In the last few weeks, the gap between the demand for and supply of the cash (greenback) has not
been too large and has been completely under the State’s control.
5. The State Bank’s hard intervention in the foreign market will not only ensure the sufficient supply of
currency for Vietnam’s developing economy but prevent a negative affect of the market on credit
organizations.
Unit 22: How does inflation affect the economy?
1. Nhu cầu về năng lượng, nguyên liệu và hàng hoá tăng mạnh do nền kinh tế thế giới đã tăng trưởng ở
tốc độ cao từ năm 2004. Điều này dẫn đến giá cả tăng trên thị trường thế giới cũng như trên thị
trường nội địa.
2. Các nhà kinh tế học cho rằng lạm phát và giá cả leo thang tiếp tục là vấn đề đối với hàng hoá nội địa
trên thị trường vốn đã và đang mất lợi thế cạnh tranh với hàng hoá nhập khẩu.
3. Trong nỗ lực kiềm chế lạm phát, chính phủ tiếp tục thuyết phục người dân mua sản phẩm sản suất
tại VN. Mặt khác, tăng trưởng sản suất và xuất khẩu là vô cùng quan trọng.
4. Theo các chuyên gia kinh tế, đầu cơ là một trong những nguyên nhân khiến giá của một số hàng hoá
chủ chốt như thép, xi măng và thực phẩm cao hơn nhiều so với giá thực của nó.
5. Giới đầu cơ thường hạn chế nguồn cung hàng hoá ra thị trường và gây áp lực mạnh lên các siêu thị.
Trong thực tế có sự khác biệt lớn về giá cả giữa sản suất và phân phối sản phẩm.
6. Người dân đang trông đợi chính phủ giúp đỡ những doanh nghiệp vừa và nhỏ giảm chi phí sản suất
với mục đích giữ giá một số hàng và nguyên liệu thiết yếu ở mức có thể mua được.
Keys:
1. The demand for energy, materials and goods has drammatically increased because the world economy has
grown at a high speed since 2004. This has led to price increases in the world market as well as in the domestic
market.
2. Economists say that inflation and climbing prices continues to be a problem to Vietnamese products in the
market which have lost their compatitive advantage compared to imported ones.
3. In trying to control inflation, the government continues to convince people to buy made-in-Vietnam products

instead of imported products. On the other hand, increasing production and exporting are extremely important.
4. According to economic experts, speculation is one of factors causing to the prices of several key
commodities such as steel, cement and foodstuff to be much higher than their real prices.
5. Speculators often limite the supply of products ino the market and cause much pressure on supermarkets. In
fact, there is a wide difference in price between production and distribution stages.
6. People are looking to the government to help small and medium-sized companies reduce their input
expenses with an aim to keep the prices of essential goods and materials at affordable prices.
Unit 25: Unemployment
1. Thị trường lao động ở Vn được đặc trưng bởi tỉ lệ thất nghiệp cao ở khu vực thành thị, một tỉ lệ rất cao
về lao động nông nghiệp, một tỉ lệ thấp đáng kể về lao động kĩ năng, và một lượng lớn về lao động chân
tay.
2. Ở VN, người ta ước tính khoảng 1,5 triệu người mỗi năm tham gia vào thị trường lao động. Tuy nhiên
chỉ một nửa con số đó là tìm được công việc ổn định ở thị truờng LĐ trong nước. Vì vậy, xuất khẩu LĐ
là một trong những giải pháp tối ưu để giảm tình trạng thất nghiệp ở Vn.
3. Một trong những biện pháp khác để giảm thất nghiệp ở Vn là sự cải tiến chất lượng giáo dục với mục
đích cung cấp cho người học những kĩ năng phù hợp và những kinh nghiệm việc làm thiết thực theo như
nhu cầu của nhà tuyển dụng cũng như tính cạnh tranh của thị trường LĐ.
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Keys:
1. The labour market in Vn is characterized by a high unemployment rate in urban areas, a very high
proportion of agricultural labour, a remarkably low ratio of skill labour, and a large amount of manual
labour.
2. In Vn, it is estimated that 1.5 million people enter the job market each year. However, only half of this
number are stably employed in domestic labour market. Thus, labour exporting is one of the optimum
solutions to keep down unemployment in Vietnam
3. One of the other measures to reduce unemployment in VN is improving the quality of education to
provide learners with the apropriate skills and job experiences as demanded by employers and
competitiveness of the labour market.
Unit 26: Trade unions and wages
1. Tổng Liên Đoàn LĐ VN đóng một vai trò quan trọng trong việc đề xuất sự sửa đổi luật LĐ và

những điều lệ LĐ và thực hiện luật lao động tại nơi làm việc.
The Vietnam General Confederation of Labor has an important role in the proposal of
amendment of labor laws and regulations and implementation of labor laws at the workplace.
2. Trong thực tế tại một số công ti liên doanh với nước ngoài ở VN, công nhân bịt bóc lột và hi sinh
sức lao động cho lợi ích của một nhóm nhỏ lãnh đạo và cán bộ.
In the reality at several foreign joint-venture enterprises, the workers have been exploited and
sacrificed with their labor efforts for the benefits of a small group of leaders and cadres.
3. Sự bùng phát những vụ đình công lớn do công nhân VN gần đây đặc biệt tại những công ty nước
ngoài đã làm tăng mối quan tâm lớn trong giới quan sát quốc tế về điều kiện lao động của công nhân
VN.
The recent outbreak of massive strikes by the Vietnamese workers, especially in the foreign
enterprises has raised concerns among international observers about the working conditions of
the Vietnamese workers.
4. Một trong các nguyên nhân chủ yếu dẫn đến các cuộc đình công gần đây là lương tối thiểu không
bao giờ được thoả mãn và giải quyết triệt để.
One of the main reasons leading to recent strikes was the minimum wages that was never met or
resolved properly.
5. Lương của công nhân làm cho các doanh nghiệp đầu tư trực tiếp nước ngoài phải được điều chỉnh
dựa trên giá trị của đô la Mĩ trên thị trường và các hợp đồng thực tế đã kí giữa chính phủ VN và các
công ti này.
The salary of workers working for foreign direct investment (FDI) companies must be adjusted
basing on the current value of the US dollars in the market and the actual contracts signed
between the Vietnamese government and these companies.
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Unit 18:
Factors affecting currency trading
Although exchange rates are affected by many factors, in the end, currency prices are a result of supply
and demand forces. The world's currency markets can be viewed as a huge melting pot: in a large and
ever-changing mix of current events, supply and demand factors are constantly shifting, and the price
of one currency in relation to another shifts accordingly. No other market encompasses (and distills) as

much of what is going on in the world at any given time as foreign exchange.
Supply and demand for any given currency, and thus its value, are not influenced by any single
element, but rather by several. These elements generally fall into three categories: economic factors,
political conditions and market psychology.
Economic factors
These include economic policy, disseminated by government agencies and central banks, economic
conditions, generally revealed through economic reports, and other economic indicators.
Economic policy comprises government fiscal policy (budget/spending practices) and monetary policy
(the means by which a government's central bank influences the supply and "cost" of money, which is
reflected by the level of interest rates).
Economic conditions include:
Government budget deficits or surpluses: The market usually reacts negatively to widening
government budget deficits, and positively to narrowing budget deficits. The impact is reflected in the
value of a country's currency.
Balance of trade levels and trends: The trade flow between countries illustrates the demand for
goods and services, which in turn indicates demand for a country's currency to conduct trade.
Surpluses and deficits in trade of goods and services reflect the competitiveness of a nation's economy.
For example, trade deficits may have a negative impact on a nation's currency.
Inflation levels and trends: Typically, a currency will lose value if there is a high level of inflation in
the country or if inflation levels are perceived to be rising. This is because inflation erodes purchasing
power, thus demand, for that particular currency. However, a currency may sometimes strengthen
when inflation rises because of expectations that the central bank will raise short-term interest rates to
combat rising inflation.
Economic growth and health: Reports such as gross domestic product (GDP), employment levels,
retail sales, capacity utilization and others, detail the levels of a country's economic growth and health.
Generally, the more healthy and robust a country's economy, the better its currency will perform, and
the more demand for it there will be.
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Unit 22:
Another Answer to the Inflation Question

Inflation in Vietnam in 2007 was in the double-digits, averaging more then 12 percent for the year.
Higher input costs have led to increased prices across the board and falling production output.

Higher prices mean that people can buy less with the money they make. In response, the Government
has taken some action, such as its austerity policy regarding the financial market. Such austerity
measures are temporary and are an attempt to control inflation in the face of few options. If the current
state of affairs could be reversed (if production would increase rather than decrease), and if exports
could increase in relation to imports, all would be well once again, kind of.
But let's look at the facts. Foreign direct investment increased sharply (to more than US$20 billion) in
2007, the first year that Vietnam was a World Trade Organization (WTO) member. To absorb (and
thereby reduce) the huge influx of US dollars that suddenly came into Vietnam, the Government
bought a huge number of dollars with Vietnam dong. Not long afterwards, Dang Duc Anh, an official
from the Ministry of Planning and Investment (MPI), said that in doing this, a huge amount of
Vietnam dong was rapidly put into circulation and this in itself caused prices to increase. Vietnamese
exports are still desirable around the world because they have been getting less expensive to those
paying in euro, yen and currencies not pegged to the US dollar, which the dong is. Economists now
say that inflation and higher prices continues to be a problem and Vietnamese products will lose their
comparative advantage to the extent that the US dollar (and therefore the dong) regains its value
against the euro, yen and other currencies. This is presuming that the dollar will regain strength. It
might not, for various reasons.
The Vietnamese government's austerity policy will cause the price of imported goods to fall. This will
likely mean that more imported products will enter Vietnam - and made-in-Vietnam products will not
sell if they are not cheaper (or better) than the foreign imports. Shoppers will be looking for the lowest
price. Reduced demand for certain Vietnamese exports has resulted in falling export production.
Because of the austerity policy it will be harder for Vietnamese companies to get a loan. A trade deficit
occurs when the cost of input materials increases and both volume and price of exports does not
increase proportionately. To counter this trade imbalance in a national sense, Vietnam needs to obtain
foreign currency from some other source, like overseas Vietnamese remittance.
To stabilize the economy at the macro level, some experts suggest that the current austerity policy be
maintained. This would at least have the effect of keeping banks' outstanding loan balances from

surging and it will give the State Bank of Vietnam further options. It's been suggest that foreign
currency reserves be increased but, just about a year ago, a huge amount of US dollars was purchased,
only to see them fall in value by more than 30 percent (against the euro) since then. Having hard
currency in reserve would be extremely useful when foreign investment flows out of Vietnam for
whatever reason. The government's foreign exchange policy should remain indeterminate and the State
Bank of Vietnam should reconsider its exchange rate policy in relations to US dollars. Something
should be done to restrict the flow of foreign capital, particularly that which comes and goes quickly,
to prevent a sudden withdrawal of hard currency from Vietnam that could result in a financial crisis. A
lower exchange rate could be applied to foreign capital that is being taken out of Vietnam. That would
reduce the likelihood that foreign currency reserves will come under undue pressure. Movements of
capital in circulation should be accomplished gradually to prevent a shock within the local banking
system.
In the long and short run, increasing production and exports is very important. Government campaigns
will surely convince Vietnamese people to buy made-in-Vietnam products. But what is needed is to
produce things cheaper, to use less energy, to import less, particularly luxury items, to keep a stockpile
of essential products, to control agricultural diseases and to remove trade barriers and speed customs
clearance. People are looking to the government to help small to medium-sized companies reduce their
input expenses, to do whatever it takes to keep the prices of essential goods and materials from
climbing ever skyward, to remove all the bureaucratic roadblocks in business registration, and to help
unregistered family businesses turn themselves into real businesses./.
8
Unit 25:
Overview of the youth work and employment situation in Viet
Nam
In Viet Nam, young people aged 15-24 are experiencing a number of transitions, from childhood to
early adolescence, or early adulthood, and others. This generation of young people has great potential
to build on the socio-economic successes of the past 20 years. Although young workers formed the
economic backbone of Viet Nam's economic success throughout the decade, this is often hidden and
hardly recognized.
The young labour force has often been regarded as those without formal employment, characterized by

low productivity and poor quality. However the country's market transition has brought about
increased income opportunities for the working population of whom the majority are young people. Of
the social labour force in Viet Nam, youth aged 15-24 represented nearly 22 per cent in 2003. As a
result, their expectations and perceptions about work diverge. A good job is not just a source of
income, but also provides economic standing, self-esteem, social status and social capital. For girls,
their bargaining power in marriage and over their fertility will remain limited if they do not have a
proper income and good schooling. In addition to skills and educational achievement, the work
participation of youth has significant implications for their development.
Employment remains a major concern for young people as youth unemployment increases in Viet
Nam. According to an official data source , the current rate of youth unemployment was over 14 per
cent in 2003 with differentials by region and sex. Young people aged 15-24 find it more difficult to get
jobs than adults (25 years of age and above). Youth unemployment accounts for 45 per cent of all
unemployment in Viet Nam. For the country as a whole, youth in the labour force are twice as likely to
be unemployed than the adult population.
However, the unemployment statistics reveal only part of the problem. The large size of the youth
population and the increase in the working age population continue to put a heavy employment
pressure on society. Each year Viet Nam must create 1.5 million new jobs. The number of youth
entering the labour market is estimated at 1.4 million each year. This figure does not include those who
were unemployed the year before but did not find a job.
These young entrants into the labour market confront serious competition in finding suitable job
opportunities. In addition, there are large numbers of young adults who are leaving military service.
Many of them have not received vocational training and with few skills, face difficulties in job search.
At the heart of the problem is the quantity and quality of work available to young people in Viet Nam
today. About two-thirds (67 per cent) of youth aged 15-24 work on small family farms and in the
informal sector with much of the work characterized by low quality, underemployment, insecurity and
safety hazards. Many out-of-school youth are currently working to earn a living for their families in
low paid jobs and petty trade. Apart from low-productivity, a lack of job opportunities can have
significant social consequences. Unemployment can lead to a life of violence, drug abuse, vandalism,
and other problems. Early school leavers without regular employment may turn to risky avenues of
income and livelihoods such as prostitution and crime and find themselves at risk of HIV/AIDS and

human trafficking.
9
Unit 32: Stock market
A stock market, or (equity market), is a private or public market for the trading of company stock and
derivatives of company stock at an agreed price; these are securities listed on a stock exchange as well as those
only traded privately.
The size of the world stock market is estimated at about $36.6 trillion USD at the beginning of October 2008
[1]
.
The world derivatives market has been estimated at about $480 trillion face or nominal value, 12 times the size
of the entire world economy. It must be noted though that the value of the derivatives market, because it is
stated in terms of notional values, and cannot be directly compared to a stock or a fixed income security, which
traditionally refers to an actual value. Many such relatively illiquid securities are valued as marked to model,
rather than an actual market price.
The stocks are listed and traded on stock exchanges which are entities a corporation or mutual organization
specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and
securities together. The stock market in the United States includes the trading of all securities listed on the
NYSE, the NASDAQ, the Amex, as well as on the many regional exchanges.
The importance of stock market
Function and purpose
The stock market is one of the most important sources for companies to raise money. This allows businesses to
be publicly traded, or raise additional capital for expansion by selling shares of ownership of the company in a
public market. The liquidity that an exchange provides affords investors the ability to quickly and easily sell
securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as
real estate.
History has shown that the price of shares and other assets is an important part of the dynamics of economic
activity, and can influence or be an indicator of social mood. An economy where the stock market is on the rise
is considered to be an up coming economy. In fact, the stock market is often considered the primary indicator of
a country's economic strength and development. Rising share prices, for instance, tend to be associated with
increased business investment and vice versa. Share prices also affect the wealth of households and their

consumption. Therefore, central banks tend to keep an eye on the control and behavior of the stock market and,
in general, on the smooth operation of financial system functions. Financial stability is the raison d'être of
central banks.
Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares,
and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that
the counterparty could default on the transaction.
The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise
risks promote the production of goods and services as well as employment. In this way the financial system
contributes to increased prosperity.
Relation of the stock market to the modern financial system
The financial system in most western countries has undergone a remarkable transformation. One feature of this
development is disintermediation. A portion of the funds involved in saving and financing flows directly to the
financial markets instead of being routed via the traditional bank lending and deposit operations. The general
public's heightened interest in investing in the stock market, either directly or through mutual funds, has been
an important component of this process. Statistics show that in recent decades shares have made up an
increasingly large proportion of households' financial assets in many countries. In the 1970s, in Sweden,
deposit accounts and other very liquid assets with little risk made up almost 60 percent of households' financial
wealth, compared to less than 20 percent in the 2000s. The major part of this adjustment in financial portfolios
has gone directly to shares but a good deal now takes the form of various kinds of institutional investment for
groups of individuals, e.g., pension funds, mutual funds, hedge funds, insurance investment of premiums, etc.
The trend towards forms of saving with a higher risk has been accentuated by new rules for most funds and
insurance, permitting a higher proportion of shares to bonds. Similar tendencies are to be found in other
industrialized countries. In all developed economic systems, such as the European Union, the United States,
Japan and other developed nations, the trend has been the same: saving has moved away from traditional
(government insured) bank deposits to more risky securities of one sort or another.
10
Unit 31: What is the Capital Market?
The capital market is the market for securities, where companies and governments can raise longterm funds.
The capital market includes the stock market and the bond market. Financial regulators, such as the U.S.
Securities and Exchange Commission, oversee the capital markets in their designated countries to ensure that

investors are protected against fraud. The capital markets consist of the primary market, where new issues are
distributed to investors, and the secondary market, where existing securities are traded.
When referring to a capital market, it is important to note that the term can refer to a rather broad range of
products and services that are associated with finances and investments. To that end, a capital market will
include such components as the stock market, commodities exchanges, the bond market, and just about any
physical or virtual facility or medium where debt and equity securities can be bought or sold.
As a market for securities with a very broad reach, the capital market is an ideal environment for the creation of
strategies that can result in raising long-term funds for bond issues or even mortgages. At the same time, the
capital market provides the medium for short-term fund strategies as well. Essentially, any type of financial
transaction that is meant to result in the buying and selling of securities and commodities for profit can rightly
be considered part of the capital market.
Institutions are also part of the framework of the capital market. Stock exchanges are one of the more visible
examples of established operations that give form and function to the capital market. Along with the stock
exchanges, support organizations such as brokerage firms also form part of the capital market. Over the counter
markets are also included in the working definition for a capital market. By providing the mechanisms that
make trading possible, these outward expressions of the capital market make it possible to keep the process
ethical and more easily governed according to local laws and customs.
Because of the broad structure of the capital market, investors of all types have the opportunity to participate in
financial strategies that can strengthen the general economy as well create financial security. Persons who wish
to focus on investment opportunities that are very stable and more or less ensure a modest return can find plenty
of different offerings to choose from. At the same time, investors who tend to be more adventurous can also
find a wide array of investment types that will allow them to take some additional risk and possibly realize
larger returns on their investments. While the overall structure of the capital market may be broad, there are a
number of checks and balances that help to keep the market on an even keel, ensuring that the capital market
functions in a manner that is both ethical and legal.
11