financial crisis was unlikely to happen in the next few years but Vieät Nam needed to prepare itself for a slowing global economy, former Deputy Prime Minister Vuõ Khoan said on Wednesday.
Khoan told a conference on Vieät Nam's reform and development there had been no signs of a depression among the world's big economies though they had shown signs of slowing recently.
"After the last global financial crisis in 2008, the world has developed defensive tools against the risks. The world predicted another crisis on a 10-year cycle, but it is unlikely another will happen in 2018," he said.
"In the next 12 years, there will be no certainties that the world won't undergo any crises as what we are encountering now are trade competitiveness and monetary tensions, which could be volatile and unpredictable," Khoan said.
Trade competitiveness, which referred to tensions between China and the US, would go up and down over the next few years and would be shaped depending on each country's security, political and geographical conditions, Khoan added. VNS