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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

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