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THIS SEPTEMBER PREPARED

This report supplements the findings of an economic reconnaissance mission which the Bank sent to the Republic of Viet Nam in May, 1973 and which issued its report (No.

198 A-VN) on September 28, 1973.

The present report was prepared by a mission that visited Viet Nam in the latter part of November, 1973.

It deals with the shorter run problems and prospects of the country whereas the former mission focused on the effects of the long period of hostilities on the structure of the economy and particularly the displacement of population.

ii.

A striking feature of the Vietnamese economy is the heavy reliance of both the balance of payments and the Government budget on external financing.

Since only a portion of the local currency counter- part of foreign aid is used for budgetary purposes the balance of payments is more dependent on foreign assistance than the budget.

For example in 1973 the counterpart of foreign assistance financed onlv 27.

5 Dercent of the central Government budget expenditures but 67.

5 percent of imports (58 nercent of all current external navments).

iii.

Th.

, broad cnnclusion of this renort is that given the level of intermittent military activity that prevailed during the early part of 1973 (but whirh anneared to be intensifvyna when the misston was in Sajeon in late November) it seems reasonable to conclude that Viet Nam can be a viable state with a modest reconstrut-tinn program and a gradtial reduction in the present heavy absorption of human and physical resources in the nl 1 itarv.