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Impacts of International Oil Price Changes on Vietnam’s Economy - An Input-Output Study

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  • Nguyen Van Chung

Abstract

In this paper we investigate the impacts of international oil price changes on Vietnam’s economy by using an input-output analysis. The goals of our study are: 1. establishing a price sub-model and output sub-model in the input-output analysis framework; 2. analyzing impacts on both price and output sectors. The result shows that impact in the long run is much higher than in the short run. While the 10% increase in petroleum prices experiences negative results, the 5% increase in prices shows a positive effect, implying that a small change in oil prices may enjoy resource reallocation efficiency. In the short run the manufacturing sector will suffer if electricity and public utility prices reflect a 10% increase in oil prices.

Suggested Citation

  • Nguyen Van Chung, 2014. "Impacts of International Oil Price Changes on Vietnam’s Economy - An Input-Output Study," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(4), pages 432-439.
    • Handle: RePEc:asi:aeafrj:v:4:y:2014:i:4:p:432-439:id:1169
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