Prime Minister calls for IMF’s continued assistance for Vietnam

Prime Minister Pham Minh Chinh called on the International Monetary Fund (IMF) to prioritise assistance for Vietnam, while receiving Era Dabla-Norris , head of the organisation’s Article IV Consultation of the Department of Asia-Pacific, in Hanoi on October 3.

The host leader appreciated IMF’s precious assistance for Vietnam so far, including policy consultation, technical support, and personnel training, especially its analysis, assessment, and recommendations about economic governance amid the COVID-19 pandemic.

He also applauded the fund’s timely and appropriate policy measures and response over the last two years to help countries surmount the most trying times of the pandemic.

As Vietnam is a developing country conducting transition and still facing numerous difficulties, he asked the IMF to increase policy advice on economic governance and risk response for the Government and relevant agencies, continue providing training programmes and technical support on economic management, and actively help the country with green economy development, energy transition, climate change response, digital transformation, and the development of a digital economy and e-commerce.

The meeting between PM Pham Minh Chinh and the IMF delegation in Hanoi on October 3. (Photo: VNA)

For her part, Era Dabla-Norris congratulated the Vietnamese Government on socio-economic development achievements in 2022 and previous years, noting that the economy has continued its success in 2021 and 2022 compared to many other countries thanks to a successful vaccination campaign, strong and effective solutions taken by the Government, and the bases and stepping stones formed before the pandemic.

Speaking highly of Vietnam’s monetary and fiscal policies, she held that the harmonious combination of policy tools has helped the Government control inflation, and that the socio-economic recovery and development programme has been carried out steadily. IMF predicted Vietnam’s 2022 GDP growth at some 7 - 7.5% and inflation lower than the ceiling target of 4% as well as in other countries in the region and the world. Besides, production and business activities are bouncing back strongly and widely.

This is what the fund hasn’t seen in other economies, she said, noting that there are grounds to believe that the economic panorama is generally positive despite external shocks. If solutions are properly implemented, Vietnam is completely able to weather a difficult 2023 and head towards a more positive 2024. Basic factors are solid and investors still put their trust in Vietnam, according to Era Dabla-Norris.

At the meeting, the IMF representative also raised many recommendations, including combining macro-policies in a prudent, concerted, unanimous and consistent manner, properly implementing policy marketing to manage risks and mitigate policy selection’s impacts, and properly carrying out the recovery and development programme. PM Chinh said the Vietnamese Government and related agencies will continue considering the recommendations to apply them to governance activities.