Vietnam Calls for IMF’s Further Assistance

Prime Minister Pham Minh Chinh on October 3 called on the International Monetary Fund (IMF) to prioritize assistance for Vietnam.
October 05, 2022 | 10:28
Vietnam Calls for IMF’s Further Assistance
Prime Minister Pham Minh Chinh and Receiving Era Dabla-Norris, head of IMF's Article IV Consultation of the Department of Asia-Pacific. Photo: VNA

Receiving Era Dabla-Norris, head of the organization’s Article IV Consultation of the Department of Asia-Pacific, in Hanoi, Chinh 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, VietnamPlus reported.

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 programs 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.

Vietnam Calls for IMF’s Further Assistance
Prime Minister Pham Minh Chinh lauds the fund’s timely and appropriate policy measures and response over the last two years. Photo: VNA

For her part, Era Dabla-Norris congratulated the Vietnamese Government on socio-economic development achievements in 2022 and in 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 program has been carried out steadily.

IMF is optimistic about Vietnam's economic growth

Vietnam Calls for IMF’s Further Assistance
International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Photo: Reuters

The first half of this year saw a swift economic rebound as Vietnam’s pandemic restrictions eased following the adoption of a living-with-Covid strategy and a robust vaccination drive, according to an article published on the website of IMF, imf.org.

Supportive policies such as low-interest rates, strong credit growth, and the government’s Programme for Socio-economic Recovery and Development have been accompanied by strong manufacturing output and a recovery in retail and tourism activity, the article said.

The IMF has recently raised Vietnam's growth forecast to 7% this year, lifting it by a full percentage point from three months earlier and the only significant upward revision among major Asian economies.

The fund lowered the projection for next year by 0.5 percentage points to 6.7%, but that still contrasts with dimming prospects elsewhere and would be the fastest pace among Asia’s major economies.

By way of contrast, growth estimates for Asia were lowered to 4.2% and 4.6% for this year and next in the IMF’s latest World Economic Outlook Update, the article noted.

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