The IMF wishes to advise on interest rates, monetary policy, and improve the autonomy of the Vietnamese economy to cope with the crisis. Photo: Nhat Bac

On the occasion of the expanded G7 Summit in Hiroshima, Japan, on the morning of May 20, Prime Minister (PM) Pham Minh Chinh had a meeting with IMF Managing Director Kristalina Georgieva, Mathias Cormann, secretary general of the OECD (Organization for Economic Co-operation and Development).

Requesting IMF to continue providing policy advice to Vietnam

PM Pham Minh Chinh expressed his thanks to the support and advice of the International Monetary Fund (IMF) on the administration of the Government's macroeconomic policies.

It contributed to the development of trend-appropriate policy frameworks and access to investment funds. He wished the two sides to have a new phase of cooperation that is more effective with the rapidly changing world.

Chinh asked the IMF to continue providing policy advice to the Government of Vietnam on economic management, perfecting fiscal and monetary tools, and financial-banking restructuring.

He also shared about Vietnam's success, stable financial market, and enhanced national brand. Vietnam National Brand value has the fastest growth rate in the world in the past 3 years, reaching US$431 billion in 2022. In addition, Vietnam also rose 12 places in the 2023 World Happiness report.

At the meeting, Chinh had a frank exchange of issues of concern to both sides, suggesting new problems in the context of the difficult world economy.

The IMF's Managing Director expressed her delight at the positive results of Vietnam's economy and assessed Vietnam as a bright star in the world economic sky.

That is reflected in the fact that Vietnam's economy remains stable, with a positive growth rate, in the context of strong fluctuations in the global economy, along with many risks, and is heavily affected by the Covid-19 pandemic.

Kristalina Georgieva appreciated Vietnam's socio-economic management policy, early control of the Covid-19 pandemic, quick transition to opening the economy. The Government's implementation of a flexible, timely and effective monetary policy is appropriate, helping Vietnam maintain its growth momentum in the recent difficult context.

The Managing Director of the IMF said that it is forecasted that Vietnam's economy will grow twice as much as the global economic growth. The IMF wishes to advise on interest rates, monetary policy, and improve the autonomy of the Vietnamese economy to cope with the crisis.

She affirmed that the IMF strongly supports and will accompany Vietnam in the development process of Vietnam.

The IMF Managing Director said that Vietnam is a bright star in the world economic sky, the economy remains stable and the growth rate is positive.

OECD committed to promoting exchange, cooperation and support for Vietnam

At the meeting with Mathias Cormann, OECD secretary general, PM Pham Minh Chinh thanked the OECD for technical assistance and policy advice to Vietnam and suggested the two sides continue to promote cooperation.

The OECD can support Vietnam in implementing and adapting to new areas that need new approaches in the future, especially the global minimum tax, energy security, food security, climate change, knowledge economy and circular economy.

OECD Secretary General congratulated Vietnam on the achievements of economic reform and transformation. He thanked Vietnam for its contributions and key role in the Southeast Asia Program.

Mathias Cormann expressed his impression of Vietnam's international role with the invitation to attend the expanded G7 Summit as well as the OECD Council at Ministerial Level in June 2023.

He l pledged to continue promoting exchanges, cooperation, and supporting Vietnam in economic recovery and development, especially in areas of interest to Vietnam such as building investment policies adapted to the global minimum tax, green and circular economy.

The OECD secretary general, hoped that Vietnam will join the Inclusive Forum on Carbon Mitigation Approaches (IFCMA) to contribute to building a standard, holistic approach to carbon reduction at the global level.

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