PM highlighted partnership between Vietnam and IMF

During a reception in Hanoi on June 21 for a delegation from the IMF’s Article IV Mission led by Mr. Paulo Medas, Prime Minister Pham Minh Chinh noted the practical and effective partnership between Vietnam and the International Monetary Fund (IMF), highlighting its value in policy consultations, according to a report from the Vietnam News Agency (VNA).

The PM underlined Vietnam's economic progress in the first half of this year despite global headwinds.

He said Vietnam remains steadfast in its goal of propelling growth while maintaining macro-economic stability, managing proactive, flexible and effective monetary policy in harmonious and close combination with reasonably expansive fiscal policy with specific focuses and targets.

According to the government leader, Vietnam is pursuing three strategic breakthroughs in infrastructure, institutional frameworks, and quality human resources training, which aim to address development bottlenecks, reduce logistics costs, enhance the economy's competitiveness, and meet workforce demand in the new era, especially in emerging sectors.

Acknowledging the Vietnamese Government’s economic management, particularly its handling of inflation and banking sector reforms, Mr. Medas encouraged further efforts in improving governance, fighting corruption, and attracting investment, especially in infrastructure and renewable energy.

PM Chinh concurred with Mr. Medas' suggestions, adding that Vietnam is fostering new growth areas like the digital, circular, and knowledge economies alongside traditional growth drivers such as investment, exports and consumption. He also mentioned plans for increased public investment, particularly in transportation infrastructure, alongside tax breaks and business incentives.

Expressing confidence in achieving Vietnam's 2024 and 2021-2026 socio-economic development goals, the PM suggested continued collaboration with the IMF in several areas, including updated global economic forecasts, policy advice, and technical support in economic and budget management, monetary policy, and human resource capacity building for global integration.

In reply, Mr. Medas said the IMF is willing to continue supporting Vietnam, and urged the Vietnamese Government to enhance coordination and consensus in policy making, particularly fiscal, monetary and investment policies.