IMF forecasts Vietnam's economy will grow twice as fast as the global rate

On the occasion of attending the expanded G7 Summit in Hiroshima, Japan, on the morning of May 20, Prime Minister Pham Minh Chinh met with IMF Managing Director Kristalina Georgieva and Mr. Mathias Cormann, Secretary General of OECD (Organization for Economic Cooperation and Development).

Proposing the IMF to continue providing policy advice to Vietnam

Prime Minister Pham Minh Chinh expressed his gratitude for the IMF's support and advice on the Government's macroeconomic policy management, contributing to building policy frameworks in line with trends, accessing investment funds, and wished that the two sides would have a new phase of more effective cooperation in the face of rapid changes in the world.

Prime Minister Pham Minh Chinh asked the IMF to continue providing policy advice to the Vietnamese Government on economic management, improving fiscal and monetary tools, and restructuring finance and banking.

The IMF wants to advise on interest rates, monetary policies, and enhance the self-reliance of Vietnam's economy to cope with the crisis. Photo: Nhat Bac

The Prime Minister shared Vietnam's success, stable financial market, enhanced national brand, the value of Vietnam's National Brand has had the fastest growth rate in the world in the past 3 years, reaching 431 billion USD in 2022. In addition, Vietnam also increased 12 places in the World Happiness Report 2023.

At the meeting, the Prime Minister had a frank exchange, going straight to issues of concern to both sides, suggesting new issues in the context of continued difficulties in the world economy.

The IMF Managing Director expressed his delight at the positive results of Vietnam's economy and assessed Vietnam as a bright star in the world economic sky. This is demonstrated by the fact that Vietnam's economy has maintained stability and a positive growth rate, in the context of a volatile global economy with many risks and being heavily impacted by the Covid-19 pandemic.

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

The IMF General Director said that Vietnam's economy is forecast to grow twice as fast as the global economy and that the IMF hopes to advise on interest rates, monetary policies, and enhance the self-reliance of Vietnam's economy to respond to the crisis.

Ms. Kristalina Georgieva affirmed that the IMF and she personally strongly support and will accompany Vietnam in its development process.

OECD pledges to continue promoting exchange, cooperation and support for Vietnam

At the meeting with Mr. Mathias Cormann, Secretary General of OECD, Prime Minister Pham Minh Chinh thanked OECD for its technical support and policy advice to Vietnam and suggested that the two sides continue to promote cooperation. In the immediate future, the two sides will prepare well for the 2023 Southeast Asia Programme Ministerial Meeting.

The Prime Minister hopes that the OECD will create conditions for many Vietnamese coordinators to work at the Secretariat. The OECD can support Vietnam in implementing and adapting to new areas that require new thinking and approaches in the future, especially issues of global minimum tax, energy security, food security, climate change, knowledge economy, circular economy, etc.

The OECD Secretary-General congratulated Vietnam on its achievements in economic reform and transformation and thanked Vietnam for its positive contributions and key role in the Southeast Asia Programme.

Mr. Mathias Cormann expressed his impression of Vietnam's international role with being invited to attend the expanded G7 Summit as well as the upcoming OECD Ministerial Council Meeting in June 2023.

The OECD Secretary General pledged to continue promoting exchanges, cooperation, and support for Vietnam's economic recovery and development, especially in areas of interest to Vietnam such as: Building investment policies adapted to global minimum taxes, green economy, circular economy, etc.

The Secretary-General hopes that Vietnam will participate in the Initiative for the Forum on Carbon Reduction Methods (IFCMA) to contribute to building a standard, comprehensive approach to carbon reduction at the global level.

Thu Hang (from Hiroshima, Japan)

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