On the evening of November 15, at the Government Office, Prime Minister Pham Minh Chinh received Mr. Paulo Medas, Head of the International Monetary Fund (IMF)'s Vietnam Macroeconomic Monitoring and Consultation Delegation within the framework of the Delegation's periodic assessment visit to Vietnam.
At the meeting, Prime Minister Pham Minh Chinh acknowledged and highly appreciated the IMF's assessments, forecasts, and policy advice on Vietnam's economic situation in 2024 and prospects and risks in 2025, as well as the delegation's recommendations for Vietnam in the coming time; prospects for the world financial and monetary situation after recent developments, as well as the impact on Vietnam. The IMF's opinions are an important source of reference information for the process of formulating macroeconomic management policies.
The Prime Minister said that in the context of the world economy still facing many risks and challenges, the Vietnamese economy, despite being greatly affected and influenced from the outside, still achieved important results.
Sharing about the outstanding results in socio-economic development in the first months of 2024 and Vietnam's major orientations in socio-economic development, especially in the fields of public investment, FDI attraction, state budget, monetary policy, fiscal policy, import and export, the Prime Minister said that Vietnam is continuing to closely monitor the world situation, respond appropriately with policies, prioritize growth, promote production and business, study to reduce lending interest rates, issue bonds to implement strategic infrastructure projects, exempt and reduce taxes, fees, charges... for businesses, manage exchange rates appropriately, control inflation well, ensure food and energy supply, diversify markets, products, supply chains, develop capital markets, build financial centers...
At the same time, Vietnam continues to restructure the economy towards rapid and sustainable growth based on science and technology, innovation, increased labor productivity, promoting three strategic breakthroughs in institutions, infrastructure, and human resources, removing institutional obstacles to mobilize development resources, renewing traditional growth drivers, promoting new growth drivers, setting higher growth targets in the coming decades, building an independent and self-reliant economy associated with proactive, active international integration, deep, substantial, and effective.
The Prime Minister highly appreciated the practical and effective cooperation between Vietnam and the IMF in recent times, including the important recommendations of the Article IV Consultation Team for Vietnam; and requested that the IMF continue to accompany and maintain dialogue activities and macroeconomic policy consultations with Vietnam in the coming time.
For his part, Mr. Paulo Medas said that the IMF recognized Vietnam's impressive development achievements in recent years, overcoming many different shocks; highly appreciated the results of 2024 when Vietnam was one of the countries with the highest growth in the world, strong exports, and good foreign investment attraction. He also appreciated the effective management policy of the Vietnamese Government, including maintaining stable inflation according to the target. These are also the foundations for Vietnam's impressive growth compared to the rest of the world. Besides, Vietnam still faces major challenges from the external environment in the coming time, such as the possibility of increasing protectionism negatively affecting the global economy, many uncertain factors affecting the financial market and making emerging countries vulnerable.
Fully agreeing with the opinions of Prime Minister Pham Minh Chinh, Mr. Paulo Medas said that investors highly appreciate and are very interested in bringing resources to Vietnam, including the bond market. Assessing that Vietnam still has large fiscal space to support economic growth, Mr. Paulo Medas recommended that Vietnam continue to proactively respond to external risks; enhance the capacity, stability and soundness of the banking system and capital market; continue reforms to increase productivity, maintain long-term, sustainable growth and control risks well; create favorable conditions for investors... He affirmed that the IMF is always ready to support and assist Vietnam.
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