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Tuesday, November 29, 2022

PM seeks IMF support for Vietnam’s transitional economy

The Saigon Times

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HCMC – Prime Minister Pham Minh Chinh has requested the International Monetary Fund (IMF) to prioritize support for Vietnam during the country’s transitional process.

Speaking at a meeting with Era Dabla-Norris, a Division Chief of the IMF’s Asia and Pacific Department, in Hanoi on October 3, PM Chinh said that a post-war Vietnam is still facing challenges during its transitional process to green growth.

Chinh expected the IMF to aid Vietnam with green economic development, energy transition, digitalization, climate change adaptation and e-commercial growth, the local media reported.

The Government leader also proposed the IMF enhance its policy advisory support to help Vietnam develop the economy and respond to risks, and continue providing Vietnam with training and technical support for economic management.

Speaking of the nation’s economic development, the prime minister said the economy is bouncing back after the Covid pandemic was brought under control. The nation’s gross domestic product between January and September grew by 8.83% year-on-year.

However, Vietnam is forecast to face more difficulties than opportunities in the coming months due to rising prices of input materials, high inflationary pressure, shrinking demands in major importing markets, and global interest rate hikes.

Norris highly valued Vietnam for the country’s efforts in curbing the spread of the pandemic thanks to fast vaccinations and strong Covid measures, leading to its strong economic recovery.

She also praised the country’s fiscal and monetary policies, especially fee and tax support programs to ease burdens on households and enterprises.

Echoing the prime minister’s view, she said that the current global situation is challenging and might hinder Vietnam’s economic recovery pace.

The IMF representative suggested Vietnam should adopt and combine macro policies carefully and synchronously, and effectively implement the economic development and recovery program.

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