IMF discusses continued assistance for Vietnam in policy consultation

(MPI) - Deputy Minister of Planning and Investment Tran Duy Dong held a reception in Hanoi on June 21 for a delegation from the International Monetary Fund (IMF)'s Article IV Mission led by Paulo Medas.

At the working session. Photo: MPI

Deputy Minister Dong spoke highly of substantive and effective cooperation between Vietnam and the IMF, particularly with the Ministry of Planning and Investment (MPI), in policy consultation activities and sharing insights on Vietnam's economic situation and monetary and fiscal policies.

The deputy minister noted that despite numerous risks and challenges impacting the global economy in the early months of 2024, Vietnam has achieved significant and comprehensive results across all sectors.

Total import-export turnover rebounded, reaching 305.53 billion USD in the first five months of this year, up 16.6% compared to the same period last year. The Consumer Price Index (CPI) increased by 4.03% in the first five months compared to the same period last year, while core inflation rose by 2.78%.

Deputy Minister Dong expressed gratitude for the IMF's insights and evaluations on economic prospects and macroeconomic policy advisories for Vietnam. He also shared some of the Vietnamese government's priorities and orientations in controlling inflation, mobilizing resources for high-quality human capital investment, developing enterprises, and continuing to refine and make transparent certain laws such as the Land Law and the Law on Credit Institutions.

He proposed the IMF to continue sharing and regularly updating forecasts on the global economic situation, advising on macroeconomic policies for Vietnam, and maintaining technical support activities.

Medas, for his part, thanked the MPI for closely coordinating with the Article IV Mission to provide information on Vietnam's socio-economic situation and the government's policy management. He lauded Vietnam's socio-economic development achievements in recent years, especially in the context of current global and regional difficulties and fluctuations.

Medas recommended that Vietnam continue to improve its institutions, create a transparent business environment, strengthen anti-corruption efforts, and create incentives to attract investment, particularly in infrastructure development and renewable energy sectors.

He advised accelerating the economic restructuring process, continuing tax exemption and reduction mechanisms, and enhancing the legal framework and transparency in management activities.

He also suggested that state management agencies should enhance coordination and information sharing to create consensus in policy formulation and management, especially fiscal and monetary policies, investment attraction policies, and inflation control. The IMF will continue to support Vietnam and provide recommendations and consultations on policies suited to its development conditions./.

Bao Linh

Ministry of Planning and Investment

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