Vietnam successfully maintains fiscal, external, financial stability: IMF

HANOI, TGO: Vietnam has successfully maintained fiscal, external and financial stability, Resident Representative of the International Monetary Fund (IMF) for Vietnam Francois Painchaud has said.

Speaking at a forecast for Vietnam’s economy in 2022-2023 held by the Economy & Forecast Review, Painchaud said Vietnam’s economy is projected to grow 6 percent in 2022 and 7.2 percent in 2023, Vietnam news agency reported.

“Inflation will rise, but it is still lower than the ceiling set by the State Bank of Vietnam of 4 percent,” the IMF representative added.

Vietnam has issued macro-economic and fiscal policies to support households and businesses affected by the COVID-19 pandemic, including those on tax reduction and expansion.

Notably, the Programme for Recovery and Development is timely and well-placed to entrench the recovery, he said, stressing that fiscal stimulation within the programme in 2022-2023 has spurred sustainable and inclusive growth.

However, Painchaud said, the recovery is uneven, explaining that since pandemic restrictions were relaxed, economic recovery has been mainly driven by the processing and manufacturing sector and export.