Prime Minister Chính Receives IMF 2024 Article IV Mission Delegation

Hanoi, The Gulf Observer: Prime Minister Phạm Minh Chính welcomed a delegation from the International Monetary Fund (IMF) on November 15, led by Paulo Medas, head of the IMF’s 2024 Article IV Mission to Vietnam. The meeting, held in Hanoi, focused on the IMF’s assessments, forecasts, and recommendations regarding Vietnam’s economic outlook for 2024 and 2025.

The Prime Minister expressed his appreciation for the IMF’s valuable analysis, emphasizing that the organization’s insights are crucial for Vietnam in shaping macroeconomic policies. He acknowledged that despite external challenges, Vietnam has achieved notable socio-economic successes, particularly in public investment, foreign direct investment (FDI), state budget revenue, monetary and fiscal policies, and foreign trade.

PM Chính outlined the government’s response to these challenges, including prioritizing growth, boosting production, and enhancing business activities. Efforts are being made to lower lending interest rates, issue bonds for strategic infrastructure projects, and provide tax and fee reductions for businesses. The government is also focused on managing exchange rates, controlling inflation, ensuring stable food and energy supplies, diversifying markets, and developing financial centers.

The Prime Minister reiterated Vietnam’s commitment to economic restructuring, emphasizing rapid, sustainable growth driven by science, technology, and innovation. The government aims to boost labor productivity and focus on three key breakthroughs: improving institutions, infrastructure, and human resources. He highlighted efforts to remove institutional barriers to mobilize development resources and foster new growth drivers to achieve higher targets in the coming decades.

Prime Minister Chính expressed gratitude for the IMF’s ongoing collaboration with Vietnam, highlighting the importance of the IMF’s Article IV Mission in providing macroeconomic policy advice and fostering dialogue. He called on the IMF to continue offering guidance in the future.

Paulo Medas, for his part, commended Vietnam for its impressive economic performance, noting that the country remains one of the fastest-growing economies globally, with robust exports and strong foreign investment inflows. He praised Vietnam’s effective macroeconomic management, particularly in controlling inflation, which has contributed to its growth amid global challenges.

However, Medas also pointed out the external risks facing Vietnam, including the rise of protectionism and uncertainties in financial markets. He emphasized that Vietnam has significant fiscal space to support its economic growth and advised the country to continue managing external risks proactively, strengthen the stability of its banking system and capital markets, and pursue reforms to boost productivity and ensure long-term sustainable growth.

The IMF official assured that the organization would continue to assist Vietnam in its economic development efforts, stressing the importance of maintaining a favorable environment for investors.