Vietnam - one of Asia’s best performing economies: IMF Managing Director

Antoinette Sayeh, Managing Director of the International Monetary Fund (IMF), on January 10, urged Vietnam to maintain its performance and remain one of Asia's fastest-growing economies.

Vietnam's Prime Minister Pham Minh Chinh (right) meets Antoinette Sayeh, Managing Director of the International Monetary Fund (IMF), on January 10. Photo: VGP

Antoinette Sayeh raised the idea in talks with Vietnam’s Prime Minister Pham Minh Chinh after her working sessions with the Ministry of Finance, the State Bank of Vietnam, and other governmental agencies. 

The IMF official praised the efforts made by the Vietnamese Government, enterprises, and people to beat the Covid-19 pandemic and achieve impressive socio-economic development.

In 2022, Vietnam undertook important policies to beat adversities brought by the Covid-19 pandemic and domestic and international uncertainties and reaped upbeat results.

In 2022, Vietnam's macroeconomic factors remained stable: inflation rose by 3.15% and remained below the estimation (4%), and gross domestic product (GDP) rose by 8.02%.

The country also achieved a trade surplus of US$10 billion and contributed to global food security by exporting more than seven million tons of rice and agricultural products worth US$53 billion.

Furthermore, Vietnam’s economy in 2022 was worth some $409 billion, with a GDP per capita of $4,110.

He affirmed that Vietnam is one of the best growing economies in Asia-Pacific and that the country must underpin its growth with a good policy-making system focused on fiscal and monetary maneuver, public investment, inflation control, and exchange rate management.

The IMF managing director also hailed the partnership between Vietnam and her organization, saying it has developed and recorded amazing results in recent years.

She said that the IMF shared Vietnam's practices and experiences with other nations and pledged the IMF would provide all kinds of support to Vietnam to sustain and amplify such achievements.

For his part, Prime Minister Pham Minh Chinh thanked the IMF for supporting Vietnam in recent years, particularly during the Covid-19 pandemic.

He said that the Vietnamese Government would execute solutions to stabilize the economy, control inflation, propel socioeconomic growth, and secure major balances.

Prime Minister Chinh said that the government would also ensure that monetary policies are efficient and in line with fiscal policies, invest heavily in infrastructure development, and accelerate digital transformation, energy transition, and circular economy development.

He added that Vietnam is willing to receive and discuss the recommendations made by international organizations such as the IMF and the World Bank (WB).

IMF Managing Director Antoinette appreciated the Vietnamese government's determination and measures taken by local authorities to achieve the goal of zero net emissions by 2050, energy transition, and response to climate change.

She said the IMF is committed to providing Vietnam with technical support on such issues.

PM Chinh said that Vietnam is taking vigorous measures to refine the legal framework for the development of renewable industries.

“With the support of other nations and global financial institutions in technology, finance, administration and governance, and human resources, Vietnam expects to reap good results in both socio-economic growth and protection of the environment,” PM Chinh said.

“Climate change is a global issue, which can only be resolved on a global-scale approach and the solidarity of international communities,” he added.

PM Chinh hoped that the partnership between Vietnam and the IMF would become a role model for other nations to follow.