Vietnam's economic recovery on right track after pandemic: IMF

Vietnam’s economic prospects in the post-pandemic period are bright, especially with the upcoming recovery program.

Prime Minister Pham Minh Chinh in an online meeting with Deputy Managing Director of the International Monetary Fund (IMF) Antoinette Monsio Sayeh. Source: VGP

Deputy Managing Director of the International Monetary Fund (IMF) Antoinette Monsio Sayeh shared the view during an online meeting with Prime Minister Pham Minh Chinh on May 16, expressed her delight at the strong progress in the Vietnam-IMF partnership.

The IMF’s executive highlighted Vietnam’s efforts in containing the pandemic and considered the effective vaccine campaign a key factor for the country’s speedy economic recovery.

Prime Minister Chinh welcomed IMF’s support for Vietnam in accessing vaccine supply, finance resources, and policy consultation during the socio-economic development.

According to Chinh, the country is now driving economic recovery after containing the pandemic.

The upcoming socio-economic recovery package, estimated at US$15.4 billion or 4% of the GDP, would consist of five components, including economic reopening with a focus on higher healthcare capabilities; ensuring social welfare and job security; supporting businesses recovery; promoting infrastructure development; and improving legal institution and business environment.

Chinh called for the IMF to continue supporting Vietnam in realizing the five-year socio-economic development plan (2021-2025) and the 10-year plan (2021-2030).

“Vietnam considers IMF a key partner in pursuing the goal of becoming an upper-middle-income country by 2030, and high-income country by 2045,” he said.

In the short term, Chinh expected IMF’s assistance in stabilizing macro-economic conditions; developing a sustainable and transparent capital market; containing inflation; promoting logistics development; digitalization; supply chain diversification; and climate change adaptation.

Prime Minister Pham Minh Chinh rings the closing bell at the NYSE.

On the same day, Chinh visited the New York Stock Exchange (NYSE) and rang the closing bell of the session.

Chinh expressed his thanks for the warm welcome from NYSE leaders and said he was seeking expertise from the stock exchange in promoting an effective and sustainable development of Vietnam’s stock market.

Prime minister Chinh visits the NYSE.

“This would lay the foundation for a sustainable partnership between NYSE and its partners in Vietnam, contributing to the Vietnam-US comprehensive partnership,” he added.

Signing ceremony between NYSE and Vietnamese partners.

On this occasion, the prime minister witnessed the signing of cooperation agreements in the fields of finance and banking between partners of Vietnam and the US, including a memorandum of understanding (MoU) between the State Securities Commission of Vietnam and the NYSE on assisting the former in the process of upgrading market status.