IMF vows to help Vietnam gain macro-economic stability

President Truong Tan Sang and IMF Managing Director Christine Lagarde

At her meeting with President Truong Tan Sang in Hanoi on March 16, IMF Managing Director Christine Lagarde said that along with support from international organisations, including the IMF, the sound development policy and internal strength of Vietnam are decisive factors for the country’s achievements in poverty reduction, curbing inflation and primary education universalisation.

She also appreciated Vietnam’s development strategy towards quality and sustainability.

Speaking of the IMF’s assistance, particularly in preferential loans and policy consultation, President Truong Tan Sang also thanked the fund’s useful assessment of the country’s economic development.

With an expected GDP growth target of around 6 percent, Vietnam will attach importance to the quality of growth, focus on bank and enterprise restructuring, developing the private sector, attracting more foreign investment, and reforming the agricultural economy.

Therefore, the country hopes to receive further IMF recommendations and assistance to help it find more preferential loans and serve its sustainable economic growth, he said.

On the same day, Mrs Christine Lagarde also had another meeting with Prime Minister Nguyen Tan Dung, who said Vietnam is speeding up reform, improving national governance capabilities and upholding democracy.

Prime Minister Nguyen Tan Dung and IMF General Director Christine Lagarde

In the foreseeable future, Vietnam will continue stabilising the macro-economy and aim to achieve 7 percent growth in the next five years, PM Dung said.

The PM also congratulated his guest on being re-elected for a five-year tenure, for the second time, and spoke highly of the IMF for its regular supervision and consultation, especially advising Vietnam on macro-economic policies, technical support and personnel training.

On the back of Vietnam’s own efforts and global support, including the IMF’s, Vietnam has scored significant achievements across diverse areas, he said, adding that amid global economic integration, Vietnam consistently pursues the goal of rapid and sustainable development, economic growth in tandem with social progress and fairness.

The host hoped for receiving further IMF support on forecasting macro-economic development trends, thereby raising the country’s stature on the international scene.

Lagarde, for her part, said the IMF is targeting technical and educational support to Vietnam.

She suggested Vietnam continue improving labour productivity and business competitiveness, and vowed that the IMF is ready to help Vietnam fulfill its development goals.