VN achieves laudable macroe-conomic stability: IMF

John Nelmes, who is leading a staff mission on the Article IV consultation from the International Monetary Fund (IMF) to Viet Nam on an annual working visit about the country’s macro-economy, made the statement during a meeting with Deputy Prime Minister Vu Van Ninh in Ha Noi on June 10.

He said that the 5.5% growth rate was a good performance in the current situation of the world economy.

In addition, the country’s foreign reserve has increased and tends to rise further in the future, laying a foundation for Viet Nam to cope with shocks from the outside, Nelmes said.

Through working with Vietnamese ministries, industries, Governmental agencies, commercial banks and the private sector, he said he realised that the Government has understood risks to the economy and regional escalating tensions, and taken appropriate solutions.

Nelmes suggested the Government focus on improving the banking system, making further steps in restructuring the State-owned enterprises, reducing the budget deficit and managing effectively public debts.

Deputy PM Ninh appreciated the IMF’s evaluations and suggestions to the economy, saying that Viet Nam is consolidating and promoting positive factors of the economy and sparing no effort to address the shortcomings in resolving bad debts and restructuring the banking system.

He also stated that the country’s conditions are different from other countries’ so solutions to address the shortcomings should be suitable with the market and the realities.

Deputy PM Ninh reiterated the Vietnamese Government’s policy on stabilizing the macro-economy and insistently boosting economic development in a long term with an appropriate growth rate.

He expressed his hope that the IMF would continue to make suggestions and grant support to the Government in addressing difficulties and developing the economy.