On November 12, 2021, Deputy Governor Pham Thanh Ha of the State Bank of Vietnam (SBV) had a virtual meeting with the Article IV Mission of the International Monetary Fund (IMF).
Deputy Governor Pham Thanh Ha speaks at the meeting
From the side of the IMF, there was Ms. Era Dabla-Norris, Head of the IMF's Article IV Mission; Mr. Francois Painchaud, IMF Resident Representative for Vietnam and the Lao P.D.R., as well as representatives from the SBV entities.
At the meeting, Ms. Era Dabla-Norris, Head of the IMF's Article IV Mission, stated that Vietnam’s economy had recently faced a lot of difficulties due to the outbreaks of the Delta variant. However, the Government of Vietnam in general and the SBV in particular have obtained encouraging results in controlling COVID-19, maintaining the macro-economic stability and controlling the inflation. In the banking sector, the IMF made high evaluation for the SBV’s management of the monetary policy with several support measures such as reducing the bank interest rates, rescheduling the debt payments and maintaining the debt classifications, etc., thus contributing to the recovery of the business and production activities. Besides, the Mission also made some recommendations to accelerate the economic recovery and ensure sustainable development for the medium and the long terms.
An overview of the meeting
Sharing the Mission’s assessments on Vietnam's economic situation and the SBV’s management of the monetary policy, Deputy Governor Pham Thanh Ha further informed that at present, the Government of Vietnam is actively studying to formulate and implement more support policies to help with the post-COVID economic recovery, strengthening the macro-economic fundamentals towards sustainable growth.
Toward the end of the meeting, the SBV Deputy Governor expressed his sincere thanks for the cooperation of the IMF Mission, and hoped that the SBV would continue to receive assessment, research and analytic reports, as well as policy recommendations from the IMF in the future.
Le Hang