On November 21, 2024, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Tien Dzung had a meeting with the Article IV Mission of the International Monetary Fund (IMF).
Deputy Governor Pham Tien Dzung speaks at the meeting
Attending the meeting, there was Mr. Paulo Medas, Head of the IMF’s Article IV Mission; Mr. Jochen Schmittmann, IMF’s Resident Representative for Vietnam, the Lao P.D.R. and Cambodia, other members of the IMF’s Article IV Mission, and officers from the IMF’s Resident Representative Office in Hanoi, as well as leaders of a number of entities under the SBV.
Sharing about the SBV’s management activities, Deputy Governor Pham Tien Dzung said that, in 2024, although there have been many uncertainties and unpredictable fluctuations around the world, the Government of Vietnam and the SBV have closely monitored the international developments to make timely and effective policy responses.
Accordingly, on the SBV’s side, in 2024, the SBV had continued to operate the monetary policy in a proactive and flexible manner in close coordination with the fiscal policy and other macroeconomic policies in order to control the inflation, contributing to the macroeconomic stability and supporting the economic growth.
Deputy Governor Pham Tien Dzung highly appreciated the important recommendations of the Article IV Mission for Vietnam, which would certainly help Vietnam to effectively implement the monetary-fiscal policies, maintain the macroeconomic stability, and promote the socio-economic development in Vietnam.
The SBV Deputy Governor also proposed that the IMF continue to maintain its macroeconomic policy consultations with Vietnam, as well as further support Vietnam on the country’s journey toward innovations and sustainable development in the coming time.
Mr. Paulo Medas, Head of the IMF’s Article IV Mission
About the challenges faced by the SBV in its policy management, Mr. Paulo Medas highly complimented the SBV’s efforts and achievements in controlling the inflation over the past months, contributing to maintaining a relatively high economic growth rate.
The participants at the meeting
The Head of the IMF’s Article IV Mission also recommended that Vietnam’s macroeconomic management should focus on the risk management in the coming time. Mr. Medas also gave specific recommendations to the SBV, as well as the relevant Ministries and agencies on modernizing the monetary-fiscal policy management frameworks, maintaining the stability of the banking-financial system, developing the capital markets, and conducting the structural reforms to maintain a high economic growth rate in the medium term.
The Head of the IMF’s Article IV Mission affirmed that the IMF would continue to support the Government and the SBV in the process of planning and implementing the macroeconomic policies in the coming time, and would further support the SBV and other Vietnamese authorities through the capacity building activities and the policy consultations in order to help Vietnam realize its sustainable development goals.
HY