On June 21, 2024, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong had a meeting with Article IV Mission of the International Monetary Fund (IMF).
An overview of the meeting
Also 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 Representative Office in Hanoi, as well as leaders of a number of entities of the SBV.
At the meeting, Governor Nguyen Thi Hong shared that, in the first months of 2024, the complicated and unpredictable fluctuations around the world had required the Government and the SBV to closely follow the international and the domestic developments in order to issue appropriate and prompt policies. Accordingly, the SBV had operated 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, contribute to the macroeconomic stability, and support the economic growth. The domestic economy has continued to show positive signs of recovery. The economic growth rate in the first quarter of 2024 is estimated to reach 5.66%, higher than the growth rates of the first quarters in the 2020-2023 period. The credit institution system is generally stable; the liquidity is maintained at a good level. It is projected that economic growth for the whole year can reach the target set by the National Assembly (6 to 6.5%).
Governor Nguyen Thi Hong speaks at the meeting
The Governor highly complimented the effective cooperation between Vietnam and the IMF over the past time, including the important recommendations of the IMF’s Article IV Mission for Vietnam, thereby contributing to the effective implementation of the monetary-fiscal policies, the macroeconomic stability, and the socio-economic development in Vietnam. The Governor requested the IMF to continue to maintain its macroeconomic policy consultations with and its support for Vietnam, on Vietnam’s journey toward innovation and sustainable development in the coming time.
Mr. Paulo Medas speaks at the meeting
Sharing about the challenges in the SBV’s policy management, Mr. Paulo Medas made high evaluation for the SBV’s efforts and achievements in controlling the inflation over the past months, contributing to maintaining a relatively high growth rate as compared to those around the world. Mr. Medas also gave specific recommendations to the SBV and the relevant Ministries and agencies on modernizing the monetary-fiscal policy management framework, maintaining the stability of the banking-financial system, etc., in order to maintain a high growth rate in the medium term. He 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 will further support the SBV and other Vietnamese authorities in building the capacity and through the policy advice in order to help Vietnam realize its sustainable development goals.
HY