On June 23, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Thanh Ha had a meeting with the Article IV Mission of the International Monetary Fund (IMF) within the framework of the IMF’s annual mission for 2025 to Vietnam. The two sides discussed about the macroeconomic situation, the monetary policy management, and several key policy recommendations in the context of a global economy with many potential risks.
An overview of the meeting
Attending the meeting, one the IMF’s side, there was Ms. Rupa Duttagupta, Deputy Director of the IMF’s Asia Pacific Department, Mr. Paulo Medas, Head of the IMF’s Article IV Mission, together with the IMF’s senior economic experts and other officers from the IMF’s Resident Representative Office in Hanoi. On the SBV’s side, there were leaders and representatives of several entities under the SBV, including: the International Cooperation Department, the Monetary Policy Department, the Forecasting and Statistics - Monetary and Financial Stabilization Department, the Department of Legal Affairs, etc.
Deputy Governor Pham Thanh Ha speaks at the meeting
At the meeting, Deputy Governor Ha shared about Vietnam's macroeconomic situation in the first half of 2025. Accordingly, Vietnam’s economy had experienced a high growth rate, the inflation had been controlled, the surplus in the trade balance had been maintained, the public investment had been promoted, and the FDI capital flows had continued to be stable. However, the economy is still facing big risks caused by the global instabilities, the impacts of the trade protectionism and the geopolitical developments.
On behalf of the IMF, Mr. Paulo Medas acknowledged the positive results of Vietnam’s economy in the first half of the year. The IMF Mission Head also suggested that Vietnam modernize its policy management framework and further improve the business environment. The IMF Mission Head also highly complimented the Government’s institutional reforms and emphasized that increasing the labor productivity is the key to achieving higher and more sustainable growth in the medium term.
According to the SBV Deputy Governor, in the coming time, the SBV would continue to closely monitor the global and domestic economic developments to operate the monetary policy in a proactive, flexible, and effective manner, in collaboration with the fiscal policy and other policies, giving priority to a strong economic growth and maintaining the macroeconomic stability, controlling the inflation, and ensuring the major balances in the economy.
In addition, Deputy Governor Pham Thanh Ha also informed the guests on the development progress of a new SBV’s Circular stipulating the identification, assessment, and control of systemic risks, contributing to the standardization of the macro-prudential safety framework.
On the IMF side, Mr. Paulo Medas appreciated the Deputy Governor's sharing. Mr. Medas asserted that the Mission would take into consideration all relevant comments in the process of finalizing the Article IV Report. The IMF Mission would also continue the dialogue and update the Report in accordance with the actual situation.
Towards the end of the meeting, Deputy Governor Pham Thanh Ha thanked the IMF’s Mission for their close coordination with the Vietnamese authorities in the process of discussing about and assessing the macroeconomic situation. The Deputy Governor hoped that the IMF would continue to support Vietnam by providing its intensive assessment reports, thematic analyses, and practical policy recommendations in the coming time.
DL