IMF official says few countries match Vietnam's reform drive
Few countries have carried out reforms on the scale of Vietnam in recent years, while the Southeast Asian nation’s economy has shown impressive growth and resilience in the face of external shocks, an International Monetary Fund (IMF) official said on Tuesday.
Jochen Schmittmann, the outgoing regional resident representative for the IMF Resident Offices in Vietnam, Cambodia, and Laos, made the remarks during a meeting with Vietnamese Prime Minister Le Minh Hung in Hanoi.
Also attending the meeting was Fazurin Jamaludin, who will assume the position of IMF representative for Vietnam and Laos from August 23.
The Vietnamese premier thanked Schmittmann for his contributions during his tenure, particularly his efforts to maintain policy dialogue and connect programs on training, institution-building, and capacity development.
He said the Party Central Committee's recent third plenum adopted a resolution on renewing Vietnam's development model, recognizing that the country is at a historic turning point that calls for deep and large-scale reforms.
The structural reforms are aimed at laying the foundation for long-term development and helping Vietnam achieve its two strategic 100-year goals: becoming a developing country with modern industry and upper-middle income status by 2030, and a developed, high-income country by 2045.
PM Hung said the government remains committed to pursuing economic growth while maintaining macroeconomic stability.
He underscored that Vietnam will ensure the safety of its financial and banking system, strengthen fiscal discipline, and develop capital markets to reduce its reliance on bank credit.
The country will not sacrifice macroeconomic stability or the safety of its financial and banking system for rapid but unsustainable growth, he added.
The prime minister also spoke about the upcoming National Assembly session, which is expected to consider and pass a series of bills to further improve Vietnam's legal and institutional framework in line with international standards and practices.
The move will help make the investment and business environment safer and more attractive while strengthening the confidence of businesses, investors, and international partners, he said.
PM Hung described the IMF as a strategic policy advisory partner and a trusted companion in Vietnam's socioeconomic development.
The government values the IMF's assessments and recommendations and considers them an important source of information for policymaking and implementation, he said.
PM Hung expressed hope that during Jamaludin's tenure, the IMF office would continue to serve as an important and proactive bridge, maintain regular policy dialogue, and offer practical advice to support Vietnam's goal of rapid and sustainable growth.
Echoing the prime minister's sentiments, Schmittmann spoke highly of the strong cooperation between Vietnam and the IMF, praising the country's impressive economic growth, effective response to external shocks, and significant reforms.
Few countries have been able to carry out reforms on the scale Vietnam has in recent years, he said.
He also lauded Vietnam's key development priorities, particularly its efforts to make breakthroughs in science and technology, innovation, and digital transformation.
Vietnam still has room to further accelerate growth, particularly by ensuring effective coordination between fiscal and monetary policies and other policy measures, Schmittmann said.
He offered several specific recommendations and affirmed the IMF's full support for Vietnam's goal of achieving double-digit economic growth, as well as its efforts in the financial, monetary, and banking sectors.
For his part, Jamaludin noted that Vietnam is entering a new phase of development with promising prospects and expressed his impression of the country's ambition to achieve double-digit growth.
He said he hoped to build on the positive results of cooperation between the IMF and Vietnam during his tenure.
The IMF stands ready to remain a trusted partner and work with and support Vietnam in realizing its development goals and priorities in the coming period, Jamaludin said.
Source: Vinh Tho - Ngoc An / Tuoi Tre News
Photo: Vietnam Government Portal
