Business

IMF hails Vietnam’s moves to cushion COVID-19 impacts

The Executive Board of the International Monetary Fund (IMF) has highly valued Vietnam’s policy support to cushion the impact of COVID-19 in tandem with successful maintenance of fiscal, external, and financial stability and an impressive vaccination rollout.
IMF hails Vietnam’s moves to cushion COVID-19 impacts ảnh 1A COVID-19 vaccination site in Hanoi (Photo: VNA)
Tokyo (VNA) - The Executive Board of the InternationalMonetary Fund (IMF) has highly valued Vietnam’s policy support to cushion theimpact of COVID-19 in tandem with successful maintenance of fiscal, external,and financial stability and an impressive vaccination rollout.

In a press release following a recent consultation with Vietnam, the IMF Executive Board said a recovery isunderway and high frequency indicators point to stronger momentum going into2022, with rising retail sales, industrial production, and firm entry. Growthis expected to reach 6% in 2022 as activity normalisation continues and theprogramme for recovery and development is implemented.

However, the recovery of the labourmarket is lagging as underemployment remains high. While inflation has recentlypicked up due to rising commodity prices and supply-chain disruptions, itremains well below the central bank’s inflation ceiling.

The Executive Board calledfor agile policy making, proactively adjusted to the pace of the recovery andevolution of risks.

IMF hails Vietnam’s moves to cushion COVID-19 impacts ảnh 2IMF predicted Vietnam's growth will reach 6% in 2022. (Photo: VNA)
They also underscored theneed for fiscal policy to take the lead and be flexibly adjusted to evolvingeconomic conditions. They welcomed the programme for recovery and developmentand emphasised the importance of targeting, spending efficiency, and steadfastimplementation.

The IMF executive board stressed theneed for monetary policy to be nimble and vigilant of inflationary risks. Theyalso emphasised the importance of addressing problem loans, normalisingregulatory forbearance in a timely fashion, and closely monitoring real estatesector risks.

They welcomed Vietnam's recent stepstowards greater exchange rate flexibility and monetary policy modernisation andencouraged continued efforts in this direction.

The board stressedthe importance of structural reforms to improve the business environment,enhance productivity, and boost potential growth. They also praisedVietnam’s ambitious environmental agenda and urged the translation of targets intoconcrete policy actions./.
VNA
#International Monetary Fund#IMF#economic growth#economic recovery#monetary policy#inflationary risks#fiscal policy#industrial production#updated Vietnam news#Vietnamplus#Vietnam News Agency
Follow VietnamPlus

Related News

Vietnam’s GDP expands 7.72% in second quarter of 2022

Vietnam’s GDP expands 7.72% in second quarter of 2022

Vietnam’s Gross Domestic Product (GDP) in the second quarter of this year was estimated to increase 7.72% year-on-year, higher than the growth rates in the same quarters during the 2011-2021 period, the General Statistics Office (GSO) reported at a press conference on June 29.
UOB revises up Vietnam’s 2022 GDP growth forecast to 7%

UOB revises up Vietnam’s 2022 GDP growth forecast to 7%

The Singapore-based United Overseas Bank (UOB) has revised up Vietnam’s 2022 GDP growth forecast to 7.0% from 6.5%, assuming no further severe domestic disruptions from COVID-19, and projected growth of around 7.6 – 7.8% in the second half of the year (H2).

See more

Industrial factories in Tan Uyen city, the southern province of Binh Duong (Photo: VNA)

Investors upbeat about Vietnam’s industrial property market

Investors are bullish on Vietnam's industrial property market growth on the back of the nation's strategic location, sound infrastructure, and increasing demand for industrial space, particularly industrial parks that meet green standards, according to market research.

Vietnamese Ambassador to Belgium and head of the Vietnamese Delegation to the EU Nguyen Van Thao addresses the forum (Photo: VNA)

Forum connects Vietnamese, Belgian busineses

The Vietnam-Belgian business forum took place in Brussels on October 23, offering a chance for enterprises of the two countries to introduce their products and explore new cooperation opportunities.

The expos cover over 6,000 sq.m, drawing over 210 exhibitors from 10 countries and territories. (Photo: VNA)

Hanoi hosts textile & garment, fabric garment accessories expos

The Vietnam Hanoi Textile & Garment Industry and Fabric Garment Accessories Expos 2024 (HanoiTex & HanoiFabric 2024) is taking place in Hanoi on October 23 – 25 as part of a series of international exhibitions on Vietnam's textile and garment industry.

Representatives from Vietnamese and Lao agencies, localities and businesses at the opening ceremony of the Vietnam-Laos trade fair 2024 in Xiengkhouang province. (Photo: VNA)

Vietnam, Laos step up trade, tourism promotion

A Vietnam-Laos trade fair was kicked off in Phonsavanh township in Xiengkhouang province of Laos on October 23 as part of activities to celebrate the 75th anniversary of the traditional day of Vietnamese volunteer soldiers and experts in Laos (October 30, 1949 – 2024).

Illustrative photo (Photo: chinhphu.vn)

Vietnamese goods enter US through global supply chain

The Saigon Co.op Distribution Company Limited (SCD) - a member of the Ho Chi Minh City Union of Trade Cooperatives (Saigon Co.op), and STC Natural Vina Company on October 23 held a hand-over ceremony for goods that will be exported to the US.

Vietnam’s lobsters have clawed their way back onto Chinese menus after a suspension. (Photo: VNA)

Vietnam’s lobsters claw back prominence in China

Vietnam’s lobster export to the Chinese market in January-September rose 33 folds year-on-year on the back of lower prices and stronger trade ties between the two nations, the South China Morning Post said on October 22.