IMF expert highlights policies motivating Vietnam’s economic growth
Illustrative photo (Source: VNA)
Effective policies applied by the Vietnamese Government have contributed to the country's positive good economic results so far this year, according to Era Dabla-Norris, Mission Chief to Vietnam and Division Chief in the International Monetary Fund (IMF)'s Asia and Pacific Department.
The first nine months of 2022 saw the fast recovery of the Vietnamese economy when COVID-19-related restrictions were removed.
The gross domestic product (GDP) in the first three quarters of this year expanded 8.83%, motivated by strong production and exports as well as the growth of retail and tourism.
Speaking to Vietnam New Agency, Dabla-Norris said that Vietnam’s inflation has stayed at a lower level than the majority of countries in the region.
Highlighting some policies that have contributed to the economic results so far this year, she mentioned the Vietnamese Government’s switching of the COVID-19 control strategy and the complete reopening of the country’s economy in March thanks to the super-fast vaccination campaign. This was the key for the resumption of economic motivations, she held.
The expert also underlined the country’s low interest rate and responsive monetary policies that have allowed businesses to return to operation, along with tax cuts to support labourers including income and environmental taxes to minimise the impacts of the global petrol price hike, and price freezes for some services, including power, healthcare and education, which have contributed to keeping inflation under control.
However, Dabla-Norris pointed to a number of challenges that Vietnam is facing, and gave a number of recommendations, especially on monetary and fiscal policies. She also welcomed the expansion of the trading band for the exchange rate recently, and advised Vietnam to maintain inflation at around 4% in 2023.
She underscored the need to maintain flexible policies and the stability of the financial system, along with the improvement of the business environment and the productivity of domestic firms as well as the capacity of labourers, and continuous economic digitalisation. Vietnam should also focus more on implementing reform policies in climate change to complete its target of net-zero emissions in 2050, she added.
In its latest global economic outlook report, the IMF predicted that the world economy will see a fall of 2.7%, while Vietnam will enjoy a growth of about 5.8%./.
Related News

Vietnam kicked off the year with a strong start in trade, exceeding US$63 billion in the first month
16:30 | 15/02/2025 Import-Export

Vietnam, Korea Customs sign AEO MRA
11:07 | 26/12/2024 Customs

Prioritizing semiconductor workforce training
09:16 | 15/12/2024 Headlines

Vietnam-Cambodia: Looking back on journey of cooperation
14:45 | 11/12/2024 Customs
Latest News

15th National Assembly concludes ninth extraordinary session
16:21 | 19/02/2025 Headlines

Party chief requests priority for sci-tech development, digital transformation
07:48 | 17/02/2025 Headlines

Monetary policy is a key factor for economic stability and growth
16:30 | 15/02/2025 Headlines

Việt Nam commits to being safe, attractive destination for investors
09:47 | 13/02/2025 Headlines
More News

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector
14:41 | 10/02/2025 Headlines

Positive economy growth forecast in 2025, but caution remains
08:24 | 10/02/2025 Headlines

Labour market to see changes in key industries
15:31 | 07/02/2025 Headlines

Prime Minister warns of possible global trade war, pushes for preparation
14:13 | 06/02/2025 Headlines

Positive economic indicators recorded in early 2025: Gov't spokesperson
14:10 | 06/02/2025 Headlines

General Secretary urges immediate return to work after Tết
14:07 | 05/02/2025 Headlines

Government holds gathering to celebrate Party’s 95th anniversary, Lunar New Year
07:54 | 04/02/2025 Headlines

Việt Nam’s manufacturing PMI slips into contraction in January
14:29 | 03/02/2025 Headlines

Party’s 95-year journey: Capitalising on great solidarity in era of nation’s rise
14:26 | 03/02/2025 Headlines
Your care

15th National Assembly concludes ninth extraordinary session
16:21 | 19/02/2025 Headlines

Party chief requests priority for sci-tech development, digital transformation
07:48 | 17/02/2025 Headlines

Monetary policy is a key factor for economic stability and growth
16:30 | 15/02/2025 Headlines

Việt Nam commits to being safe, attractive destination for investors
09:47 | 13/02/2025 Headlines

Minister of Planning and Investment outlines six strategies to boost Việt Nam’s private sector
14:41 | 10/02/2025 Headlines