IMF PRAISES VIETNAM'S ECONOMIC MINDSET

The International Monetary Fund (IMF) has praised the economic mindset of Vietnam that allowed it to emerge from being “one of the poorest countries in the world to lower middle-income status.”

IMF has released its findings on Vietnam’s remarkable turn-around in the last three decades, with the recent years centered on “leaving no one behind” marked by growth averaging seven percent.

Vietnam, according to the IMF Executive Board, has posted a 2.9 percent growth during the pandemic, considered “among the highest in the world.”

Projections for this year see Vietnam experiencing a 6.5 percent growth following the government’s “decisive measures” to limit the “health and economic fallout” resulting from the effects of COVID-19.

“Early concerted efforts helped ease lockdown restrictions and contain the associated policy support package relative to other countries,” the IMF said, adding that fiscal policy focused on temporary support to firms and vulnerable households, while monetary policy was eased to maintain abundant liquidity in the banking system.

Also, the IMF commended the authorities for their decisive and comprehensive response to the pandemic, which, supported by strong fundamentals and policy buffers, has been instrumental in ensuring the economy’s resilience.

Directors noted that risks to the outlook are tilted to the downside and stressed the need for measures to limit permanent scarring and promote sustained, inclusive, and greener growth.

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