Vietnamese PM meets IMF Resident Representative, emphasizes economic reform and sustainable growth

Prime Minister Le Minh Hung met with the new Resident Representative of the International Monetary Fund (IMF) to exchange views on Viet Nam's economic development strategy and cooperation with the IMF. The Prime Minister thanked the outgoing Resident Representative Schmittmann for his contributions during his tenure and welcomed Jamaludin to his new role. Highlighting the resolution adopted by the Communist Party of Viet Nam Central Committee on renewing the country's development model, he described it as a "historic turning point" and emphasized the need for comprehensive and structural reforms to achieve the goal of becoming a developing country with modern industry and upper-middle-income status by 2030, and a developed, high-income nation by 2045. PM Le reaffirmed the Government's commitment to promoting economic growth while maintaining macroeconomic stability and safeguarding the safety and soundness of the financial and banking system. He stated that Viet Nam will strengthen fiscal discipline and continue developing its capital market to gradually reduce the economy's reliance on bank credit, stressing that the country will not trade macroeconomic stability or financial security for short-term, unsustainable growth. He also noted the progress in improving the legal framework, expected to be considered and adopted by the National Assembly, aiming to bring it closer to international standards. This will enhance the transparency, safety, and attractiveness of the investment and business environment, strengthening the confidence of domestic and international investors and partners. Expressing the importance placed on the IMF's assessments and policy recommendations, the Prime Minister conveyed his hope that during Jamaludin's tenure, substantive cooperation will be deepened, policy dialogue maintained, and practical advice provided to support Viet Nam's rapid and sustainable development. Former Resident Representative Schmittmann praised the strong partnership between Viet Nam and the IMF, noting that the country has maintained impressive economic growth, effectively weathered external shocks, and implemented significant reforms in areas critical to long-term development. He commended Viet Nam's strategic focus on science and technology, innovation, and digital transformation, while pointing out that there is still room to accelerate growth through a well-coordinated mix of fiscal, monetary, and other macroeconomic policies. IMF fully supports Viet Nam's ambition for double-digit economic growth and will continue to provide policy assessments and recommendations, particularly in monetary and banking policies, he affirmed. Jamaludin expressed his impression of Viet Nam's aspiration for double-digit growth, stating that the country has entered a new stage of development with promising prospects, and pledged that the IMF will continue to accompany and support Viet Nam in achieving its long-term development goals./.