IMF Fully Supports Vietnam's Double-Digit Growth Target

On July 28, at the Government Headquarters, Prime Minister Le Minh Hung received Mr. Jochen Schmittmann, the outgoing Resident Representative of the International Monetary Fund (IMF) Office in Cambodia, Laos, and Vietnam, and Mr. Fazurin Jamaludin, the successor Resident Representative of the IMF in Vietnam and Laos starting from August 23, 2026. At the meeting, Prime Minister Le Minh Hung expressed his gratitude to Mr. Jochen Schmittmann for his contributions during his tenure, especially in maintaining policy dialogue and connecting training programs and capacity building. He congratulated Mr. Jochen Schmittmann on his new assignment and Mr. Fazurin Jamaludin on his trusted appointment by the IMF as Resident Representative in Vietnam and Laos. Informing about the recently passed Resolution of the Third Central Committee on renewing Vietnam's development model, the Prime Minister emphasized that the Government clearly recognizes this as a historic turning point, demanding deep, large-scale, and structural reforms to create a foundation for long-term development, aiming for two strategic goals: by 2030, to become a developing country with modern industry and high average income; and by 2045, to become a developed country with high income. Sharing information on Vietnam's socio-economic situation and key policy directions, the Prime Minister stressed the consistent viewpoint of the Vietnamese Government: to steadfastly promote growth on the foundation of macroeconomic stability and the safety of the financial and banking system. This includes strengthening budget discipline and developing the capital market to gradually reduce the economy's dependence on bank credit. Vietnam will absolutely not trade macroeconomic stability and the safety of the financial and banking system for short-term, unsustainable hot growth. The Prime Minister also shared about the upcoming National Assembly session, where a series of draft laws will be considered and passed to further perfect institutions, build a transparent legal system in line with international standards and practices, enhance the safety and attractiveness of the investment and business environment, and consolidate the confidence of businesses, investors, and international partners in Vietnam's stable and sustainable development prospects. The Prime Minister stated that for Vietnam, the IMF is a strategic policy advisory partner and a reliable companion in socio-economic development. The Vietnamese Government acknowledges the IMF's assessment reports and recommendations, considering them important consultative information in policy formulation and implementation. The Prime Minister expressed his hope that during Mr. Jamaludin's new term, the IMF Office will continue to play its role as an important and active bridge, contributing to further consolidating and developing practical and effective cooperation, maintaining regular policy dialogue, and providing practical consultation to contribute to Vietnam's goal of rapid and sustainable growth. For his part, Mr. Jochen Schmittmann highly appreciated the good cooperation between Vietnam and the IMF in recent times. He noted that Vietnam's economy has achieved a very impressive growth rate, has managed and responded very well to external shocks, and has implemented many reforms in very important areas for long-term growth and development. He stated that not many countries have been able to undertake such reforms as Vietnam has in recent times. Mr. Jochen Schmittmann also highly valued Vietnam's important orientations, especially breakthroughs in science and technology development, innovation, and digital transformation. He believes that Vietnam still has room to continue promoting growth through the harmonious coordination of fiscal policy, monetary policy, and other solutions, which will both support growth and contribute to maintaining macroeconomic stability. Sharing some specific recommendations, he affirmed that the IMF fully supports Vietnam's double-digit growth target and will continue to share assessments and recommendations on Vietnam's economic outlook and policies, including issues related to the financial-monetary and banking sectors. The successor Resident Representative, Mr. Fazurin Jamaludin, assessed that Vietnam is entering a new development phase with many prospects and expressed his impression of Vietnam's aspiration for double-digit growth. He expressed his desire to continue and build upon the positive results in the cooperation between the IMF and Vietnam during his term. The IMF is ready to continue being a reliable companion, cooperating with and supporting Vietnam in realizing its development goals and orientations in the coming time.