Governor Nguyen Thi Hong poses for a photo with the IMF’s Article IV Consultation team. (Photo: SBV)
On June 24th, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong received and worked with the International Monetary Fund’s (IMF) Article IV Consultation team as part of their regular 2025 mission to Vietnam. The two parties discussed macroeconomic conditions, monetary policy management, and key policy recommendations amid a global economic environment fraught with risks.
At the meeting, Mr. Paulo Medas acknowledged the context of rising global economic uncertainties, marked by escalating trade tensions and heightened volatility in international financial and capital markets. These factors, according to Mr. Paulo, could significantly impact the growth and stability of many countries, including Vietnam. In this context, he commended Vietnam’s positive economic performance in the first half of 2025, characterized by robust growth and well-managed inflation.
The IMF also expressed positive assessments of the institutional reforms being implemented by the Vietnamese government, particularly the priority given to developing the private sector, accelerating public investment disbursement, and administrative reforms. These foundations are crucial for Vietnam to enhance productivity, strengthen competitiveness, and create room for mid-term economic growth.
Given the increasing external uncertainties and risks, the IMF recommended that policies should focus on maintaining macroeconomic stability while pursuing economic structural reforms, strengthening the financial system, modernizing the policy framework, and improving the business environment.
Governor Nguyen Thi Hong emphasized the SBV’s proactive and flexible approach to monetary policy management, providing timely liquidity support to the credit institution system. This has contributed to inflation control, macroeconomic stability, and facilitated business access to credit. Simultaneously, the Government and ministries have been implementing synchronous solutions to remove obstacles for businesses, promote public investment disbursement, and stabilize the domestic market. They are also committed to streamlining the apparatus, reforming administrative procedures, promoting science and technology, boosting the private sector, and investing in infrastructure to lay the groundwork for sustainable growth.
The two sides agreed to strengthen cooperation and policy dialogue, promote expert exchanges, and provide technical support in the future, contributing to Vietnam’s macroeconomic development goals.
Concluding the working session, the Governor expressed her appreciation for the collaboration with the IMF’s Article IV team and looked forward to receiving the Fund’s assessment reports, analytical studies, and policy recommendations in the future.
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