IMF pledges support for Viet Nam in mobilizing external resources for major projects

Prime Minister Pham Minh Chinh hosted a reception for IMF Deputy Managing Director Kenji Okamura in Ha Noi on September 18.

The Prime Minister stressed that Viet Nam identifies internal resources as fundamental, long-term, and decisive, while the mobilization of external resources is important and groundbreaking. This includes attracting direct and indirect investment, mobilizing support for technological cooperation, advancing institutional reform, developing human resources, and promoting smart governance.

Appreciating the increasingly close and substantive cooperation between Viet Nam and IMF, the Prime Minister affirmed that Viet Nam always values the fund's active and effective support throughout the process of innovation, opening up, and international integration. He said this support has made important contributions to consolidating macroeconomic stability, controlling inflation, promoting growth, and enhancing macroeconomic management and governance capacity.

On this occasion, the Prime Minister suggested that IMF continue providing policy advice and risk warnings for Viet Nam; strengthen cooperation, technical assistance, and human resources training; implement programs to help the Southeast Asian country adapt to new global economic conditions; and use its voice to encourage investors and donors to expand cooperation with Viet Nam.

In reply, the Deputy Managing Director expressed his admiration for Viet Nam's remarkable development, particularly in the economic field over recent years. He stated that his visit to Viet Nam aims to learn more from the country's development path while further promoting the long-standing relationship through specific, practical, and effective activities and projects.

Kenji Okamura reiterated that IMF stands ready to support Viet Nam in mobilizing external resources for major programs and projects.

On September 8, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Viet Nam.  The Vietnamese economy rebounded strongly in 2024, growing at 7.1 percent backed by robust exports, resilient foreign direct investment, and supportive policies. This momentum continued into the first half of 2025, with economic activity expanding by 7.5 percent (y/y) thanks to export frontloading, faster credit growth, and large one-off government spending. Inflation accelerated somewhat in recent months, reaching 3.6 percent y/y in June, but remains below the target. The current account surplus reached a record 6.6 percent of GDP in 2024. 

The outlook is heavily dependent on the outcome of trade negotiations and is constrained by elevated global uncertainty on trade policies and economic environment. Economic growth is projected to slow to 6.5 percent in 2025 and decelerate further in 2026 given the full year effect of the new U.S. tariffs (announced in July) and unwinding of most of the one-off 2025 government stimulus./.