IMF: VIETNAM HOLDS APPEAL

The Vietnam News Agency on April 23 quoted Mr. Paulo Medas, Head of the International Monetary Fund (IMF) in Vietnam, as telling the annual meetings of the IMF and the World Bank Group (WB), held recently in the US, that Vietnam is an attractive destination for foreign investors thanks to its high, stable growth, large domestic market, and young, well-educated human resources. Despite rising geopolitical instability around the globe, he continued, Vietnam’s economy posted growth of 5.66 per cent in the first quarter of this year. Exports continue to see an upwards trend, facilitating overall growth to the end of this year. He forecast that Vietnam’s economic growth will expand nearly 6 per cent this year thanks to a recovery in domestic demand and the government’s supportive fiscal policies. However, the country also needs a flexible fiscal policy to cope with risks and ensure substantial growth, he noted, adding that it continues to receive a large volume of FDI amid the shifting of supply chains to Asia. He recommended that to retain its attractiveness, Vietnam should continue to improve its business environment, streamline administrative procedures, develop infrastructure, especially for green energy development, and promote innovation.