Vietnam's economy recovered rapidly in the first half of 2024 after a challenging period at the end of 2022 and early 2023, thanks to its government’s drastic actions, according to Paulo Medas, head of the International Monetary Fund (IMF)’s 2024 Article IV Mission to Vietnam.

Prime Minister Pham Minh Chinh has commended the practical and effective partnership between Vietnam and the International Monetary Fund (IMF), highlighting its value in policy consultations.

Although Vietnam’s growth has slowed down amid global economic crises, he country is showing stronger performance than the majority of others in the world and continuing to be an attractive destination for foreign manufacturers, according to insiders.

Vietnam can return to high growth rates over the medium term, as structural reforms are implemented, Division Chief of the International Monetary Fund (IMF)’s Fiscal Affairs Department Paulo Medas has said.