Vietnam’s economy showing signs of recovery: IMF official
Vietnam is showing signs of socio-economic recovery though the COVID-19 pandemic remains complex, according to Francois Painchaud, Regional Resident Representative of the International Monetary Fund (IMF) in the country.
IMF Regional Resident Representative Francois Painchaud addresses the Vietnam Economic Forum in Hanoi on December 5 (Photo: VNA)
Hanoi (VNA) – Vietnam isshowing signs of socio-economic recovery though the COVID-19 pandemic remainscomplex, according to Francois Painchaud, Regional Resident Representative of theInternational Monetary Fund (IMF) in the country.
Speaking at the Vietnam Economic Forum2021 on December 5, Painchaud said the this started in the fourth quarter, and the country can achieve a GDP growth rateof 2.5 percent this year and 6.6 percent in 2022.
He underlined the importance ofenhancing the healthcare capacity to economic recovery, noting that timelyfiscal and monetary policies for right groups and tools of restructuring to supportdevelopment in the long term can help minimise the pandemic’s impact.
The official held that the size of fiscalmeasures in developed economies can be applied to other countries, includingVietnam. More importantly, policy support needs to be based on the pandemic’sdevelopments as well as the economic development process in each country. Borderclosure and social distancing measures should be accompanied by policy supportfor essential sectors.
Temporary but timely assistancemeasures must be provided for the worst-hit households or enterprises when acountry gradually moves towards reopening, he noted.
The pandemic has considerably affectedemployment, especially in the informal sector, and small- and medium-sized enterprises(SMEs), but Vietnam can still realise its aspirations, provided that more drasticreforms are made, according to Painchaud.
Addressing the forum, Bui Quang Tuan,Director of the Vietnam Institute of Economics, also pointed out severalpositive signs indicating growth recovery in the country.
However, he also noted that businessesare facing a serious shortage of capital or encountering obstacles to creditaccess.
Tuan suggested aid packages that arebig and timely enough and “directly injecting vitality into the economy” be issued to bolstergrowth.
Proposing several measures foreconomic recovery and sustainable development, he said the monetary policy mustenable interest rate reduction, the fiscal policy focus on spending on health careand social housing, attention be paid to developing SMEs, public investment bestepped up, and digital transformation and digital economy be facilitated./.
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IMF Regional Resident Representative Francois Painchaud addresses the Vietnam Economic Forum in Hanoi on December 5 (Photo: VNA) 
