Deputy Managing Director of the International Monetary Fund, Takatoshi Kato, has vowed to provide consulting for Vietnam’s macroeconomic policies, helping it deal with challenges in managing state budgets and ensure the safety of its stock market, state media reported Thursday.
The IMF official made the pledge at a May 23 meeting with Deputy Finance Minister Tran Xuan Ha in Hanoi, highly valuing Vietnam’s economic achievements in recent years and expressing his strong belief the country will remain attractive for foreign investors in the coming time.
Apart from opportunities brought by WTO membership, Vietnam is now facing challenges in state budget management and ensuring safe stock market development, Takatoshi Kato pointed out.
Ha emphasized that Vietnam will deepen financial cooperation with the IMF, noting Takatoshi Kato’s visit represents the IMF’s goodwill and consideration for the country.
Earlier the same day, Prime Minister Nguyen Tan Dung held talks with the IMF official, noting Vietnam will focus on reforming the economy, keeping a close eye on inflation, narrowing the trade deficit and boosting democracy, along with poverty reduction and environmental protection.
PM Dung reaffirmed Vietnam will build a transparent government and state, and speed up the fight against corruption, desiring to learn from IMF experience in policymaking and human resource training.
In March this year the financial institution warned of overheating in Vietnam’s stock market, asking the State Securities Commission to adopt measures limiting the risks of the high average price-earnings ratio.
Vietnam’s securities market has seen 140 per cent growth recently, with market capitalization of about $14 billion.
In related news, Martin Rama, World Bank acting country director in Vietnam, reiterated strong support for Vietnam to address these challenges. WB has provided $6 billion for Vietnam in soft loans and non-refundable aid to help maintain high economic growth and reduce poverty since 1993. (The People, Liberated Saigon, Labor)
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