Vietnam: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vietnam

International Monetary Fund

No 2023/338, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2023 Article IV Consultation discusses that Vietnam experienced a robust post-pandemic economic recovery in 2022 thanks to strong economic fundamentals and prudent public health management during the pandemic. In addition, amidst high private debt and rising global interest rates, a liquidity crunch distressed highly leveraged sectors (in particular, real estate), the corporate bond came to a halt, and nonperforming loans rose. As a result, economic activity decelerated sharply in the first half of 2023. While the government managed to stabilize the markets, risks remain elevated. The report recommends addressing the multiple headwinds affecting the economy calls for a comprehensive, multi-pronged response by the government. In addition, Vietnam should implement far-reaching reforms to meet its ambitious medium- and long-term objectives of sustained high and green economic growth. In addition, achieving the ambitious medium-term growth and climate goals will require accelerating reforms to improve the business environment, critical infrastructure, and human capital.

Keywords: State budget; policy buffer; U.S. dollar; monetary policy decision-making process; USD trading band; Corporate bonds; Securities markets; Global (search for similar items in EconPapers)
Pages: 95
Date: 2023-09-27
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