The robust economic expansion within the ASEAN region and, specifically, Vietnam's economy, has played a pivotal role in fostering the sustainable growth of the global economy in recent years.

Prime Minister Pham Minh Chinh and IMF Managing Director Kristalina Georgieva. Photos: Nhat Bac

IMF Managing Director Kristalina Georgieva underscored this view during a meeting with Prime Minister Pham Minh Chinh on September 4 in Jakarta, Indonesia, where both are attending the 43rd ASEAN Summit.

At the meeting, Prime Minister Chinh thanked the IMF and the Managing Director for their active support in advising and shaping policies, which has significantly contributed to stabilizing Vietnam's macroeconomic currency and finance situation and fostering economic recovery.

He commended the IMF's role in promoting global economic revival following the Covid-19 pandemic and outlined key directions to address ongoing challenges.

Chinh reaffirmed Vietnam's readiness to work with the IMF in executing the institution's agenda, which centers on three pillars: maintaining macroeconomic stability, aiding vulnerable countries in trade, and promoting economic growth.

Commenting on the upcoming global economic landscape, Georgieva assessed that multiple challenges, uncertainties, high inflation, elevated interest rates, and declining growth prospects are expected, stressing Vietnam is not immune to these adverse effects.

In response, Chinh emphasized that various factors, including the long-term repercussions of the Covid-19 pandemic, the conflict in Ukraine, monetary policy tightening by numerous global economies, reduced supply and demand, and stagnant production and business activities, have collectively impacted people from all walks of life.

Both agreed on the need for comprehensive political and economic solutions to address these current difficulties and challenges, underlining the importance of maintaining a peaceful and stable environment.

They stressed the significance of bolstering international solidarity, advancing multilateralism, and continuing efforts in global integration.

Overview of the meeting.

Chinh and Georgieva shared that nations should collaborate to identify new growth drivers, including green growth, circular economy practices, and the sharing economy. They urged the mobilization of resources to expand production and business, generate more employment opportunities, promote innovation and entrepreneurship, and avoid politicizing economic and scientific-technological issues.

Furthermore, both sides highlighted the importance of intensifying the negotiation and signing of free trade agreements, eliminating trade barriers to facilitate global trade, peacefully resolving differences through cooperation, and enhancing resource mobilization for development through public-private partnerships.

Chinh stressed that in the context of complicated global economic dynamics and potential risks, Vietnam has been and will continue to implement the sets mentioned above of solutions to achieve objectives related to maintaining macroeconomic stability, controlling inflation, sustaining economic growth momentum, ensuring key financial balances, and managing public debt.

Vietnam will also coordinate efforts and seek the collaboration of major economic centers, including ASEAN, in implementing these solutions, he noted.

In the near future, the IMF's Managing Director stated that the institution will remain committed to strengthening member economies' resilience against potential future shocks.

In light of the prevailing trend of global economic fragmentation, Georgieva expressed her hope that both ASEAN as a whole and Vietnam, in particular, will play a vital role in connecting economies and exerting greater influence in fostering global economic growth.

She emphasized the importance of promoting global cooperation, rooted in the achievements of economic growth resulting from open-door policies and international economic integration.

Chinh reaffirmed Vietnam's willingness to work with the IMF in executing strategies to stimulate economic recovery. He also expressed hope that the IMF would continue to support Vietnam by providing consultation, policy guidance, and technical assistance to help the country achieve its developmental objectives in the period ahead.

During the exchange, Chinh extended an invitation to Georgieva to visit Vietnam shortly, which she accepted.