Vietnam regains macroeconomic stability
The International Monetary Fund (IMF) has just announced the conclusion of the Fund's Executive Board's working trip to Vietnam in late June 2013, in which it stated that Vietnam has regained macroeconomic stability over the past year.
The export sector is doing well, especially in the foreign-invested sector. However, the domestic sector, although improving, is not yet truly solid. Real credit growth remains modest, mainly concentrated in the export-oriented and agricultural sectors. The IMF assesses that overall inflation has eased significantly but remains under pressure. Domestic and import-related financial revenues have weakened somewhat in recent months. The current account surplus reached US$9.1 billion in 2012. The exchange rate has stabilized, and total foreign exchange reserves more than doubled from the end of 2011 to February 2013. Growth in 2013 is forecast to reach 5.3%, supported by exports.
The IMF recommends that the Vietnamese Government has made significant progress in stabilizing the economy over the past two years but faces many risks both internally and externally in the coming period. Therefore, it is necessary to avoid loosening policies at this turning point and promote restructuring. The agency also recommends that the State Bank continue to focus on the goal of maintaining low and stable inflation and increasing foreign exchange reserves.
According to People - TH
