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The report revealed that Vietnam's economy was projected to grow at 6% this year, after the Philippines which rose to 6.7% on stronger consumption from the drop in oil prices.
Other nations in ASEAN-5, including Indonesia, Thailand and Malaysia, are forecast to grow at 5.2%, 3.7% and 4.8%, respectively, this year.
While the GDPs of Indonesia, Thailand and Malaysia were expected to increase in 2016 to respectively 5.5%, 4% and 4.8%, the growth of Vietnam and the Philippines next year was forecast lower at 5.8% and 6.3%, respectively.
The average growth for ASEAN-5 was expected to reach 5.2% this year and 5.3% in 2016.
Consumer prices in Viet Nam were projected to grow at 2.5% this year and 3.2% next year, lower than the projections for ASEAN-5 which were at 4.1% and 4.2%, respectively.
For the whole Asia and Pacific region, the IMF said that growth was moderate but still outperforming other regions with Asia's growth forecast holding steady this year at 5.6% and forecast at 5.5% in 2016.
The IMF forecast the global growth at 3.5% in 2015 and 3.8% in 2016.
