PM: No plan to seek bailout from IMF, ASEAN+3

The Vietnamese Government has no plan to seek a bailout from the IMF or ASEAN+3 to deal with domestic economic problems, the PM said.

The Vietnamese Government has no plan to seek a bailout from the International Monetary Fund or ASEAN+3 to deal with domestic economic problems, affirmed Prime Minister Nguyen Tan Dung at a recent interview with Vietnam News Agency’s reporter.

He said that since the beginning of 2012, Viet Nam’s macro-economy has been improving. The inflation rate in the first eight months was kept at 2.86% and the whole-year figure is forecast to reach 6%. The country’s current account surplus stood at over US$6 billion, foreign currency reserve doubled, foreign currency market and exchange rate stabilized, export increased nearly 20% while trade deficit was equal to 1% of the total export value. The GDP expanded in successive quarters and is expected to grow 5.5% this year.

The restructuring of the economy in general and banking sector in particular has brought back initial positive signals. These above achievements and policy orientations were welcomed by the market and praised by the international community.

The Vietnamese Government will continue maintaining close coordination within the framework of the International Monetary Fund and ASEAN+3, even in periodical macro-economic supervision activities.

Under the Chiang Mai Initiative’s Multi-lateralization (CMIM) agreement, all member countries, including Vietnam, have the right to access to this financial source when they need urgent assistance to overcome difficulties in balance of payment and foreign currency liquidity in the short term with an aim to stabilizing macro-economy and foreign currency market.