## Vietnam: 2019 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Vietnam

_IMF Staff Country Reports, July 16, 2019_

## Source details

**Canonical URL:** [Vietnam: 2019 Article IV Consultation; Press Release; Staff Report; and Statement by the Executive Director for Vietnam](https://www.imf.org/en/publications/cr/issues/2019/07/16/vietnam-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-47124)

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## Bibliographic details
- Published: July 16, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498326803.002

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### Summary findings
- Gradual fiscal consolidation, strict limits on government guarantees, and robust growth in recent years have led to declining government debt, expected to continue under current policies.
- Some fiscal space exists, but fiscal needs are large for infrastructure, social spending, and to deal with population aging.
- The tightening of credit growth continued in 2018; however, liquidity remained ample, aided by the strong balance of payments and tight fiscal policies.
- The State Bank of Vietnam has initiated plans to modernize its monetary framework with IMF technical support.
- The authorities’ efforts to improve economic institutions and governance continue; the fight against grand corruption has resulted in significant sentences in recent high-profile cases.
- Improvements in transparency and statistical systems are underway, with support from the IMF and the Financial Action Task Force’s Asia Pacific Group.

### Fiscal policy and public finances
- Findings:
  - Gradual fiscal consolidation has contributed to declining government debt.
  - Government guarantees are subject to strict limits.
  - Despite some fiscal space, large fiscal needs remain for infrastructure, social spending, and population aging.
- Implication:
  - Continued consolidation under current policies is expected to sustain the decline in government debt.

### Monetary policy, banking, and liquidity
- Findings:
  - Credit growth tightening continued in 2018.
  - Liquidity remained ample, supported by a strong balance of payments and tight fiscal policies.
  - The State Bank of Vietnam is planning to modernize its monetary framework with IMF technical support.
- Subject tags included in the source: Banking, Basel II, Credit, Economic and financial statistics, Expenditure, External sector statistics, Financial regulation and supervision, Government finance statistics, Money, Public investment spending.

### Governance, transparency, and institutional reform
- Findings:
  - Authorities are working to improve economic institutions and governance.
  - The fight against grand corruption has led to significant sentences in recent high-profile cases.
  - Transparency and statistical system improvements are underway with IMF support and engagement from the Financial Action Task Force’s Asia Pacific Group.

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## Content in this bundle

- **1vnmea2019002**
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_Source: https://www.imf.org/en/publications/cr/issues/2019/07/16/vietnam-2019-article-iv-consultation-press-release-staff-report-and-statement-by-the-47124_