VietNamNet Bridge – State President Truong Tan Sang has requested the International Monetary Fund (IMF) to continue its counselling and support to Viet Nam in economic reform and high-quality workforce training.

State President Truong Tan Sang (R) and IMF Deputy Managing Director Mitsuhiro Furusawa -- Photo: VNA

Sang noted that the IMF's help is significant, given that the country is facing a number of challenges, including the "middle-income trap."

From a centrally planned economy, Viet Nam has grown into a market economy and has widely integrated into the world, with improved living standards. However, the average income per capita of Viet Nam is far behind the other countries in the region, he told IMF Deputy Managing Director Mitsuhiro Furusawa in Ha Noi yesterday, June 11.

He added that as a world financial group, the IMF stood by Viet Nam during the economic renovation process, acting as a major sponsor and advisor to the country's socio-economic projects.

Furusawa congratulated Viet Nam on its socio-economic progresses, including fulfilling the United Nations millennium development goals ahead of schedule, sustaining macro-economic stability, and improving the welfare of the people. He added that this should continue and lay the groundwork for mid-term development.

Agreeing with the Vietnamese President's view that restructuring the economy is key to development, the guest said Viet Nam should continue reshuffling the banking sector and State-owned enterprises by considering it as a long-term strategy.

He also mentioned developed countries' experiences in macro-economic stability, including improving economic efficiency and governance and information transparency.

At the end of the meeting, he vowed to provide Viet Nam with continued funding, human resources training, and development policy counselling.

Source: VNS