The IMF's executive directors commended the Vietnamese authorities’ swift actions to maintain macro-financial stability after the economic recovery from the pandemic faced domestic and external headwinds. Exports, a key driver for Vietnam’s economy, could weaken if global growth disappoints, global geopolitical tensions persist or trade disputes intensify. Given easy monetary conditions, if exchange rate pressures were to persist for longer, it could lead to a larger pass-through to domestic inflation. According to the IMF, the authorities have effectively contained inflation risks. However, they stressed that monetary policy should continue to be cautious under a complex environment and limited policy space. In addition, Vietnam has also made structural and climate reforms to achieve sustainable, green and inclusive growth. The latest Power Development Plan and the planned Emissions Trading System can help achieve Vietnam’s climate goals and promote energy security, according to the IMF's directors./.