State President Truong Tan Sang has requested the International MonetaryFund (IMF) continue its counseling and support to Vietnam in economicreform and high-quality workforce training, given that the country isfacing a number of challenges, including how to avoid the “middle-incometrap”.

From a centrally-planned economy, Vietnamhas grown into a market economy and widely integrating into the world,with improved local livelihoods. However, the average income per capitain Vietnam is far behind from those in the region, he told IMF DeputyManaging Director Mitsuhiro Furusawa in Hanoi on June 11.

He added that as a world financial group, IMF has been standing sideby side with Vietnam during the economic renovation process, acting as amajor sponsor and advisor of socio-economic projects in the country.

Furusuwa congratulated Vietnam on itssocio-economic progresses, including fulfilling the United Nationsmillennium development goals ahead of schedule, sustainingmacro-economic stability and improving local livelihoods, adding thatthis should keep going on to lay a groundwork for mid-term development.

Agreeing with the President that restructuring theeconomy is key to development, the guest said Vietnam should continuereshuffling banking sector and State-owned enterprises, considering itas a long-term strategy.

He also mentioneddeveloped countries’ experience in macro-economic stability, includingimproving economic efficiency, governance and information transparency.
At the end of the meeting, he vowed to provide Vietnamwith continued funding, human resources training and development policycounseling.-VNA