Deputy Governor Le Minh Hung affirms the information “Vietnam is facing risks to ask for IMF aid to resolve bad debts” is completely wrong. (Photo: www.vneconomy.vn)

Vietnam has no intention to borrow from the International Monetary Fund to resolve bad debt at the country’s lenders. Le Minh Hung, Deputy Governor of the State Bank of Vietnam made the affirmation after a National Assembly committee report cited the option this week. Hung said that IMF lending is meant for countries that have temporary difficulties in their balance of payments, both international balances of payments and foreign currency reserves for future. Meanwhile, both the IMF and the Vietnamese government felt Vietnam’s macroeconomic situation has taken positive steps toward stability, especially in terms of its trade balance and current-account balance.  Hung noted that Vietnam’s balance of payments is in surplus, foreign exchange reserves are rising, and market confidence has strengthened. In such stable macroeconomic situation, there’s no need for Vietnam to access IMF credits.