Press Release No. 06/02

Press Release: Vietnam Accepts IMF's Article VIII Obligations

January 5, 2006

The government of Vietnam has notified the International Monetary Fund (IMF) that it has accepted the obligations of Article VIII, Sections 2, 3 and 4 of the IMF's Articles of Agreement, with effect from November 8, 2005.

Under Article VIII, Sections 2, 3 and 4, IMF members undertake not to impose restrictions on the making of payments and transfers for current international transactions, and not to engage in, or permit any of their fiscal agencies to engage in, any discriminatory currency arrangement or multiple currency practice, except with IMF approval.

A total of 165 of the IMF's 184 members have now accepted the obligations of Article VIII, Sections 2, 3 and 4.

By accepting the obligations of Article VIII, Sections 2, 3 and 4, Vietnam signals to the international community that it will pursue economic policies which will make restrictions on the making of payments and transfers for current international transactions unnecessary, and will contribute to a multilateral payments system free of restrictions.

Vietnam joined the IMF on September 21, 1956. Its quota is SDR 329.1 million (about US$475.3 million). Vietnam's outstanding financial obligations to the IMF amounted to SDR 148.36 million as of November 30, 2005.