The US Federal Reserve (US Fed) continued to raise interest rates in 2023, creating many difficulties for monetary policy management around the world, including in Vietnam, Associate Professor Nguyen Huu Huan from the University of Economics Ho Chi Minh City told Tap chi Kinh te Viet Nam. Most countries, including Vietnam, have chosen to contain inflation and accept a growth trade-off, causing global demand to seriously decline and affect their exports. Monetary policy must be implemented with inflation targets in mind, rather than aim for both growth and inflation control, as currently. To promote long-term growth, Vietnam cannot solely depend on monetary policy and must also focus on actual factors such as capital resources, technology, labor quality, and workplace productivity.