On April 15, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Ngoc Canh had a meeting with Mr. Thomas Jacobs, the International Finance Corporation (IFC) Country Manager for Vietnam, Cambodia, and Lao PDR.
Deputy Governor Nguyen Ngoc Canh takes a photo with the IFC’s mission
The meeting was also attended by representatives from the SBV entities, such as the International Cooperation Department, the Monetary Policy Department, and the Department of Banking System Safety.
At the meeting, Mr. Thomas Jacobs congratulated Deputy Governor Nguyen Ngoc Canh on his new position. The IFC’s Country Manager highly appreciated the effective coordination of the SBV in supporting the IFC’s activities in Vietnam over the past time, especially through fulfilling Vietnam’s obligation for capital contributions, helping to enhance Vietnam's position in the IFC and expand financing resources for projects in Vietnam.
Deputy Governor Nguyen Ngoc Canh speaks at the meeting
Deputy Governor Nguyen Ngoc Canh expressed his pleasure at meeting Mr. Thomas Jacobs and affirmed that the IFC has always been a key development partner of the SBV for over 30 years. With strong growth rates in the recent years, Vietnam is now among the top 7 countries receiving support from the IFC. The SBV Deputy Governor expressed his beliefs that, with its financial capacity and experience in supporting the private sector, the IFC would continue to play an important role in promoting the development of the private sector in Vietnam
Sharing about the IFC's activities in Vietnam, Mr. Thomas Jacobs informed that the IFC invests approximately US$ 600 million annually in long-term projects. The IFC would like to continue the close cooperation with the SBV, as the representative of the Government of Vietnam at the IFC, to expand and diversify its investment portfolio in the priority economic sectors.
Mr. Thomas Jacobs, IFC Country Manager for Vietnam, Cambodia, and Lao PDR, speaks at the meeting
Acknowledging the IFC's contributions, Deputy Governor Nguyen Ngoc Canh highly praised the effective cooperation between the two sides over the past three decades. He emphasized that the IFC's support plays an essential role in helping Vietnam achieve its GDP growth target of over 8% in 2025.
The Deputy Governor expressed his hope that the IFC would continue to collaborate with the SBV in implementing the new Law on Credit Institutions, and supporting the SBV in fulfilling the key tasks of the banking sector, especially in the areas of digital transformation, green growth, banking inspection and supervision, and capital market development, etc.
An overview of the meeting
Also at the meeting, Mr. Thomas Jacobs shared about the World Bank Group (WBG)’s plan to organize the 2025 Spring Meetings in April 2025 in Washington D.C., the USA, with the participation of Central Banks’ Governors, Finance Ministers of the IMF/WB member countries. Mr. Thomas Jacobs respectfully invite representatives from the SBV to attend this important event.
HY