On April 10, 2025, at the headquarters of the State Bank of Vietnam (SBV), SBV Deputy Governor Pham Tien Dzung had a meeting with Mr. Alexander von zur Muehlen, Member of the Management Board of Deutsche Bank AG and the regional CEO of Deutsche Bank for Asia Pacific (APAC), Europe, Middle East & Africa (EMEA), and Mr. Huynh Buu Quang, Chief Country Officer of Deutsche Bank Vietnam.
SBV Deputy Governor Pham Tien Dzung, Mr. Alexander von zur Muehlen, and other participants from the SBV and Deutsche Bank at the meeting
At the meeting, Deputy Governor Pham Tien Dzung shared some information about the macroeconomic situation in Vietnam and the SBV’s policy management over the past time. In addition, the Deputy Governor spoke highly of the role of German banks in Vietnam, including Deutsche Bank, which has been present and operating in the Vietnamese market for 33 years, actively contributing to promoting the economic, investment and trade relations between Vietnam and Germany.
SBV Deputy Governor Pham Tien Dzung speaks at the meeting
On behalf of Deutsche Bank, Mr. Alexander von zur Muehlen informed the hosts about Deutsche Bank's operational results in Vietnam over the past time. According to Mr. Muehlen, in 2024, Deustche Bank achieved a record-high return on equity, and in the first Quarter of 2025, it also accomplished its business targets. Those successes had been achieved thanks to the great support from the SBV. All clients of Deutsche Bank in Vietnam have a strong confidence in the country's economic development goals in the coming period. With those results, Mr. Muehlen believed that more European businesses would be interested in investing into Vietnam.
Mr. Alexander von zur Muehlen speaks at the meeting
However, in the context of the global economic fluctuations, according to Deputy Governor Pham Tien Dzung, the SBV would continue to closely monitor the global and domestic economic developments to operate the monetary policy in a proactive, flexible, and effective manner, in collaboration with the fiscal policy and other policies, giving priority to a strong economic growth and sustaining the macroeconomic stability, controlling the inflation, and ensuring the major balances in the economy.
An overview of the meeting
In addition, Vietnam has sent a Letter of Commitment for the implementation of the Action Plan recommended by the Financial Action Task Force (FATF), with 17 recommended actions aimed at preventing and combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. This is a big challenge for Vietnam. As the lead agency in the implementation, the SBV gives this matter the highest priority and is determined to resolve all issues to achieve those goals.
In particular, the SBV has been working closely with the relevant stakeholders to draft a Resolution of the National Assembly on the development of International Financial Centers. Accordingly, two International Financial Centers located in Ho Chi Minh City and Da Nang City would be established on the basis of unified operations, management and supervision; with individual product development orientations, leveraging the strengths of each city; ensuring the fairness and the mutual support, aiming to become leading international financial centers, improving Vietnam's position in the global financial network, and serving as strong drivers for the economic growth.
Mr. Alexander von zur Muehlen affirmed that Deutsche Bank would be willing to share its experience and contribute ideas related to the development of the International Financial Centers with Vietnam. In addition, Deutsche Bank would also establish a group of experts to study about the financial center models in other countries with similarities to Vietnam, and is ready to accompany the International Financial Centers of Vietnam toward sustainable development.
HY