Governor Nguyen Thi Hong meets Minister-President of the Central Bank of Cuba

Welcoming the Minister-President of the Central Bank of Cuba and her delegation to Vietnam, Governor Nguyen Thi Hong extended her best wishes to the members of the delegation, and emphasised that the working visit of the Minister-President and her delegation to Vietnam was an important milestone in the cooperative relationship between the SBV and the BCC.

Governor Nguyen Thi Hong speaks at the Meeting

In recent months, there have been several hi-level meetings and working sessions between the senior officials of Vietnam and Cuba, which reflects the strong and close relationship between the two Governments and the two peoples of the two countries. In that context, the signing of the Memorandum of Understanding (MoU) between the SBV and the BCC had created a formal framework for both sides to develop and implement cooperative activities in sharing experience, and enhancing the capacity in line with the BCC’s needs. Governor Nguyen Thi Hong affirmed that the SBV always treasures the relationship between the central banks and the banking systems of the two countries, and expressed her desire for both sides to continue working closely together to effectively implement the agreements outlined in the MoU.

At the meeting, Ms. Juana Lilia Delgado Portal, Minister-President of the BCC, expressed her pleasure to visit Vietnam, and to have the opportunity to meet and talk directly with the SBV Governor, and also expressed her high evaluation for the development of the banking system in Vietnam. The Minister-President of the BCC affirmed that Vietnam is always an important example for Cuba to observe and to learn in terms of development experience, as well as in Cuba’s consideration of the appropriate models which can be applied in Cuba. Ms. Juana Lilia Delgado Portal further stated that Vietnam's experience in the management of the monetary policy and the exchange rate has been very useful for Cuba, especially during the period when Cuba was striving to implement the reforms and eliminate the dual currency system. On behalf of the delegation, the Minister-President of the BCC expressed her desire to further learn about the SBV’s management of the monetary policy, the exchange rate, and macroeconomic policies in general, in order to make appropriate adjustments for Cuba in the current period. The BCC Minister-President went on to expressed her strong beliefs that the BCC would continue to receive the strong support from the SBV in the implementation of the MoU on the bilateral cooperation, helping to stabilise the currency, the exchange rate and the inflation, as well as to promote Cuba’s domestic production and exports.

Ms. Juana Lilia Delgado Portal, Minister-President of the BCC, speaks at the meeting

Expressing her thanks for the positive assessments of the Minister-President of the BCC, the SBV Governor expressed her compassion with the difficulties and challenges that Cuba in general and the government agencies like the BCC in particular are facing. On behalf of the SBV and the Vietnamese banking sector, the SBV Governor asserted that the SBV would always accompany and support the BCC by enhancing the experience sharing and conducting appropriate capacity building activities to support the process of updating the economic model in Cuba currently. Governor Nguyen Thi Hong also agreed with the BCC Minister-President's views on the plan and the forms of banking cooperation between Vietnam and Cuba in the future. Accordingly, both sides would enhance the bilateral exchanges, implement practical cooperation projects between the two central banks, strengthen the effective implementation of the established cooperative relations between the commercial banks of the two countries, and actively support the bilateral trade and investment, creating favourable conditions and ensuring the benefits for all businesses involved, thereby contributing to maintaining and further developing the valuable solidarity and partnership between Vietnam and Cuba.

Currently, Vietnam is in the reviewing and evaluating phase, aiming for growth that ensures social security whilst seeking new drivers for the economic development through digital transformation, green economy, and circular economy. On the basis of cooperation, mutual respect and trust, Governor Nguyen Thi Hong and Minister-President of the BCC shared the view that both sides would make efforts to coordinate and effectively implement the signed MoU on the bilateral cooperation, focusing on experience sharing, capacity building in line with the BCC’s needs and policy priorities in the coming time.

The delegates take a group photo at the SBV headquarters

HP