On July 11, 2022, in Hanoi, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Mr. Sommad Pholsena, Vice Chairman of the National Assembly (NA) of Laos. Also attending the meeting, there was Deputy Governor Pham Thanh Ha and representatives of the SBV Departments.
At the meeting, Governor Nguyen Thi Hong warmly welcomed the working visit of Mr. Sommad Pholsena and the National Assembly of Laos to the SBV.
For his part, Vice Chairman Sommad Pholsena expressed his appreciation for the opportunity to hear and exchange about the results of the cooperation between the two countries’ central banks over the past time, especially the experience sharing on monetary policy management, inflation control, as well as other issues of mutual interested.
In her response, Governor Nguyen Thi Hong shared that, for many years, the SBV and the Bank of the Lao P.D.R. (BoL) had established a mechanism for close and effective cooperation. On an annual basis, the two central banks have been organizing Governor-level meetings to share each other’s experience in the management of the monetary policy and the supervision of the banking sector, contributing to maintaining the macro-economic stability in the two countries.
Governor Nguyen Thi Hong speaks at the meeting
After that, the two sides also exchanged and shared each other’s experience in forex management; the harmonization between the fiscal and the monetary policies; the authority division and cooperation between the Ministry of Finance and the Central Bank of each country in the process of developing these policies; the inflation control, the management of the fiscal and the monetary policies in association with the commodity price control policy; the exchange rate policies; the mechanisms and policies to attract and promote payments via banks by the large investment projects; the role of the stock market; the enhancement of the capital markets; the management of the interest rates of the domestic currency, the exchange rates and the interest rates of foreign currencies; the management of foreign currency reserves; the recommendations for the issuance of the Government bonds in Laos, etc.
Mr. Sommad Pholsena, Vice Chairman of the National Assembly of Laos, speaks at the meeting
Speaking at the meeting, Vice Chairman Sommad Pholsena spoke highly of the cooperative activities of the two central banks over the part time. The Vice Chairman of the National Assembly of Laos confirmed that, on the basis of the SBV’s recommendations, the National Assembly of Laos would consider and make suggestions to the relevant authorities for possible implementation in accordance with the applicable laws of Laos.
Toward the end of the meeting, Governor Nguyen Thi Hong asserted that the SBV always stands ready to support and share its experience in the banking management, the monetary policy and the forex management with the BoL, and the Government of the Lao P.D.R.
Le Hang