On the occasion of the Lunar New Year (Year of the Cat), Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) has sent an open Letter of Appreciation to all the former and current leaders, officials, civil servants and employees of Vietnam’s banking sector.
Below is the full text of the Letter:
To all former and current leaders, officials, civil servants and employees of Vietnam’s banking sector
We welcome the New Year 2023 and the Tet Festival (the Lunar New Year of the Cat) in the spirit of pleasure and pride with the remarkable achievements of our nation in 2022. The domestic economy has recovered rapidly in most of the sectors with encouraging results; the economic growth rate had reached the highest level over the past ten years; the inflation had been controlled at a low level in line with the target as set by the National Assembly; and the macro balances had been ensured. Vietnam was the only country in the Asia-Pacific region, and one of the few countries in the world, that had been upgraded in the credit ratings since the beginning of 2022. These had been remarkable achievements in the context that the world and regional economy had witnessed high inflation rates, and sluggish growths in many economies.
Together with the entire political system, the banking sector had made significant contributions to the overall achievements of the nation. In the context of complicated and unprecedented developments around the world, the SBV had responded and managed the monetary policy in a flexible and prudent manner, implemented effectively and synchronously the credit growth target, maintained the stability of the exchange rate, and ensured the liquidity of the banking system. The banking sector had made enormous efforts to conduct various measures to support the enterprises and individuals to overcome the difficulties and recover their production and business operations, thereby promoting the economic growth. The legal frameworks for monetary and banking operations had been improved, with a highlight being the Law on Anti-Money Laundering, which had been submitted and adopted at the fifth fourth Session of the 14th 15th National Assembly. The restructuring of the system of credit institutions in association with NPL resolution during the 2021-2025 period had been enhanced, and the underperforming credit institutions had been resolved. The digital transformation, the application of information technology, and the cashless payment had all developed strongly, bringing many banking utilities and services to the citizens and the enterprises. The international cooperation in the fields of monetary and banking operations had achieved remarkable progress, contributing to the improvement of the position and the reputation of Vietnam.
On behalf of the SBV’s Party Committee and the SBV’s Board of Management, I would like to express my heart-felt gratitude for and congratulated on all good progress that the banking sector had obtained in 2022. These were all significant results after two years of negative impacts caused by the COVID-19 pandemic, and they are also the motivations for the banking sector to accomplish the assigned tasks in 2023 and in the coming years.
Entering the New Year 2023, it is forecast that the world and domestic economy may still face many difficulties and challenges. However, I believe that the banking sector will continue to promote the achieved results as well as the experience, wisdom and the spirit of solidarity to overcome all difficulties, turn challenges into opportunities, and accomplish all assigned tasks, contributing the national socio-economic development in 2023 and in the whole 2021-2025 period.
On the occasion of the Lunar New Year (Year of the Cat), I wish all of you and your loved ones the best of health, happiness and prosperity!
Sincerely,
Nguyen Thi Hong
Member of the CPV Central Committee
SBV Governor