On May 10, 2022, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Thanh Ha had a meeting with Mr. Toshinori DOI, Director of the ASEAN+3 Macroeconomic Research Office (AMRO).
An overview of the meeting
At the meeting, Deputy Governor Pham Thanh Ha warmly welcomed the working visit of AMRO to Vietnam. The SBV Deputy Governor highly appreciated the contributions and support of AMRO and the Director personally through continuously updating, promptly providing relevant reports, research results and policy recommendations in order to support the ASEAN+3 authorities. The SBV Deputy Governor hoped that, with the recently increased number of specialists, AMRO would collaborate more actively with the ASEAN+3 central banks to conduct useful researches, assessments and provide more valuable policy recommendations for the member central banks.
Sharing about the domestic macro-economic situations in Vietnam, Deputy Governor Pham Thanh Ha said that, over the past two years, Vietnam had been affected seriously by the COVID-19 pandemic. Entering 2022, the pandemic had been basically controlled and the economic activities had started to be recovered to normal. In the first quarter of 2022, Vietnam’s economy grew by 5.03% as compared to that of the same period of the previous year, and had showed signs of positive recovery. Since the services and the tourism industry were reopened in March, 2022, the domestic economy had developed robustly in April 2022. Despite the global and domestic pressures, Vietnam had been able to control the inflation at 1.92% in the first quarter of 2022; the core inflation was 0.81%. About the credit growth, on the basis of various factors, including the economic development target of about 6-6.5% for 2022, the SBV had set the credit growth target at about 14% for this year. The foreign investment activities had been basically maintained and strengthened, etc.
Deputy Governor Pham Thanh Ha speaks at the meeting.
Exchanging about contents related to the Chiang Mai Initiative Multilateralization (CMIM), Deputy Governor Pham Thanh Ha spoke highly of AMRO’s support extended toward the member countries over the past years, especially in the formulation, consultation and research of important substances within the CMIM. The SBV Deputy Governor also requested AMRO to continue to conduct further researches on possible technical solutions, thereby facilitating for the implementation of the CMIM.
Mr. Toshinori DOI, AMRO Director, speaks at the meeting
For his part, AMRO Director Toshinori DOI shared that at AMRO, currently there is a group of experienced specialists who are strongly committed to providing the needed technical assistance to Vietnam as well as other countries. This could help to facilitate the organization of consultations and the collection of feedbacks and comments related to the technical assistance requirements in the coming time. The AMRO Director also mentioned that the AMRO specialists wished to have intensive discussions about the specific matters, such as capital market, issuances in the stock markets, etc. in order to enhance the specialists’ understanding about the contexts in the different countries, helping them to provide appropriate policy recommendations.
Le Hang