On March 08, 2023, in Hanoi, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Mr. Askhok Lavasa, Vice President for Private Sector Operations and Public-Private Partnerships at the Asian Development Bank (ADB).
SBV Governor Nguyen Thi Hong meets ADB Vice President Askhok Lavasa.
At the meeting, Governor Nguyen Thi Hong welcomed Mr. Askhok Lavasa and the ADB mission to visit and work with the SBV. The Governor also expressed her high evaluation for the companionship, support and cooperation that the ADB has extended to Vietnam throughout the past years with a lot of grants and loan programs and projects, as well as the technical assistance in various areas associated with Vietnam’s socio-economic development strategies and plans.
Especially, during the period when Vietnam was facing numerous difficulties and challenges caused by the COVID-19 pandemic, the ADB had actively supported the SBV through several grants and assistance, contributing to strengthening the accessibility to bank credit, the market access for women-owned small and medium enterprises (WSMEs), etc.
Sharing about some achievements in Vietnam’s socio-economic development over the past months, the SBV Governor asserted that Vietnam's economy had recovered at a fast pace in the post-COVID period. In 2022, despite the strong impacts caused by the world situations, the domestic economy still achieved a high growth rate; the inflation was controlled in line with the target set by the Government and the National Assembly; the macroeconomic situation was stable; and the macro balances were ensured.
SBV Governor Nguyen Thi Hong and ADB Vice President Askhok Lavasa, together with the participants from both sides.
On the side of the ADB, Vice President Askhok Lavasa spoke highly of the SBV’s role in the cooperation activities with the ADB in Vietnam, especially in the implementation of the financial initiatives for women entrepreneurs through the project on supporting WSMEs.
Emphasizing the close cooperative relationship between the ADB and the Government of Vietnam, Vice President Askhok Lavasa noted that the ADB had endorsed the new Country Partnership Strategy (CPS) 2023 - 2026 for Vietnam last year, in an effort to support and coordinate with the Government of Vietnam to achieve the overall goals in Vietnam’s development roadmap.
At the meeting, the ADB Vice President also shared about the implementation of the restructuring and the organizational reforms in the ADB’s operations. Firstly, the ADB has decided to enhance the financial resources to support the climate change responses, and to assist the developing member countries to implement their Nationally Determined Contributions (NDCs). The second reform is related to the assistance for the private sector. The private sector plays an important role in the implementation of the regional development goals in the developing member countries, as well as in the realization of the NDCs, and in accompanying the Government to achieve the priorities in the Government's plans.
Agreeing with the opinion about the important role of the private sector, Governor Nguyen Thi Hong affirmed that this sector has been a critical driving force in Vietnam's economic development in the past years.
Talking about climate change and green growth, the Governor shared that this is an area receiving special attention from the Government in general and the banking sector in particular. The Ministries and agencies have been coordinating closely in order to attract more resources to control the negative impacts of climate change, implement Vietnam’s commitments made at COP26, etc.
On the side of the banking sector, the SBV always appreciates and treasures the recommendations and contributions of the international organizations, including the ADB.
LK