On September 11, 2018, at the headquarters of the State Bank of Vietnam (SBV), Governor Le Minh Hung had a meeting with Ms. Victoria Kwakwa, Vice President for East Asia and Pacific of the World Bank (WB). Also attending the meeting were representatives from the International Cooperation Department, the Monetary Policy Department and the SBV Office.
At the meeting, Governor Le Minh Hung welcomed WB Vice President Victoria Kwakwa back to Hanoi to attend the World Economic Forum on ASEAN 2018 (WEF ASEAN 2018), which will take place in Hanoi on September 12, 2018, and have a meeting with the SBV.
The SBV Governor spoke highly of the effective and practical cooperation between Vietnam and the WB in general, and between the SBV and the WB in particular. He said that the WB has always been one of the largest international donors in Vietnam. The WB’s support for Vietnam has focused on areas such as poverty reduction, infrastructure investment, banking and finance. Along with the financial support, the WB has provided a range of support regarding technical and policy consultancy for Vietnam. The WB’s support has made important contributions to the socio-economic development in Vietnam, helping Vietnam to change from a low-income country to a middle-income one.
Governor Le Minh Hung speaks highly of WB’s support for Vietnam
For her part, Ms.Victoria Kwakwa, WB Vice President for East Asia and Pacific, thanked Governor Le Minh Hung for his hospitality. Praising the results of Vietnam's recent socio-economic development, she discussed with the SBV Governor the measures of strengthening the cooperation relationship between Vietnam and the WB in the coming time, such issues as enhancing the progress of signing and implementation of the WB’s programs and projects in Vietnam, including the mobilization, the orientations for the use of preferential loans (IBRD) and Vietnamese’s commitment to fully use the allocated support resources from IDA; the disbursement and the implementation of the WB’s programs and projects in Vietnam.
At the same time, the WB Vice President and the SBV Governor also exchanged their views about the macro-economic situations impacting the banking sector, the measures of monetary policy management in the current time, the results of restructuring and reforming the banking system in Vietnam, the Technical Assistance Project “Enhancing the Development and Soundness of the Banking Sector in Vietnam”, which aims at supporting the SBV in implementing successfully the process of restructuring and resolving NPLs.
Ms. Victoria Kwakwa praises the results of Vietnam's recent socio-economic development
In addition, the two sides also exchanged their views about the allocation and use of the IDA 18 loans; the roles and responsibilities of the ministries and agencies in the process of negotiating and signing international treaties on ODA and preferential loans; the orientations for the use of IBRD loans in the coming time; the national strategy and coordination mechanism on financial inclusion; the WB’s and international organizations’ support for sustainable development and green growth through programs and projects of climate change adaptation and mitigation, natural resource management, environmental protection… The two sides also shared about the voting for the WB’s recapitalization Resolution for 2018.
Governor Le Minh Hung expressed his sincere thanks to the WB for its support for Vietnam over the past time, and affirmed that the WB has always been an important strategic partner in the restructuring and reforms of the banking system. At the same time, he asserted that the SBV would proactively prepare the necessary substances and documents, and cooperate closely with the WB to finalize the procedures and sign to receive the technical assistant projects supported by the WB in 2018. For the relevant activities managed by the WB, the SBV would coordinate with the WB to implement at an early stage.
Le Hang