On November 6, 2019 at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Thi Hong had a meeting with Mr. In-chang Song - Executive Director (ED) of the Asian Development Bank (ADB) in charge of the Republic of Korea, Papua New Guinea, Sri Lanka, Chinese Taipei, Uzbekistan, Vanuatu and Vietnam.
SBV Deputy Governor Nguyen Thi Hong meets Mr. In-chang Song – ADB Executive Director
On behalf of the SBV's Board of Management, Deputy Governor Nguyen Thi Hong welcomed Mr. In-chang Song - ADB ED for his first working visit to Vietnam on the current position. The Deputy Governor congratulated Mr. In-chang Song on his re-appointment as the Group ED; and expressed her special thanks for the ADB ED’s support to Vietnam in all aspects in the past. At the same time, the SBV Deputy Governor believed that the ADB ED would continue to support and promote further cooperation between Vietnam and the ADB in the future.
Deputy Governor Nguyen Thi Hong emphasized that Vietnam always attaches high importance to its relationship with the ADB and considers the ADB to be one of the leading sponsors in providing finance, technical assistance and consultancy. The ADB's assistance has been very effective in supporting the country's socio-economic development. The SBV has always had very high evaluation for the cooperation of the ED's Office in the recent years in order to develop the relationship between the ADB and Vietnam. In particular, the ED's Office has been very active in supporting the SBV to well and promptly implement its membership obligations and participate in the development of the ADB’s policies. The Government of Vietnam has always considered the ED's Office as an important bridge for the cooperation between the ADB and Vietnam.
In the coming time, in addition to promoting the previous relations, the SBV Deputy Governor requested that the ED's Office should also share and inform the SBV of the comments, assessments and forecasts of the ADB experts on the global, regional and major countries' economic situations, and the good models in economic development.
Currently, Vietnam has graduated from the ADB’s preferential financing resources, and the ADB Strategy 2030 has identified a number of new products such as guarantees, private sector support, PPP... These are relatively new products to Vietnamese agencies, thus, the Deputy Governor hoped that the ADB ED would direct the Group’s Office, in coordination with the relevant departments of the ADB and the SBV, to have guidelines and dissemination of these products to promote Vietnam-ADB relations in the new era. At the same time, the ED’s Office is also expected to share information on the ADB’s new draft policies with Vietnam, so that Vietnam can provide useful comments and the ED will be able to express the voice of the member countries at the meetings of the ADB Board of Directors.
Overview of the meeting
At the meeting, Deputy Governor Nguyen Thi Hong emphasized that although Vietnam has just graduated from the Asian Development Fund (ADF), the Government of Vietnam would like to request that the ADB consider to extend the grace period and continue to support Vietnam after the transition without paying a longer term fee than the proposed duration, which will give Vietnam time to adapt to new, less concessional loan conditions. The SBV hoped that Mr. In-chang Song will have an important voice to the ADB Board of Directors in supporting Vietnam's proposal.
Expressing his thanks Deputy Governor Nguyen Thi Hong for her time, ADB ED In-chang Song mentioned his impression with Vietnam's achievements over the years. Among them are outstanding achievements in the macroeconomic stability, economic growth, poverty reduction... The ADB ED also shared that the cooperation between the ADB and Vietnam has been increasingly enhanced and growing. Vietnam, as a member country, plays an important role in the ADB's cooperation strategy, and always receives good affection and strong support from the ADB's Board of Directors.
And Vietnam's graduation from the ADF is an important part in the review and development of the ADB's strategy. The ADB ED believed that in the ADB's Strategy 2030 there would be reviews and adjustments, in which the Board of Directors would have certain flexibility for the ADF graduates and the quick repayment policy of some countries after graduating from the ADF, in order to support these countries to have the best post-graduation roadmap. The ADB will have appropriate support mechanisms for Vietnam so that Vietnam, having just graduated from the ADF, will not undergo any interruption in the restructuring of the economy and the implementation of the sustainable poverty reduction goals.
For the private sector funding, Mr. In-chang Song emphasized that the ADB would like to expand its activities on the private sector in Vietnam, not only in traditional areas such as infrastructure development, finance..., but also expanding and increasing finance for non-traditional and non-infrastructure areas such as agriculture, education,... The ADB ED expressed his commitment to be a bridge for the member countries to further invest in Vietnam so that Vietnam can effectively enhance its current achievements.
VA