Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong had a meeting with member of the Governors Board of the Federal Reserve of the United States of America (Fed), Mr Jerome Powell and delegation of Fed officials on March 31st, 2016 at the SBV head quarter.
At the meeting, Deputy Governor Nguyen Thi Hong spoke highly the development of cooperative relationship between the SBV and Fed. After 20 years of normalizing relationship, two-way trade turnover has increased more than 7 times and the US has become the biggest export partner of Vietnam, and the senventh biggest investor in Vietnam.
Deputy Governor Nguyen Thi Hong informed Mr Jerome Powell the achievements of the SBV in monetary policy management, banking reform and NPL resolution over the past time that contributed to reduce inflation to 0.63% in 2015, stablize macroeconomy and ensure safe and sound operation for banking system. The Deputy Governor asserted that Vietnam will continue to make a decisive shift to a market economy and take this principle to manage the economy with a focus in macroeconomic stability. Deputy Governor Nguyen Thi Hong said that the next period of 2016 – 2020 could be especially essential for Vietnam to set up a solid background for sustainable development and growth for the coming time, therefore, the Deputy Governor expressed her hope that Vietnam will continue to obtain more valuable supports as well as the experience exchanging from Fed.
Mr Jerome Powell highly appreciated the achievements of macroeconomic stability and economic development of Vietnam, especially the encouraging results of the SBV’s monetary regulation and banking reform over the past time. Mr Jerome Powell also acknowledged the decisive actions of the SBV in money market and foreign exchange management, including the application of daily reference exchange rate mechanism.
Deputy Governor Nguyen Thi Hong and Mr Jerome Powell discussed some important contents on Vietnam economic outlook, monetary policy management of the SBV and banking operations; orientation of banking sector development in future; banking restructuring; the risks in global financial system and their influences in Vietnam banking system operations…
Giang Nguyen