On July 20, 2022, in Hanoi, the State Bank of Vietnam (SBV) in coordination with the Bank of Korea (BoK) and Korea University (KU) organized a BoK Knowledge Partnership Program (BOK-KPP) Kick-off Seminar themed “Strengthening the Capacity of Macroeconomic Analysis and Forecasting for Monetary Policy Implementation”.
An overview of the Seminar
In his opening speech at the Seminar, Mr. Nguyen Duc Long, Director General of the Forecasting and Statistics Department of the SBV, shared that over the past years, the Knowledge Partnership Program between the BoK and the SBV has been assessed to be one of the most useful technical assistance programs in the banking sector in Vietnam. He believed that the Program this year would continue to be successful, contributing greatly to the enhancement of the bilateral relations between Vietnam and the Republic of Korea.
Moreover, the Director General of the Forecasting and Statistics Department also emphasized that one of important tasks of the SBV is to analyze and forecast macro-economic developments, thereby controlling the total money supply to achieve sustainable economic growth. In the context of the current Russo–Ukraine conflict and in response to the COVID-19 pandemic, the use of appropriate instruments and how to control the inflation at reasonable levels requires central banks to possess strong analysis capabilities and reliable forecasting models. Therefore, the practical experience shared by Korea would be good reference and valuable support for the SBV to improve the current frameworks, as well as to effectively conduct the macroeconomic analysis and forecasting in the coming years.
Mr. Nguyen Duc Long, Director General of the Forecasting and Statistics Department of the SBV, speaks at the Seminar
Sharing at the Seminar, Mr. Kyu Ho Kang, Professor at Korea University and Director of the KPP Project in 2022, made high evaluation for the dynamic and proactive working processes of the two countries’ research groups. He also expressed his beliefs that the Seminar would be successful and would bring about encouraging results to the BOK-KPP.
Mr. Kyu Ho Kang, Professor at Korea University, speaks at the Seminar
Also at the Seminar, Mr. Nguyen Duc Long, Director General of the Forecasting and Statistics Department and Mr. Kyu Ho Kang, Professor at Korea University, exchanged the Minutes of Discussion for the implementation of the BOK-KPP in 2022.
The two representatives exchange the Minutes of Discussion for the implementation of the BOK-KPP in 2022
At the Seminar, the participants also listened and exchanged their views regarding the general information about the BOK-KPP, the forecasting tools available at the SBV; the macroeconomic analysis and forecasting at the SBV and the BoK; recommendations about the macroeconomic analysis and forecasting processes; the macroeconomic models, etc.
Le Hang