On December 13, 2024, in Hanoi, the State Bank of Vietnam (SBV) hosted the Year-end Get-together event with the international institutions and foreign partners in the banking sector under the chair of Governor Nguyen Thi Hong.
SBV Governor Nguyen Thi Hong speaks at the event
Attending the event, there were members of the SBV’s Board of Management, representatives from the SBV entities, together with representatives of the international financial/monetary institutions, the diplomatic missions, the bilateral and multilateral partners, the wholly foreign owned banks and the foreign bank branches/representative offices in Vietnam, as well as international development partners that have working relations with the SBV.
Delivering her opening speech, SBV Governor Nguyen Thi Hong expressed her warm welcome to all of the international and foreign partners at the traditional Year-end Get-together event of the banking sector. The SBV Governor affirmed that 2024 has been a year of "changes - innovations – resilience”. The objective impacts from the global financial markets, the increasing geopolitical tensions, or the extraordinary development of technology, especially AI, have brought about a lot of opportunities, but also posed many unprecedented challenges, affecting the supply chains and disturbing the international financial markets.
Despite many challenges, Vietnam has been assessed as a bright spot in the whole picture of the regional economy. Under the close leadership of the Government and the Prime Minister, and with the companionship and support of the international and foreign partners, Vietnam’s economy has achieved a lot of positive results.
Governor Nguyen Thi Hong once again affirmed that the positive results had been achieved thanks to the significant contributions and support of the international institutions and foreign partners, who had shared with and supported the SBV in the implementation of the key tasks of the banking sector; thereby, making an important and positive contribution to Vietnam's macroeconomic achievements.
Ms. Mariam J. Sherman, WB Country Director for Vietnam, Cambodia and the Lao PDR
Speaking at the event, Ms. Mariam J. Sherman, WB Country Director for Vietnam, Cambodia and the Lao PDR, highly complimented the achievements of Vietnam’s banking sector in particular and Vietnam’s economy in general in 2024. Emphasizing the close partnership between the WB and the SBV over the past 30 years, Ms. Sherman affirmed that the WB would continue to accompany Vietnam, and always stands ready to share its experience and provide its technical assistance to the SBV on the road of transitioning to a green and sustainable economy in the next period.
Mr. Masao Kojima, Chairman of the Banking Working Group, speaks at the meeting
According to Mr. Masao Kojima, Chairman of the Banking Working Group (BWG), General Director of MUFG Bank Ltd. – Hanoi Branch, the year 2024 had marked an important milestone in the process of improving the legal frameworks for the banking sector in Vietnam, including the promulgation of the 2024 Law on Credit Institutions and the by-law guiding documents, contributing to creating favorable conditions for the credit institutions to operate effectively and sustainably, and ensuring the transparency and the stability of the financial market.
In 2025, the BWG would continue to cooperate closely with the SBV in the process of improving the legal and policy frameworks, promoting technological innovations and sustainable development, contributing to the socio-economic development in Vietnam.
Participants take a photo together inside the headquarters of the SBV
SBV Governor Nguyen Thi Hong confirmed that strengthening the collaboration and promoting the international cooperation activities are not only a strategy to overcome the difficulties, but also the "key" to open development opportunities for the banking sector.
Regarding the orientations for 2025 and the next period, Governor Hong asserted that the SBV would continue to: (i) consistently pursue the goals of maintaining the stability of the currency, contributing to the macroeconomic stability and ensuring the major balances of the economy; (ii) follow closely the domestic and international developments to manage the monetary policy in a proactive, flexible and effective manner, in collaboration with the fiscal policy and other macro-economic policies in order to support the economic growth; (iii) promote the innovations, accelerate the digital transformation, and further improve the legal frameworks in accordance with the international standards; (iv) accelerate the restructuring of the system of credit institutions in association with NPL resolution in order to ensure the safety of the entire system and improve the customers’ confidence in the banking sector; and (v) promoting the process of deep integration in the banking sector, contributing to the inclusive and sustainable development of the country.
Acknowledging and highly appreciating the significant contributions of the international financial/monetary institutions in Vietnam to the overall achievements of the economy in 2024, Governor Nguyen Thi Hong expressed her hope that the international institutions and foreign partners would continue to accompany and support the Government and the SBV through the dialogues, provision of policy consultancy, technical assistance and training, promoting innovations to maintain the macroeconomic stability, creating the foundation for Vietnam’s outstanding development in the new era.
HY