On May 31, 2023, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Thanh Ha chaired a tripartite meeting on the progress and orientation of the “Vietnam: Strengthening Banking Sector Soundness and Development” Project.
An overview of the meeting
Also attending the meeting, there were representatives from the World Bank (WB), the Swiss State Secretariat for Economic Affairs (SECO), the Project Management Board, several SBV Departments, as well as officials from the SBV entities as the Project beneficiaries (the International Cooperation Department, the Department of Legal Affairs, the Banking Supervision Agency, Vietnam Asset Management Company (VAMC), and the Monetary and Financial Stabilization Department).
The meeting was aimed to review and assess the situations and the implementation results of the Project over the past months, as well as to discuss about the orientations of the Project in the extended period (the next 18 months).
Deputy Governor Pham Thanh Ha speaks at the meeting
Speaking at the meeting, Deputy Governor Pham Thanh Ha expressed his high appreciation and gratitude to SECO and the WB for the assistance and support extended to Vietnam in general and the banking sector in particular over the past time. The SBV Deputy Governor affirmed that the Project had provided significant support to the SBV in the development of the legal frameworks and regulations for the banking sector, enhancing the supervision and management capabilities of the SBV officials, strengthening the capacity for the resolution of NPLs and poor performing banks, improving the financial stability and the macro safety policies through various practical activities, such as collaborating with the SBV in reviewing and making recommendations for the improvement of the legal frameworks and regulations for the banking sector, the frameworks for the macro safety supervision; providing documents, handbooks, models and methodologies on banking supervision and inspection; sharing experience, organizing training programs, etc.
The outcomes of the Project have formed a valuable reference channel for the SBV in the monetary policy management, and a basis to propose and formulate relevant legal documents, contributing to supporting the professional and practical operations at the SBV entities.
Mr. To Huy Vu, Director General of the SBV International Cooperation Department, speaks at the meeting
Also at the meeting, representatives from the SBV Departments, as the Project participating entities, presented reports to the SBV Deputy Governor and the donors on the orientations, proposed substances and activities for the extended period in order to continue the support for their practical needs.
Representatives from the WB and SECO speak at the meeting
At the meeting, representatives from the WB and SECO spoke highly of the close coordination of the SBV in the implementation of the Project, which has resulted in a number of encouraging achievements. The representatives of the WB and SECO also requested the SBV to continue to cooperate closely in developing the work plan for the Project in the extended period.
Towards the end of the meeting, Deputy Governor Pham Thanh Ha requested the relevant entities to proactively cooperate with the WB and the Project Management Board to develop and implement effectively the Project’s work plan. The SBV Deputy Governor also requested the Project Management Board to regularly update the SBV leadership on the Project progress, and proactively propose measures to resolve any arising issues. Once again, the SBV Deputy Governor expressed his thanks for the assistance and support from the WB and SECO through the implementation of various technical assistance projects over the past time, and hoped for further support in the coming time to accomplish the activities of the Project as scheduled, contributing to realizing the Project’s objectives.
Le Hang