On 26 November 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyễn Ngọc Cảnh, together with senior leaders from the Department of Credit Institution System Safety, the Monetary Policy Department, the Payment Department, the International Cooperation Department, the Foreign Exchange Management Department, the Credit Information Centre, and the Information Technology Department, held a meeting with a delegation from the EU-ASEAN Business Council (EU-ABC).
The EU-ABC and EuroCham would continue to serve as important bridges supporting Viet Nam in improving its legal frameworks and developing a modern financial ecosystem
In the side of the EU-ABC, there was Mr. Jens Ruebbert, Chairman of the EU-ABC and Executive Director and Regional Director for Asia-Pacific at Landesbank Baden-Württemberg (LBBW), and Ms. Rita Mokbel, Board Member of EuroCham Vietnam and President & Managing Director for Vietnam and Myanmar at Ericsson. The delegation also included representatives from 18 major European corporations such as HSBC, LBBW, Temasek, CRIF, Prudential, Asia Group Advisors, and Michelin.
Speaking at the meeting, Deputy Governor Nguyễn Ngọc Cảnh emphasized the importance of regular engagements between the two sides to strengthen dialogue between European businesses and Vietnamese government agencies, particularly on the occasion of the 35th anniversary of the diplomatic relations between Viet Nam and the European Union. Deputy Governor Cảnh reaffirmed that the SBV highly values the significant role European businesses and investors have played in Viet Nam’s economic development over the years and remains committed to facilitating their operations in Viet Nam.
Sharing updates on the SBV’s key activities, particularly the monetary policy operations, the Deputy Governor noted that the SBV continuously monitors the domestic and international developments to implement the monetary policy in a proactive, flexible, timely and effective manner, in close coordination with the fiscal policy and other macroeconomic policies. The primary goals of the SBV are to control the inflation, maintain the macroeconomic stability, ensure the major balances of the economy, and support the economic growth.
The SBV Deputy Governor expressed his hope that the EU-ABC and EuroCham would continue to serve as important bridges supporting Viet Nam in improving its legal frameworks and developing a modern financial ecosystem, while further promoting cooperation in the priority areas such as green growth, digital transformation, renewable energy, and science and technology.
Mr. Jens Ruebbert, Chairman of the EU-ABC and Executive Director and Regional Director for Asia-Pacific at Landesbank Baden-Württemberg (LBBW) at the meeting
Under the chairmanship of Deputy Governor Nguyễn Ngọc Cảnh, representatives of the SBV’s entities and members of the EU-ABC delegation engaged in an open, substantive and productive discussions on topics of mutual interest, focusing on:
(i) Interest rate and exchange rate management, new financial products, and hedging instruments;
(ii) Bilateral local-currency settlement mechanisms;
(iii) Measures to prevent and mitigate frauds in online payment transactions;
(iv) Alignment of Viet Nam’s anti-money laundering (AML) and Know-Your-Customer (KYC) standards with the recommendations of the Financial Action Task Force (FATF) and OECD transparency principles;
(v) The roadmap for implementing the Basel III framework on capital adequacy and risk management.
On behalf of the EU-ABC delegation, Mr. Jens Ruebbert expressed appreciation to the SBV for the opportunity to engage in dialogue. He reiterated that Viet Nam is the European Union’s largest trading partner in ASEAN, while the EU is Viet Nam’s third-largest export market. Mr. Ruebbert reaffirmed that Viet Nam remains a top investment destination for European investors, particularly in high-tech manufacturing, services, and renewable energy.
In conclusion, Deputy Governor Nguyễn Ngọc Cảnh acknowledged the constructive and effective discussions between the two sides, reflecting mutual openness, cooperation, and shared interests. He expressed hope that both sides would continue strengthening their close partnership, enhancing information exchange, and sharing experiences to better support the implementation of the relevant policies and activities in the future.
HA