On July 15, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Thanh Ha had a meeting with Mr. Daniel Zelikow, Vice Chairman, Global Head of Public Sector at J.P. Morgan, together with other senior officers of J.P. Morgan Asia-Pacific and J.P. Morgan Vietnam.
Speaking at the meeting, Deputy Governor Pham Thanh Ha spoke highly of the long-term partnership between the SBV and J.P. Morgan, and expressed his hope to continue the effective cooperation between the two sides in the future. According to the Deputy Governor, the SBV has very high recognition for the regular technical exchanges between J.P. Morgan and the SBV Foreign Exchange Management Department on the important topics related to the foreign exchange reserve management.
At the meeting, the two sides also discussed the global economic outlook. Accordingly, in the coming time, the global economic outlook would continue to be uncertain, with increasing trade tensions and fluctuations in the financial markets.
Mr. Daniel Zelikow, Vice Chairman, Global Head of Public Sector at the J.P. Morgan, speaks at the meeting
In that context, the SBV acknowledges J.P. Morgan’s role as an important partner in the management of foreign exchange reserves, especially in the bond sector. Specifically, J.P. Morgan has provided competitive bond prices, in alignment with the SBV's investment demands.
The SBV Deputy Governor also mentioned the SBV’s high recognition for J.P. Morgan's professional exchanges and technical support activities over the past time. Recently, the SBV Foreign Exchange Management Department, in collaboration with J.P. Morgan, has organized a number of seminars on securities lending and custody. The Deputy Governor hoped that the two sides would continue and expand the cooperation in the future.
An overview of the meeting
In his response, Mr. Daniel Zelikow expressed his gratitude for the SBV’s support by promptly issuing the policies and through the SBV’s macro-policy management, helping J.P. Morgan to effectively implement its business orientations. Mr. Zelikorv also hoped to continue receiving the support from the SBV.
The two sides also discussed a number of technical issues, such as: the financial products, including securities lending and repo; the investment trusts; exchanging experience on the gold investment and management of other central banks.
Towards the end of the meeting, Deputy Governor Pham Thanh Ha expressed his beliefs in the long-term and strong cooperation between the SBV and J.P. Morgan in the Vietnamese market.
DL