On June 8, 2026, at the headquarters of the State Bank of Vietnam (SBV), Governor Pham Duc An met with Mr. Krishna Srinivasan, Director of the Asia and Pacific Department (APD) of the International Monetary Fund (IMF).
Governor Pham Duc An welcomes Mr. Krishna Srinivasan and the IMF Mission
Also attending the meeting were representatives from the Department of Credit Institutions System Safety, the Forecasting and Statistics - Monetary and Financial Stabilization Department, the Monetary Policy Department, and the International Cooperation Department. On the IMF’s side, there was Mr. Jochen Schmittmann, Regional Resident Representative for the IMF Offices in Vietnam, Cambodia, and Lao PDR.
Welcoming Mr. Krishna Srinivasan and the IMF Mission, Governor Pham Duc An emphasized that the SBV highly values its engagement and dialogue with the IMF and regards such exchanges as important opportunities to enhance mutual understanding and further deepen the practical, substantive, and long-term cooperative relationship between the two sides.
The Governor highly appreciated the IMF’s support to Vietnam through policy consultations, policy dialogue, and capacity-building activities. He noted that the IMF’s assessments and recommendations have contributed significantly to improving Vietnam’s monetary policy framework, safeguarding financial stability, and enhancing the effectiveness of the SBV’s policy formulation and implementation. He also acknowledged the positive contributions of the APD and Mr. Srinivasan’s extensive expertise, expressing his hope for closer exchanges and experience-sharing with the APD to support the SBV’s policy-making process.
Discussing Vietnam’s short- and medium-term economic outlook, Governor Pham Duc An stated that the Government of Vietnam has demonstrated a strong commitment to achieving double-digit GDP growth in the country’s new development phase, in line with the Resolution of the National Party Congress and the 2026-2030 Socio-Economic Development Plan approved by the National Assembly. He noted that the Government is implementing comprehensive measures to unlock growth potential and promote sustainable economic development.
The Governor reaffirmed that the SBV remains committed to conducting monetary policy in a proactive, flexible and effective manner, with the objective of controlling inflation while closely coordinating with fiscal policy to maintain macroeconomic stability and support sustainable growth.
Governor Pham Duc An and Mr. Krishna Srinivasan discuss key issues of mutual interest
Speaking at the meeting, Mr. Krishna Srinivasan highly commended Vietnam’s economic achievements amid a challenging regional and global environment marked by major shocks, including the COVID-19 pandemic, geopolitical tensions, trade and tariff measures, and fluctuations in global energy prices. According to Mr. Srinivasan, Vietnam has been among the countries that have responded effectively to these challenges while maintaining a positive growth trajectory.
Mr. Srinivasan noted that cooperation between the IMF and Vietnam has remained productive over the years and reaffirmed the IMF’s readiness to support Vietnam and the SBV in modernizing policy frameworks and strengthening inflation management in line with international best practices. In particular, as Vietnam advances toward its goal of becoming a high-income country, he emphasized the importance of improving the quality of macroeconomic statistics, especially balance of payments data. He also reaffirmed the IMF’s commitment to supporting Vietnam in strengthening statistical capacity and data management.
Overview of the meeting
To help maintain macroeconomic stability, the IMF representative recommended that the SBV continue to closely monitor inflation developments, conduct monetary policy proactively and flexibly, and make timely policy adjustments when necessary. He also suggested that fiscal policy be implemented prudently to support growth while minimizing inflationary pressures. Mr. Srinivasan further acknowledged and highly valued Vietnam’s ambitious growth objectives, highlighting the important role of fiscal policy in achieving the country’s long-term development goals.
Concluding the meeting, Governor Pham Duc An expressed his hope that the IMF would continue supporting the SBV in key areas such as economic forecasting, macroprudential supervision, early warning systems, monetary and financial statistics, and digital transformation in the banking sector. He affirmed that the SBV remains open to dialogue and committed to studying and incorporating the IMF’s valuable recommendations to further improve the quality of policy formulation and implementation.
The Governor also expressed his confidence that cooperation between the IMF and Vietnam in general, and between the IMF and the SBV in particular, will continue to deepen and expand, contributing to sustainable economic development and the modernization of Vietnam’s financial and banking system.