On February 25, 2021, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong had a virtual meeting with Mr. Augustin Carstens, General Manager of the Bank for International Settlements (BIS). This was the first time the SBV Governor had worked with the BIS General Manager after the SBV became a full member of the BIS.
Overview of the meeting at the SBV headquarters
As a common practice, the BIS would arrange a day to introduce the BIS’s Management Board, as well as to help the new member to get acquainted with the BIS’s organization and operations. However, due to the COVID-19 pandemic, this year's activity had to be conducted virtually. Attending the meeting, on the SBV’s side, there was Governor Nguyen Thi Hong, together with representatives from the International Cooperation Department, the Monetary Policy Department, the Forecasting and Statistics Department, the Central Banking Department, and the Communication Department. On the BIS’s side, there was Mr. Austin Carsten, General Manager, together with the Head of the Monetary and Economic Department, the Chief Representative for Asia and the Pacific, the Head of the Financial Markets and Regional Economy and other relevant entities.
At the meeting, the BIS General Manager spoke highly of the extraordinary results that Vietnam and the SBV have obtained in responding to the global pandemic, i.e. maintaining active economic operations in the context of the global uncertainties caused by the COVID-19 pandemic. He also expressed his pleasure in welcoming Vietnam to become a full member of the BIS, and believed that Vietnam would contribute greatly to the BIS operations in the coming time. Also at the meeting, Mr. Carsten made a brief presentation on the BIS operations in the key areas, namely (i) supporting the member central banks to maintain the monetary and financial stability, (ii) providing safe and competitive financial services, (iii) enhancing innovation, and (iv) the operations of the Asian office playing a central role in the BIS performance in Asia and the Pacific.
Governor Nguyen Thi Hong speaks at the meeting
Speaking at the meeting, SBV Governor Nguyen Thi Hong expressed high appreciation for the BIS’s support to help the SBV clear all procedures to become a full BIS member. The SBV Governor emphasized that it was a right and wise decision of the SBV to join the BIS. From the perspective of Vietnam's monetary policy management agency, the BIS’s forums and studies on global and regional macro-economic analysis are very helpful, and can provide policy inputs for Vietnam to continue effectively with its monetary policy management and inflation control. Also, as a state management agency for banking operations, the SBV considers that the participation in the BIS’s researches and operations is very meaningful for the SBV officers in pursuit of academic study, regulation and legal framework formulation, especially in light of the acceleration of the restructuring and operations of the credit institutions both in size and in scope. On the topic of the payment systems, the SBV shows great interest in the BIS’s forums related to such themes as innovations, Fintech, application of big data in the banking sector, cyber safety and security, etc., which are important sources of information for the SBV to study and formulate policies for these areas.
Mr. Augustin Carstens, BIS General Manager at the meeting (screenshot)
In concluding the meeting, Governor Nguyen Thi Hong asserted that the SBV would be an active member, and would contribute to the operations and development of the BIS, further enhance the cooperation with the BIS and other members in information and experience sharing in the areas of policy management, banking system operations, etc.
Le Hang