On September 18, 2025, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong welcomed and had a working meeting with Mr. Kenji Okamura, Deputy Managing Director of the International Monetary Fund (IMF), during his first official visit to Vietnam since assuming office.
Mr. Okamura was accompanied by Mr. Paulo Medas, Mission Chief for Vietnam under the IMF’s Article IV Consultation, Mr. Jochen M. Schmittmann, the IMF Resident Representative for Vietnam, Cambodia, and Lao PDR. On the SBV’s side, there were representatives from several relevant SBV departments.
At the meeting, Mr. Okamura commended Vietnam’s strong macroeconomic performance, highlighting the country’s robust economic growth, a stable business environment, well-controlled inflation, and advances in social welfare. He noted that his visit aims to gain a deeper understanding of Vietnam’s macroeconomic policies, institutional reforms, and responses to the global economic challenges.
Mr. Kenji Okamura, IMF Deputy Managing Director speaks at the meeting
Governor Nguyen Thi Hong welcomed the IMF’s continued policy advice and technical assistance. She also acknowledged the IMF’s recommendations on the emerging challenges, such as population aging, climate change, digital transformation, and green development. She emphasized Vietnam’s proactive approach to managing risks stemming from global trade and financial market volatilities, given the country’s high economic openness.
Looking ahead, the Governor outlined Vietnam’s strategic priorities, which include diversifying export markets, tapping into domestic demand, and attracting selective foreign direct investment (FDI) with a focus on technology transfer, innovation, and strengthening local linkages. She noted that science and technology, digital transformation, and private sector development are viewed as key drivers of future growth.
Governor Nguyen Thi Hong reaffirmed the SBV’s commitment to a maintaining a proactive, flexible, and prudent monetary policy to manage the inflation and ensure the macroeconomic stability. She highlighted the SBV’s improved policy implementation capacity, supported by the IMF’s technical assistance, particularly in modernizing the monetary policy framework and the exchange rate management.
While noting the limited room for the monetary policy, Governor Nguyen Thi Hong emphasized the potential for fiscal policy to play a stronger role in supporting the economic development. Vietnam’s public debt remains below the global average, offering space for future fiscal initiatives aligned with long-term development goals.
On the topic of institutional reform, the Governor underlined Vietnam’s efforts to streamline the state apparatus and enhance governance, including the ongoing restructuring efforts within the SBV to improve the operational efficiency and supervisory capacity.
Governor Nguyen Thi Hong takes a commemorative photo with the delegation of the IMF Deputy Managing Director
Both sides reaffirmed the importance of continued Vietnam–IMF cooperation and expressed confidence that this visit would help strengthen their long-standing and substantive partnership.
HM