On March 27, 2026, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong met with the mid-term macroeconomic surveillance mission of the International Monetary Fund (IMF), led by Mr. Martin Sommer.
Governor Nguyen Thi Hong speaks at the meeting
At the meeting, the IMF Mission acknowledged Vietnam’s encouraging results in sustaining economic growth and controlling inflation in recent years, and highly praised the SBV’s policy management, particularly its flexible approach to monetary policy and exchange rate management. The IMF also commended the SBV’s efforts to develop and enhance the legal framework to ensure prudent banking system, strengthen supervisory capacity, and address emerging issues in banking operations. Additionally, the IMF recognized improvements in inspection and supervision activities aimed at greater efficiency and transparency, as well as closer alignment with international practices and standards.
Mr. Martin Sommer, Head of the IMF Mission, speaks at the meeting
The two sides also discussed potential risks from the global environment, including rising geopolitical tensions and fluctuations in energy prices, which may affect inflation and macroeconomic stability. Governor Nguyen Thi Hong reaffirmed Vietnam’s consistent policy that economic growth must go hand in hand with inflation control and macroeconomic stability, emphasizing that short-term growth will not come at the expense of macroeconomic stability. In the coming period, growth drivers will focus on innovation, digital transformation, and productivity enhancement.
Overview of the meeting
Regarding monetary policy, the SBV will continue to implement measures in a proactive and flexible manner, closely coordinated with fiscal policy, in order to control inflation, stabilize the monetary market, and support economic growth. At the same time, the SBV will maintain a flexible exchange rate regime, utilizing a range of instruments to sustain market confidence.
For the financial and banking sector, both sides praised progress in restructuring efforts and improvements to the legal framework. In the context of rising external risks, they agreed on the importance of strengthening forecasting capacity and preparing policy scenarios for monetary policy management and liquidity regulation. The SBV welcomed the IMF’s recommendations and affirmed its commitment to continuously reviewing and enhancing its policy management plans to respond promptly to adverse situations.
In conclusion, both sides highly valued the close and effective cooperation between the SBV and the IMF in recent years, particularly in policy consultation and technical assistance. The IMF reaffirmed its commitment to continue supporting the SBV in improving the policy framework and enhancing operational capacity. Governor Nguyen Thi Hong expressed her hope to further strengthen cooperation with the IMF, contributing to sustaining the macroeconomic stability and promoting Vietnam’s sustainable growth.