On August 3, 2026, at the headquarters of the State Bank of Vietnam (SBV), Governor Pham Duc An met with Mr. NianShan Zhang, Director General for Southeast Asia of the Asian Development Bank (ADB), to discuss Vietnam's macroeconomic outlook, the implementation of monetary policy, and key areas of cooperation in the banking and financial sector.
Overview of the meeting
At the meeting, Governor Pham Duc An highly appreciated the effective partnership between Vietnam and ADB over the past three decades. He noted that ADB has been an important development partner, accompanying Vietnam’s socio-economic development through technical assistance, policy advisory services, capacity-building initiatives, and financing for numerous projects in infrastructure development, green transition, climate change response, financial sector development, and sustainable growth.
The Governor expressed his hope that Mr. NianShan Zhang would continue to promote increasingly substantive and effective cooperation between ADB and Vietnam in general, and between ADB and the SBV in particular. He also affirmed the SBV's readiness to work closely with ADB in designing and implementing cooperation programs aligned with Vietnam's development priorities, with a view to promoting sustainable, inclusive, and resilient economic growth.
Governor Pham Duc An and Mr. NianShan Zhang exchange view on key areas of cooperation
Providing an overview of Vietnam's macroeconomic developments and the conduct of monetary policy, Governor Pham Duc An noted that, amid continued uncertainties and risks in the global economy, the SBV has conducted monetary policy in a proactive and flexible manner, in close coordination with fiscal policy and other macroeconomic policies, to control inflation, maintain macroeconomic stability, and support economic growth.
Regarding exchange rate management, the Governor stated that the SBV has continued to manage the exchange rate flexibly in line with market developments while always standing ready to intervene when necessary to stabilize the foreign exchange market and ensure the timely and adequate supply of foreign currency for legitimate economic needs, thereby contributing to inflation control and strengthening investor confidence.
Regarding credit management, the SBV has continued to implement credit policy measures in line with macroeconomic developments and the economy's credit absorption capacity. Credit has been directed toward production and business activities, new growth drivers, and priority sectors identified by the Government, while lending to potentially risky sectors has been closely monitored to ensure the safety and soundness of the banking system.
Governor Pham Duc An and the ADB delegation pose for a group photo
For his part, Mr. NianShan Zhang commended Vietnam's strong economic performance in the first half of 2026, noting that the country remained among the fastest-growing economies in the region while inflation was kept under control and major macroeconomic balances remained stable.
He also acknowledged the SBV's efforts in conducting flexible monetary policy, which has contributed to maintaining monetary and financial stability amid global challenges, including changes in trade policies, geopolitical tensions in the Middle East, exchange rate pressures, and shifts in international capital flows.
Mr. NianShan Zhang noted that ADB is working closely with Vietnamese ministries and agencies to formulate the Country Partnership Strategy (CPS) for the 2027–2031 period, ensuring its alignment with Vietnam's Socio-Economic Development Strategy for 2026–2030 and the country's development priorities. In this context, ADB looks forward to further expanding cooperation in financial sector development, digital transformation, green growth, climate change response, and resource mobilization for development investment.
Concluding the meeting, Governor Pham Duc An highly appreciated ADB's practical contributions to Vietnam's socio-economic development, as well as its effective support for the SBV over the years. He expressed his hope that Mr. NianShan Zhang would continue to mobilize financial resources, technical assistance, and knowledge to support Vietnam in achieving its socio-economic development goals, particularly those related to high economic growth, sustainable development, and green transition.
The Governor also acknowledged and highly appreciated the significant contributions made by Mr. Shantanu Chakraborty during his tenure as ADB Country Director for Vietnam. He affirmed that the SBV would continue to work closely with the incoming ADB Country Director to maintain and further strengthen the effective partnership between the two institutions in the years ahead.