On March 14th, 2018, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Thi Hong had a meeting with the Delegation of the Bank for International Settlements (BIS).
Also attending the meeting, there were representatives of the SBV’s International Cooperation Department, the Monetary Policy Department, the Monetary & Financial Stabilization Department and the Banking Operations Center. On the side of the BIS, there were Mr. Eli M Remolona - Chief Representative for Asia and the Pacific, and Mrs. Miranda Tam, Deputy Chief Representative and Head of Regional Treasury for Asia and the Pacific.
At the meeting, Mr. Eli Remolona thanked Deputy Governor Nguyen Thi Hong for taking the time to receive the Delegation. Mr. Eli Remolona updated and reported to the SBV Deputy Governor on the operations of the BIS and shared his perspectives on how to strengthen the cooperation between BIS and the SBV in the fields of macroeconomic research, monetary policy, and financial stability.
On behalf of the SBV Board of Management, Deputy Governor Nguyen Thi Hong welcomed the Delegation to visit and work with the SBV. The SBV has always appreciated the role and contributions of BIS in maintaining financial stability and promoting international cooperation in the monetary and bankingsector, especially in collaboration with the central banks.
Deputy Governor Nguyen Thi Hong said that the relationship between the SBV and the BIS has been established and functioning for long and growing over the time, and can be reflected in the increasing scale and value of investment transactions and accounts over time. The SBV has also been actively involved in the BIS activities, such as becoming a member of the Irving Fisher Committee (IFC), joining the Regional Group for Asia-Pacific of the Financial Stability Board (FSB), participating in annual conferences and other relevant BIS events.
A snapshot of of the meeting
In recent years, Vietnam has been actively integrating into regional and international banking and finance systems through various forums, the financial and monetary cooperation framework of the ASEAN, ASEAN + 3, APEC, SEACEN, G20, as well as the activities and initiatives of the IMF/the World Bank. Vietnam was also a founding member of the Asian Infrastructure Investment Bank (AIIB), having jointed 12 FTAs, and recently signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP) with 10 other countries, which will serve as basis for Vietnam’s integration and deeper participation in the international financial, trade and investment systems.
“Recognizing that becoming a member of the BIS means significantly in Vietnam's engagement and integration process to connect and contribute to a common effort to maintain financial and monetary stability in the region and the world, the SBV has been actively participating in initiatives and activities of the BIS and its affiliated organizations, as well as expressed the wish to become a BIS member. Hopefully Mr. Eli Remolona, Mrs. Miranda Tam and the BIS Board of Directors would support Vietnam's membership”, Deputy Governor Nguyen Thi Hong reaffirmed.
In the coming time, the SBV wishes to intensify its cooperation with the BIS in all fields such as expansion of account transactions, investment including trusted investment, exchange of information, collaborative research on market aspects, training, networking and exchange of experience with the BIS member countries in the areas of statistics, monetary stability, inspection, monitoring and policy management.
VA