On October 25th 2018, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Thi Hong had a working session with the Delegation of the United Socialist Party of Venezuela (PSUV) led by Mr. Jesús Farias - Member of the Venezuelan Constituent Assembly and PSUV Vice President in charge of economic affairs.
Overview of the meeting
At the meeting, Deputy Governor Nguyen Thi Hong stated that the Party, the State and the Government of Vietnam always look to Venezuela with good feelings and highest attention regarding the situation in the country. Although the economic crisis in Venezuela has had adverse effects on economic, trade and investment relations between the two countries, the cooperation between Vietnam and Venezuela still has great potentials for development. The Deputy Governor hoped that the economic cooperation relations in general and the two banking sectors’ cooperation in particular between Vietnam and Venezuela will continue to develop strongly in the future.
Deputy Governor Nguyen Thi Hong speaks at the meeting
As a Member of the Venezuelan Constituent Assembly and PSUV Vice President in charge of economic affairs, Mr. Jesús Farias shared that Venezuelan government is currently working on a "Recovery, Growth and Prosperity Program" to help Venezuela overcome the difficulties, stabilize the socio-economic conditions, promote production and improve the people's living standards. Therefore, it is important for the Government of Venezuela to find out and learn from the experience in managing and administering the economic affairs of other governments around the world, which have been successful in transforming the economic models and overcoming the crises in the past. Mr. Jesús Farias hoped that the valuable lessons from Vietnam, which would be shared by the SBV, will be valuable documents, which can be used in the practical implementation of the monetary policy and inflation control in Venezuela.
Also at the meeting, Deputy Governor Nguyen Thi Hong and the leaders of the SBV departments discussed and exchanged with the PSUV’s Delegation on the operations of the SBV; Vietnam's experience in transforming the financial model from a centrally planned economy into a socialist-oriented market economy; the experience and tools to stabilize the exchange rates, stabilize prices and control inflation in the current situation; the experience and tools to secure and increase the national reserves during the crisis in the 1980s, etc.
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