On February 20th, 2019, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Thi Hong had a meeting with Mr. Makhtar Diop - Vice President of the World Bank (WB).
Also attending the meeting were the SBV’s representatives from the International Cooperation Department, the SBV Office, the Foreign Exchange Management Department and the Monetary Policy Department. On the WB side, there were Mr. Ousmane Dione - WB Country Director in Vietnam together with officials and experts of the WB Office in Vietnam.
In her welcome remarks for Mr. Makhtar Diop’s first visit to the SBV, Deputy Governor Nguyen Thi Hong thanked the WB and Mr. Makhtar Diop for all of the positive and important contributions to support Vietnam to mobilize valuable resources to invest in such fields as: energy and mining, transportation, digital development, financial infrastructure and public-private partnerships (PPP) - these are the areas that Mr. Makhtar Diop is in charge of.
Overview of the meeting
At the meeting, Deputy Governor Nguyen Thi Hong updated the WB Vice President on the macroeconomic situation in Vietnam over the past time. The Deputy Governor also informed about the orientations and objectives of the monetary policy management of the SBV; emphasizing that the SBV’s management of the monetary policy has been to ensure inflation control and macroeconomic stability; performing the State management role for the activities of the credit institutions; in parallel with that improving and strengthening the non-cash payment system, helping the credit institutions to diversify their banking products/services provided to the different sectors of the economy.
The Deputy Governor shared that the SBV has taken steps to invest into financial infrastructure to approach and apply the international standards in the new situation. Currently, the Government of Vietnam has assigned the SBV to develop and finalize a National Strategy for Financial Inclusion, with the goal that all people, especially disadvantaged people, can access financial services. The SBV also thanks for the WB's positive support over the past time in the process of developing this strategy.
The Deputy Governor expressed desires to continue to receive updates from the WB on the situations, developments and forecasts about the world and Vietnam economy, helping the SBV to have better information to help with the management of the monetary policy and the banking operations, through which the banking sector can further contribute to the country's overall socio-economic growth, ensuring social security.
In his thanks to the Deputy Governor for taking her time to meet with the WB Delegation, Mr. Makhtar Diop expressed his impressions and made positive comments and assessments on Vietnam's economic situation in the recent time. The Vice President of the World Bank shared: Vietnam is entering a middle-income group with good economic characteristics in terms of income distribution. And that is why the WB wishes to invite the highest level of Vietnam to participate in the upcoming Spring Conference, to share the story of Vietnam as well as the way in which Vietnam is transforming to step into this new stage.
Regarding Fintech, the WB Vice President stated that the WB is willing to send experts to work specifically with the SBV to provide appropriate advice and support in order to effectively develop this field. He said that Vietnam needs to implement more reforms to promote investment, attract more private sector participation to reduce logistics costs, ensure better logistics services. In this area, the WB is always ready to support both in terms of finance and policy advice if Vietnam requests.
SBV Deputy Governor Nguyen Thi Hong thanked the WB Vice President for his positive comments on Vietnam's economic situation over the past time. On behalf of the SBV’s Board of Management, Deputy Governor Nguyen Thi Hong thanked and expressed the honor to receive the invitation to attend the WB’s upcoming Spring Conference to share the story of Vietnam. The Deputy Governor wished for a successful visit of Mr. Makhtar Diop in Vietnam and hoped Mr. Makhtar Diop to continue to have a voice to support and provide more resources to the SBV and Vietnam in the future.
VA