On March 14, 2019, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Thi Hong had a meeting with a delegation of the US-ASEAN Business Council (USABC) headed by Mr. Alexander Feldman, President & CEO of USABC.
Also attending the meeting were representatives of several US companies together with representatives of the SBV entities, such as the Banking Supervision Agency, the Payment Department, the Monetary Policy Department, the Forex Management Department, the Department of Legal Affairs, the Credit Department and the IT Department…
At the meeting, Mr. Alexander Feldman shared that, on the occasion of this working visit, USABC hopes to further enhance and promote the cooperative relations between Vietnam and the United States through exchanging measures to help Vietnam take advantage of the strengths and resources of the US business community, such as financial policy and electronic payment.
Deputy Governor Nguyen Thi Hong informed the delegation about Vietnam's macro-economic situations in 2018. Regarding the results of the management of the monetary policy and the banking operations in 2018, the SBV implemented synchronously the monetary solutions and the banking operations, and achieved the objectives set at the beginning of the year, thereby contributing greatly to controlling the inflation, stabilizing the macro-economy, supporting the economic growth at a reasonable level, while ensuring safe and sound banking operations. Specifically, in 2018, the SBV implemented the monetary policy instruments in a consistent and flexible manner, helping to stabilize the money and forex markets, contributing to controlling the inflation at 3.54% and supporting the economic growth of 7.08%, the highest level in 11 years; the common interest rates remained stable in the context of increasing interest rates in the international markets; the exchange rates and the forex market were stable; the restructuring of the system of credit institutions in association with the resolution of bad debts has been strongly implemented and achieved positive results, in line with the schedule and plans, ensuring stable and safe operations of the credit institutions...
Deputy Governor Nguyen Thi Hong speaks at the meeting
On the basis of the objectives set by the National Assembly and the Government, and the macroeconomic and monetary assessments, in 2019, the SBV has been managing the monetary policy in an active, flexible and prudent manner, in coordination with the fiscal policy and other macro-economic policies to control the inflation by an average target of less than 4%; monitoring closely the domestic and international macro-economic developments, the financial and monetary markets, stabilizing the money and forex markets, controlling the growth of total liquidity and credit in line with the set orientations; continuing to implement and closely monitor the restructuring of the credit institutions in association with bad debt handling; improving the legal framework, mechanisms and policies for non-cash payment development…
Expressing his sincere thanks to Deputy Governor Nguyen Thi Hong for her briefings of the economic situations in Vietnam as well as the banking operations, Mr. Alexander Feldman shared that the USABC is delighted by the stability of Vietnam's macro-economy and the positive progress in dealing with bad debts of the credit institution system, as well as the process of developing the bond market. He added that the US businesses are very interested in the developments of such industries as e-commerce, e-government, e-tax,... and hoped to further cooperate with the SBV and other management authorities of Vietnam in these areas.
Also at the meeting, the representatives of several US companies such as Citibank, GE, MasterCard, MetLife,... expressed their gratitudes to the SBV as well as other Government ministries and agencies for having supported the US companies to operate effectively in Vietnam over the past time. At the same time, they also hope to continue to cooperate closely with Vietnam’s organizations and companies in the coming time.
Recognizing the positive comments of the US companies for the Government of Vietnam as well as the SBV, Deputy Governor Nguyen Thi Hong re-affirmed that Vietnam is a country with a stable macro-economic situation, and a good destination for foreign investments.
Le Hang