On April 19, 2019, at the headquarters of the State Bank of Vietnam (SBV), Governor Le Minh Hung had a meeting with the Article IV Consultation Mission of the International Monetary Fund (IMF) led by Mr. Alexanderos Mourmouras, Head of the Mission.
At the meeting, Mr. Alexanderos Mourmouras discussed with the SBV Governor on the results of the Mission's work with the various authorities, businesses, banks, and public and private investment funds. He expressed his pleasure at the economic achievements of Vietnam in 2018 and early 2019, which are reflected by the stable and positive economic results in most areas, and Vietnam's international status has been steadily strong in the context of a volatile global environment with many uncertainties, risks and increasing trade tensions. Vietnam's economy is highly resilient and grew at 7.1% in 2018, the highest growth rate in the last 10 years. And the growth momentum continued to be maintained in the first Quarter of 2019.
Mr. Alexanderos Mourmouras said that the Mission had high evaluation for the SBV’s management of the monetary policy and the exchange rates, helping to control the inflation at below 4% and stabilize the exchange rates and the forex market, thereby helping to consolidate the macro-economic stability. The Mission also welcomed the new regulations on the safety ratios and the management of macro prudence issued by the SBV during the recent time, as well as the banking sector's efforts in implementing Basel II regulations in accordance with the set-out roadmap.
Sharing with the assessments and judgments of the Mission, Governor Le Minh Hung re-affirmed the SBV’s consistency in regulating the monetary policy to control inflation and stabilize the macro-economy. The SBV has been taking drastic steps to speed up the process of restructuring and consolidating the system of credit institutions, accelerating the NPL resolution, strengthening disciplines in the monetary and banking operations. The SBV will continue to control and limit credit for potentially risky areas, and implement the roadmap to apply Basel II in the whole banking system, as well as continue with the restructuring and consolidation of Vietnam’s banking system.
LH