On November 16, 2020, at the headquarters of the State Bank of Vietnam (SBV), a solemn ceremony was held to announce and hand over the State President's Decision appointing Mrs. Nguyen Thi Hong as Governor of the SBV.
The Ceremony was attended by H.E. Mr. Nguyen Xuan Phuc, Prime Minister, Member of the Politburo; H.E. Mr. Le Minh Hung, Member of the Central Executive Committee of the Communist Party of Vietnam, Chief of the Office of the Party Central Committee, former SBV Governor; together with representatives from several ministries, government agencies; representatives from the SBV entities and the credit institutions.
On behalf of the Politburo and the State President of Vietnam, Prime Minister Nguyen Xuan Phuc congratulated Mrs. Nguyen Thi Hong on being approved by the National Assembly and being appointed by the State President as Governor of the SBV for the office term of 2016-2020, and handed over the Appointment Decision to Mrs. Nguyen Thi Hong.
The Prime Minister commented: “Our new Governor - Mrs. Nguyen Thi Hong - is a qualified and experienced leader, who has been entrusted with many positions from operational work to management positions in the banking industry, with numerous contributions to the development of the banking sector”.
At the Ceremony, Prime Minister Nguyen Xuan Phuc also spoke highly of the proactive, drastic and timely measures of the SBV in supporting Covid-19 affected people and businesses through policies of debt payment rescheduling, exemption and reduction of interest, bank fees, etc.
Prime Minister Nguyen Xuan congratulates Governor Nguyen Thi Hong
Speaking and giving directions for the SBV's operations in the coming time, the Prime Minister emphasized that the new SBV Governor should continue and promote the achievements of the previous generations, strengthen the spirit of solidarity and unity to accomplish the assigned tasks. Accordingly, the Prime Minister requested that the SBV continue to consistently implement the targets of controlling the inflation, maintaining the stability of the macro-economy and the stability of the value of the domestic currency, which are the key important tasks; maintaining the achievements obtained for many years, including maintaining the inflation at a low level and the macroeconomic stability; using the policy tools in a flexible manner; maintaining the stability of the money, the credit and the foreign exchange markets; increasing the state foreign exchange reserves; continuing to share difficulties with the businesses, the people and the economy.
In addition, the Prime Minister also stressed that the banking sector must continue to strengthen the banking inspection and supervision to ensure the safety of the system; limit the increase of bad debts and resolve effectively the non-performing loans; apply modern technologies to the development of banking products and services; continue to promote the solidarity and unity within the banking sector.
The new Governor - Mrs. Nguyen Thi Hong - speaks at the Ceremony
Speaking at the Ceremony, SBV Governor Nguyen Thi Hong expressed sincere thanks to the Leaders of the Communist Party, the State, the National Assembly and the Government for their trust and support in appointing her as SBV Governor.
Beside the honor of being entrusted by the Party and the State with the new tasks, Governor Nguyen Thi Hong was also aware of her great responsibilities upon taking the position of the leader of the banking industry, especially in the current context. The domestic economy has been affected seriously by the Covid-19 pandemic with yet a predictable end, which would significantly affect the operations and the restructuring process of the credit institution system. The complicated and unpredictable developments in the world economy would also pose many challenges for the monetary management to maintain the macroeconomic stability, increase the resilience of the economy against major impacts. Furthermore, the booming of the Industrial Revolution 4.0 and financial technologies have been and will continue to influence all aspects of the economic and social life, requiring the banking system, as a service provider for the economy, to take appropriate steps to adapt.
Emphasizing that she would continue with the good traditions of the banking industry, the achievements and experiences of the previous leaders of the SBV, and promote the wisdom and the strength of solidarity of the banking sector, Governor Nguyen Thi Hong affirmed that in the coming time, together with the SBV’s Board of Management and the SBV entities, the SBV Governor would continue to actively monitor the situations, strictly follow the instructions of the Party, the State, the provisions of law and the directions of the Prime Minister to effectively implement the banking management measures.
Accordingly, The SBV would strive to fulfill the tasks of a central bank, which are to help control the inflation, maintain the stability of the macro-economy, create a firm foundation for sustainable economic growth. In the context that all social and economic aspects are being affected by the Covid-19 pandemic, the monetary policy should continue to be implemented in the direction of removing difficulties for the businesses and the people, while still ensuring the safe and sound banking operations.
Besides, the SBV would also need to perform successfully the state management role over monetary and banking operations through improving the legal framework, implementing the restructuring of the credit institutions in association with bad debt handling, developing a safe, healthy and efficient banking system, improving the market disciplines and catching up with the international standards, promoting g non-cash payments, diversifying banking services, taking appropriate steps in the context that all activities of the economic and social life are under strong impacts of the Industrial Revolution 4.0 and the financial technologies. Governor Nguyen Thi Hong also emphasized that the main aim of the SBV is to steer the banking system to the successful attainment of its role as an effective channel for capital mobilization in the economy, providing a variety of services to meet the needs of the businesses and the people.
Handover of the tasks between former Governor Le Minh Hung and Governor Nguyen Thi Hong
* Previously, Mr. Le Minh Hung, Member of the Central Executive Committee of the Communist Party of Vietnam and Chief of the Office of the Party Central Committee, former SBV Governor, and Governor Nguyen Thi Hong signed the Accord of Handover of the tasks in the banking sector.
Le Hang