On the occasion of President Nguyen Xuan Phuc's official visit to the Republic of Cuba, on September 20, 2021, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) paid a working visit to the Central Bank of Cuba (Banco Central de Cuba - BCC). Ms. Marta Sabina Wilson González, Minister-President of the Central Bank of Cuba, and other BCC senior officials welcomed and held a discussion with the SBV Governor's Delegation.
Governor Nguyen Thi Hong at the meeting
At the meeting, Governor Nguyen Thi Hong and Minister-President Marta Sabina Wilson González updated each other on the two countries' macro-economic situations, the management of the monetary policy and the banking performance of the two central banks. In particular, the two sides also exchanged about the developments of the COVID-19 pandemic in Cuba and Vietnam, as well as the policies of the two central banks to support their respective economies to recover from the adverse impacts of the pandemic. Governor Nguyen Thi Hong shared and expressed her sympathy with the difficulties in various areas that Cuba has been facing. She believed that Cuba would continue to stand firm and overcome the current challenges, and would be successful in updating its economic model to achieve the set out goals.
Governor Nguyen Thi Hong pays a working visit to the BCC
Thanking for the strong support from Vietnam’s banking industry over the past time, Minister-President Marta Sabina Wilson González expressed her wishes that the two sides continue to strengthen the bilateral cooperation in both the management and governance of the central banks, and the operations of the commercial banks, thereby contributing to strengthening the solidarity and creating more favorable conditions for the bilateral trade and investment relations between the two countries. In response, Governor Nguyen Thi Hong affirmed that the SBV in particular and Vietnam’s banking sector in general always cherish the great friendship and comradeship between Cuba and Vietnam, regarding it as an invaluable and solid foundation to overcome any limitations, and to develop the bilateral ties between the two banking sectors. On that basis, the SBV is always willing and ready to provide technical assistance to the BCC, and has promptly directed Vietnamese commercial banks to closely coordinate with Cuban partners to address any existing issues related to the bilateral trade relations.
Moreover, the two sides agreed to step up the development and implementation of such activities as sharing experience, building capacity in the management and operation of the monetary and forex policies, in line with the updating process of Cuba's economic model. The two sides also shared experiences in restructuring the banking systems, and the models of extending credit to the policy subjects in order to achieve the goals of poverty reduction and hunger eradication, and to support the economic development. They also agreed to enhance the effectiveness of communication and information sharing between the two central banks, and support more robustly the development and implementation of appropriate cooperation activities in the future.
Le Hang