On April 06, 2022, SBV Deputy Governor Pham Thanh Ha had a working session with the delegation of the US Department of the Treasury headed by Deputy Assistant Secretary Robert Kaproth.
SBV Deputy Governor Pham Thanh Ha speaks at the meeting.
At the meeting, the SBV Deputy Governor shared with the delegation an update on the developments of the financial and monetary markets in Vietnam. Accordingly, the State Bank of Vietnam (SBV) has been putting strong efforts to operate the monetary policy tools in a proactive, flexible and synchronous manner, in close coordination with the fiscal policy, regulating the liquidity in order to maintain the stability of the money market in the face of complex developments of the international politics and economy. The SBV Deputy Governor also stated that, in the context of both taking measures to recover the economy after the COVID-19 pandemic and facing new developments in the international monetary and financial markets, the SBV has always aimed at the highest goal of maintaining the macro-economic stability, controlling the inflation; contributing to promoting the economic recovery and development. The SBV Deputy Governor also shared that Vietnam is a net importer of some common commodities (such as oil and gas), the hiking oil prices have caused inflationary pressure on the economy. This has posed certain difficulties and challenges for the SBV in the management of the monetary policy in the immediate period.
From the side of the US Department of the Treasury, Deputy Assistant Secretary Robert Kaproth highly appreciated the cooperation and engagement of the SBV, and expressed his pleasure and considered this an opportunity for the US Department of the Treasury to better understand about Vietnam's macroeconomic situation, the SBV’s management of the monetary policy and the exchange rate, in order to reflect appropriately in the next Report on Macroeconomic and Foreign Exchange Policies of the Major Trading Partners of the United States, which is expected to be released in April 2022. Mr. Robert Kaproth affirmed that the US Department of the Treasury is always ready to cooperate and share with the SBV on the US policies and perspectives.
The two delegations take a group photo.
Toward the end of the meeting, the SBV Deputy Governor highly appreciated the good cooperative partnership between the SBV and the US Department of the Treasury. The SBV Deputy Governor thanked the delegation for taking the time to discuss with the SBV about the current domestic and international developments, and expressed his hope that the two sides would continue to communicate frequently to enhance the mutual understanding and to share each other’s views on any arising issues of mutual concern.
LK