On July 18, 2022, in Hanoi, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Mr. Axel van Trotsenburg, Managing Director of Operations of the World Bank (WB).
At the meeting, Governor Nguyen Thi Hong warmly welcomed the working visit of the WB Managing Director of Operations and his mission to the SBV. The SBV Governor shared that, over the past time, in the context of responding to the COVID-19 pandemic, Vietnam has successfully maintained the macro-economic stability and the economic growth. The Government and the SBV have always been consistent with the objectives of controlling the inflation and maintaining the macro-economic stability, even when implementing the measures to remove the difficulties for the economy. Thereby, the average inflation for the first half of 2022 had been controlled at 2.44%.
Vietnam’s positive results had been achieved thanks to an important contribution from the positive assessments, the policy recommendations and consultancy provided by the international organizations, including the WB. The SBV has frequently used those analyses and assessments for consideration in the management of the monetary policy.
Governor Nguyen Thi Hong speaks at the meeting
Sharing about the Vietnam’s orientations and macro management measures in the coming time, Governor Nguyen Thi Hong said that in the remaining months of 2022, it is forecast that there would be unpredictable developments, with potential risks and challenges in the world economy. In that context, the Government and the Prime Minister have directed the Ministries and agencies to be consistent with the objectives of maintaining the macro-economic stability, controlling the inflation, ensuring the macro balances of the economy, accelerating the implementation of the Socio-economic Recovery and Development Program. On that basis, the SBV would continue to coordinate with the Ministries and agencies to regulate the monetary policy and instruments in a consistent, active and flexible manner in close association with the fiscal policy and other macro policies, in order to control the inflation within the set target, contributing to ensuring the macro-economic stability.
Regarding green growth and green economy, Governor Nguyen Thi Hong mentioned that the Prime Minister had chaired various meetings with the relevant Ministries and agencies right after the announcement of Vietnam’s commitments at COP26. The SBV Governor also asserted that the SBV would engage proactively in this field. By now, the SBV has issued several guiding documents to direct the whole banking sector to implement the relevant measures on green credit, green growth, etc. The SBV Governor hoped the WB and other international organizations would continue to support Vietnam in the relevant areas.
WB Managing Director of Operations
Speaking at the meeting, Mr. Axel van Trotsenburg, WB Managing Director of Operations, made high evaluation for Vietnam’s achievements in the response to the COVID-19 pandemic. The WB Managing Director of Operations also expressed his willingness to support Vietnam in the implementation of its commitments made at COP26.
Le Hang