On January 9, 2023, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Ms. Atoinette Monsio Sayeh, Deputy Managing Director of the International Monetary Fund (IMF).
At the meeting, the IMF Deputy Managing Director expressed her pleasure at the socio-economic results that Vietnam had obtained in 2022. With the GDP growth rate of 8.02% for the whole year of 2022, Vietnam had successfully overcome the challenges and difficulties posed by both the high inflation pressures and the hiking interest rates around the world, the effects from the Russia-Ukraine conflict, etc. The IMF Deputy Managing Director also highly complimented the SBV for its management of the monetary policy in an active, flexible manner, following closely the practical situation, contributing to the overall achievements in 2022.
The SBV Governor expressed her sincere thanks and high appreciation for the IMF’s support to Vietnam in the socio-economic development through the technical assistance and policy advice to the Government of Vietnam, the relevant Ministries and agencies. Briefing the IMF Deputy Managing Director of the SBV’s management, the SBV Governor said that 2022 had been an extremely challenging year for the domestic economy. With the measures of management in an active, flexible manner, following closely the practical situation, the monetary policy has contributed to supporting the economic growth, while still maintaining a prudent approach under the inflation pressures. In 2022, the average inflation rate had been maintained at 3.15%, lower than the target inflation of 4% as set by the National Assembly.
Governor Nguyen Thi Hong speaks at the meeting
The SBV Governor further shared that, in 2023, the SBV would continue to modernize the monetary policy framework, improve the efficiency and the effectiveness of the policy management. The SBV would also improve the legal frameworks and enhance the inspection and supervision as well as the restructuring of the credit institutions in association with the NPL resolution, ensure the safe and sound banking operations, identify any emerging risks, issues and obstacles at an early stage. The SBV would also continue to accelerate the digitization process in the banking sector, focusing on enhancing the provision of banking services and payment intermediary services through digital platforms. The SBV Governor hoped that the IMF would accompany and support the SBV in the process of implementing the assigned tasks and achieve the set objectives.
Ms. Atoinette Monsio Sayeh, IMF Deputy Managing Director, speaks at the meeting
Sharing with the SBV about the difficulties and challenges in the management, the IMF Deputy Managing Director said that the IMF always stands ready to support Vietnam in the policy consultancy and communication, strengthen the frameworks for the monetary policy management, improve the legal frameworks, strengthen the inspection and supervision over the banking operations, etc. through the technical assistance, training support, as well as its policy advice.
Le Hang