On March 22, 2023, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Thanh Ha had a meeting with the US - ASEAN Business Council (USABC) mission.
The USABC mission was headed by Ambassador Michael Michalak, Senior Vice President and Regional Managing Director at the USABC. The other members include representatives from the US companies present in Vietnam and ASEAN, such as the Bank of America, Bay Global Strategies, Citibank, Mastercard, Oracle, SAP, Visa, etc. On the side of the SBV, there were leaders from the SBV’s entities.
The discussions at the meeting focused on:
(i) The SBV’s priorities in the socio-economic recovery and development program initiated by the Government, the implementation plan for 2023, with the goals of maintaining the macroeconomic stability, controlling the inflation, improving the resilience to the fluctuations in the global economy, and the possible contributions of the US business community in implementing these priorities;
(ii) The plan on reviewing and revising the legal frameworks, mechanisms, policies, by-law documents on monetary and banking operations, etc;
(iii) Solutions to promote digital transformation and to ensure the safety and security of the information systems in the banking operations;
(iv) Sustainable finance (green credit, sustainable development, etc.), international experience on Fintech, green credit, and some specific recommendations of the US business community.
SBV Deputy Governor Pham Thanh Ha speaks at the meeting.
At the meeting, Deputy Governor Pham Thanh Ha expressed his wishes to listen to the valuable recommendations from the USABC, as well as the sharings about the difficulties and obstacles from the Council’s member companies, in order to come up with possible solutions to maintain and improve the quality of cooperation between the two sides, supporting the post-COVID economic recovery, contributing to enhancing the investment and business relations, and creating more job opportunities in Vietnam.
In the coming months, Vietnam’s economic growth is expected to continue to recover thanks to the openness of the economy, the impacts of the stimulus package from the Socio - Economic Recovery Program for the 2022 - 2023 period, the widespread implementation of the FTAs. In 2023, following the policies of the National Assembly and the Government, as well as the market movements and the domestic and international economic situations, the SBV would continue to manage the monetary tools and measures in a flexible and synchronous manner, in order to control the inflation, contribute to maintaining the macroeconomic stability and the stability of the monetary and the forex markets, while still keeping a close control over the credit growth in line with the established orientations.
Ambassador Michael Michalak, Senior Vice President and Regional Managing Director at the USABC, speaks at the meeting.
The USABC mission thanked the SBV for the efforts to promote the bilateral cooperation over the past years, and also provided a number of recommendations in the fields of digital transformation, green finance and sustainable development.
SBV Deputy Governor Pham Thanh Ha expressed his high evaluation for the USABC’s recommendations. He hoped the two sides would continue to enhance the bilateral cooperation and talks, especially in the fields of banking and finance, in order to contribute to the economic development of both Vietnam and the ASEAN region.
LK