On March 29, 2023, Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with the Article IV Mission of the International Monetary Fund (IMF).
An overview of the meeting
Attending the meeting, there was Ms. Era Dabla-Norris, former Head of the IMF's Article IV Mission to Vietnam; Mr. Paulo Medas, the new Head of the IMF’s Article IV Mission, and leaders of several SBV Departments.
At the meeting, the SBV Governor expressed high appreciation for the IMF’s Article IV Mission and Ms. Era Dabla-Norris personally for having accompanied the Government of Vietnam and the SBV throughout the crisis caused by the COVID-19 pandemic and the global economic uncertainties in 2022. The SBV Governor asserted that the IMF’s Article IV Mission had conducted various assessments, provided many policy recommendations, and shared a lot of information and experience in resolving the crises, risks and uncertainties in the financial systems, provided valuable support to the policy-making processes of the Government and the SBV.
Congratulating Mr. Paulo Medas on his new appointment as the new Head of the IMF's Article IV Mission, Governor Nguyen Thi Hong hoped that Mr. Paulo Medas would continue to accompany the Government of Vietnam and the SBV and contribute to enhancing the cooperative relationship between the two sides.
Governor Nguyen Thi Hong speaks at the meeting
Sharing about the SBV’s management operations, Governor Nguyen Thi Hong re-affirmed that over the past time, the SBV has managed the monetary policy and instruments in a proactive, consistent and flexible manner, promptly supporting the economic growth at an appropriate level while still paying high attention to the inflation risks. In the context of the global economic uncertainties affecting the domestic finance and banking sector, the SBV has been managing the monetary policy and the credit institution system in a prudent manner with the priority objectives of ensuring the stability and safety of the banking industry and the liquidity in support of the economy.
In the first months of 2023, the situations in the money and forex markets had been stable, the inflation had been controlled and the safe and sound banking operations had been maintained. The SBV would continue to closely monitor the developments in the international and domestic markets and manage the monetary policy in a prudent and flexible manner in order to strengthen the safety of the banking sector, contributing to maintaining the financial stability as well as the macro-economic stability.
Ms. Era Dabla-Norris, former Head of the IMF's Article IV Mission to Vietnam, speaks at the meeting.
For her part, Ms. Era Dabla-Norris shared with the difficulties and challenges that the SBV has faced in the monetary policy management and spoke highly of the SBV’s efforts and its achievements in controlling the inflation, maintaining a prudent banking sector. She also made high evaluation for the SBV’s cooperation with and support to the IMF during the time of the COVID-19 pandemic.
Mr. Paulo Medas, the newly appointed Head of the IMF's Article IV Mission, asserted that the IMF would continue to accompany and support the Government of Vietnam and the SBV in the process of policy formulation and implementation, as well as the management of the macro-economy in the coming time, assisting the SBV and Vietnamese authorities to improve the capacity in order to better serve the policy objectives for sustainable development.
Le Hang