On February 26, 2024, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Pham Quang Dzung had a meeting with Mr. Ramachandran Arumugamangalam Subramanyam, Chief Country Officer (CCO) of Citibank Vietnam. Also attending the meeting, from the SBV side, there were representatives of the International Cooperation Department and the Banking Supervision Agency. From Citibank Vietnam, there was the head of compliance and the head of government affairs.
Deputy Governor Pham Quang Dzung meets Mr. Ramachandran Arumugamangalam Subramanyam, CCO of Citibank Vietnam
At the meeting, the two sides focused mainly on exchanging their views about Vietnam’s economic outlook, Citibank’s new global strategy, and the potentials for Citibank’s contributions to Vietnam’s economy in general and Vietnam’s banking sector in particular. From the perspective of a banking executive, the CCO of Citibank Vietnam shared that the confidence and expectations of the international investors’ community in Vietnam’s economy are currently very high, thanks to the fact that Vietnam has been emerging as a new production hub of the world, and the FDI flows into Vietnam’s production and manufacturing sectors continues to be at high levels. The CCO of Citibank added that Vietnam should pay attention to attracting more large-scale capital resources from overseas to finance the energy and the infrastructure sectors.
Sharing about Citibank’s restructuring of the conventional products and services in different markets around the world, including Vietnam, the CCO of Citibank Vietnam asserted that Citibank’s new global strategy is to become a leading financial service provider for the multinational corporations. He believed that this new strategy is completely appropriate for Vietnam’s market in the context that Vietnam is becoming a more and more attractive destination for the world leading companies; and vice versa, several big companies from Vietnam are developing robustly in other countries around the world.
An overview of the meeting
Deputy Governor Pham Quang Dzung made high recognition of the operations of Citibank Vietnam in Hanoi and Ho Chi Minh City (HCMC), and acknowledged Citibank Vietnam’s important contributions to Vietnam’s economy, as well as the development of Vietnam’s banking system. The SBV Deputy Governor expressed his hope that Citibank would continue to play an active role in the policy dialogue of the Banking Working Group within Vietnam Business Forum. Congratulating Mr. Ramachandran on being appointed as President of the American Chamber of Commerce in HCMC, the SBV Deputy Governor expressed his beliefs that the CCO of Citibank Vietnam, with his intensive experience in the finance and banking sector, would contribute a significant part to promoting Vietnam’s economic development.
In addition, the two sides also exchanged information about several important matters related to the new legal frameworks, such as the Law on Anti-money laundering, the Law on Credit Institutions, etc.
Le Hang