During March 18-19, 2024, a Delegation of the State Bank of Vietnam (SBV) led by Deputy Governor Pham Quang Dzung attended the annual Meeting of the Deputy Governors of the Central Banks from the emerging market economies (EMEs), which was organized by the Bank for International Settlements (BIS) in Basel, Switzerland.
Deputy Governor Pham Quang Dzung discusses with Ms. Andrea Maechler, Deputy General Manager of the BIS
At the Meeting, the Deputy Governors discussed the role of the financial sector in the economic growth and the development process in the emerging economies. In this relation, Deputy Governor Pham Quang Dzung shared about Vietnam’s perspectives and situation regarding the full use of the domestic and international resources for the socio-economic development.
On the sideline of the Meeting, Deputy Governor Pham Quang Dzung had bilateral meetings with Ms. Andrea Maechler, Deputy General Manager of the BIS; Mr. Tao Zhang, Chief Representative of the BIS office for Asia and the Pacific; and Mr. Toshio Tsuiki, Deputy Secretary General of the Basel Committee on Banking Supervision.
At the meeting with Ms. Andrea Maechler, Deputy General Manager of the BIS, Deputy Governor Pham Quang Dzung expressed his high appreciation for the cooperative relations between the SBV and the BIS over the past 30 years. The SBV Deputy Governor emphasized that the SBV’s official membership of the BIS in 2020 marked an important milestone in the process of the international integration of the SBV in particular, and of Vietnam’s banking sector in general. The cooperative relations between the two sides continued to be strengthened in 2023 when the SBV co-chaired with the BIS the high-level Conference on the forex management in Vietnam, and especially, the BIS General Manager’s working visit to Vietnam. The SBV Deputy Governor hoped that, in the coming time, the BIS would continue to select Vietnam as the host country for its events and conferences.
About the orientations for the cooperation between the SBV and the BIS, Deputy Governor Pham Quang Dzung requested that the BIS continue to select officials from the SBV to attend the secondment program at the BIS office for Asia and the Pacific and at its headquarters, as well as to support Vietnam in connecting with and understanding the mechanisms for participating in the BIS’s Committees and attending training programs and conferences related to the banking inspection and supervision, the central bank statistics, etc.
Deputy Governor Pham Quang Dzung and Mr. Mr. Tao Zhang, Chief Representative of the BIS office for Asia and the Pacific
At the meeting with Mr. Tao Zhang, Chief Representative of the BIS office for Asia and the Pacific, Deputy Governor Pham Quang Dzung spoke highly of the cooperation and the support of the BIS office for Asia and the Pacific over the past time. The SBV Deputy Governor also highly appreciated the support of the BIS office for Asia and the Pacific, which has enabled many officials from the SBV to attend the secondment program at the Office. In the coming time, the SBV Deputy Governor hoped that the BIS office for Asia and the Pacific in general and Mr. Tao Zhang in particular would continue to closely connect with the SBV in the preparation for the SBV’s assumption of the Chair of the Asian Consultative Council (ACC).
At the meeting with Mr. Toshio Tsuiki, Deputy Secretary General of the Basel Committee on Banking Supervision (BCBS), Deputy Governor Pham Quang Dzung expressed his high compliments for the initiatives and the frameworks that the BSBC has been implementing, especially Basel III standards. The SBV Deputy Governor said that the frameworks and the standards for the assessment of risks related to climate, crypto currencies/assets are of great importance for the global financial stability. These are also the areas that Vietnam is interested in and wishes to promote in the coming time. Acknowledging the role of the BCBS as a key organization in setting international standards in the banking industry, the SBV Deputy Governor emphasized that participation in the cooperation mechanisms at the BCBS is an opportunity for the SBV to understand better the BCBS’s initiatives, discuss, share, and learn experience from other central banks and financial supervisory authorities in applying the international standards, strengthening the banking inspection and supervision. Toward the end of the meeting, the SBV Deputy Governor proposed that the BIS support and enable the SBV to access more knowledge and experience in the banking inspection and supervision within the framework of the Basel Advisory Group.
Le Hang