On August 13, 2024, at the headquarters of the State Bank of Vietnam (SBV), Governor Nguyen Thi Hong had a meeting with the Executive Directors’ Mission of the Asian Development Bank (ADB).
Governor Nguyen Thi Hong meets ADB Executive Directors
At the meeting, Governor Nguyen Thi Hong shared that the Government of Vietnam always highly appreciates and considers the ADB to be one of the most important and trusted partners. The ADB’s contributions have made great impacts on Vietnam’s socio-economic development, contributing greatly to Vietnam’s achievements in its pathway of renovation, international integration, and sustainable development.
Governor Nguyen Thi Hong at the meeting
Discussing about the macro-economic situations, the management of the monetary policy and the banking operations in Vietnam, the SBV Governor shared that, like many other countries, Vietnam has been facing numerous challenges and unpredictable developments of the global economy. In that context, the Government of Vietnam has been consistent with the goals of maintaining the macro-economic stability and controlling the inflation. Over the past months, the Government has conducted appropriate measures to maintain the macro-economic stability, and has obtained encouraging results. For example, the economic growth rate has bounced back to a high level; the inflation has been maintained stably; the key interest rates have been kept at a low level to support the production and business operations; the exchange rate has been managed at an appropriate level.
Regarding the banking sector, the SBV Governor said that the SBV has continued to focus on directing the banking entities to implement the tasks and solutions as stated in the Scheme of Restructuring the System of Credit Institutions in association with the NPL resolution for the 2021-2025 period, which had been specified in the Action Plan of the Banking Sector, with a view to enhancing the financial capacity, the governance and the management capabilities of the credit institutions, to be on par with the international practices; strengthening the banking inspection and supervision, etc. In addition, the banking sector has also been strongly implementing the directions and policies related to the priority and important sectors, such as the digital transformation, green growth, sustainable development, financial inclusion, in order to support the disadvantaged people in the economy.
An overview of the meeting
The ADB Executive Directors acknowledged and highly complimented the positive results and achievements that the Government of Vietnam has obtained in the management of the macro-economy, including the contributions and the important role of the SBV. The ADB Executive Directors asserted that the ADB always stands ready to support and accompany Vietnam in the socio-economic development. The ADB would continue to finance projects and programs in Vietnam through various channels, such as sovereign and non-sovereign loans, in line with Vietnam’s strategic priorities, including the responses to climate change, the enhancement of the economic growth based on science, technology and innovations.
Toward the end of the meeting, the SBV Governor expressed her hope that, under the leadership of the ADB Executive Directors, the Group Office would continue to be a bridge for the information exchanges and sharing about the policies, strategies and activities of the ADB, as well as the economic situations of the member countries; the models of economic development, etc. The SBV Governor also affirmed that Vietnam is willing to share with other member countries its lessons and experience in receiving and effectively using the resources provided by the ADB over the past 30 years. Vietnam also wishes to strengthen its role and voice in the ADB, in order to contribute more to the decision-making and the policy-making processes at the ADB, as well as to bring about diversified views about the demands and challenges of the developing countries.
Le Hang