On March 19, 2025, at the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Ngoc Canh had a meeting with the US-ASEAN Business Council (US-ABC) Mission.
Deputy Governor Nguyen Ngoc Canh delivered a speech at the meeting
Attending the meeting, on the side of the US-ABC, there was Mr. Ted Osius, President & CEO of the US-ABC and former US Ambassador to Vietnam, Head of the Mission; along with the representatives of about 60 big US companies, including American Express, Chubb, Citibank, JP Morgan, Mastercard, RGA, S&P Global, Visa Inc., Warburg Pincus, etc.
The meeting focused on several key topics, including: the potential contributions of the US companies in the banking sector to support Vietnam's socio-economic development goals; the role of the US companies in developing a regional and international financial center in Vietnam; and other matters of interest to the US companies in the banking sector, such as the cashless payments, the secure data management and the financial information transfers, the credit limits, the credit ratings, the payment in shares, and green finance.
In his remarks, Deputy Governor Nguyen Ngoc Canh expressed his high evaluation for the strong cooperative relationship between Vietnam and the United States in general, and highly complimented the annual working meetings with the US-ABC in particular. He regarded these meetings as valuable opportunities for both sides to listen to and share about the achievements as well as any challenges in their collaboration, helping to identify the priority orientations for future activities. He expressed his confidence that the policy dialogues would enhance the mutual understanding and increase opportunities and benefits for the US companies in Vietnam, especially in the key priority areas of the SBV and the sectors where the US companies have strengths.
Overview of the meeting
Sharing insights on the SBV's monetary policy orientations in the coming period, Deputy Governor Canh noted that the National Assembly's Resolution No. 192/2025/QH15 dated February 19, 2025 has set a target economic growth rate of at least 8% in 2025, aiming to create a strong foundation for a double-digit growth during the 2026-2030 period. The economic growth must be driven by science and technology, innovation, digital transformation, high-quality human resources, and productivity enhancement. The goal is to achieve a sustainable, inclusive, and comprehensive growth that benefits all citizens.
In line with the directions of the Party, the National Assembly and the Government, the SBV would continue to manage the monetary policy in a proactive, flexible, timely, and effective manner, in close coordination with the fiscal and other macro policies. This will help drive a robust economic growth while maintaining the macroeconomic stability, controlling the inflation, and ensuring the key economic balances. The credit policy will be managed in accordance with the macroeconomic conditions to ensure the safety of the financial institutions. In 2025, the SBV would closely monitor the developments and the economic conditions to manage the credit growth in a proactive, flexible, timely, effective, and scientific manner, ensuring that the banking system provides sufficient credit for the economy, while still maintaining the financial system’s stability.
Deputy Governor Nguyen Ngoc Canh takes a photo with the US-ABC Mission
Informing about the specialized policies and the potential contributions of the US companies to the development of an international financial center in Vietnam, Deputy Governor Canh shared that the SBV has been reviewing and studying the international practices to identify any specialized banking policies that will create a favorable business environment for the international financial institutions and foreign investors, thereby building an attractive and sustainable financial ecosystem. He expressed his confidence that the US companies' participation would play a meaningful role in the development of a financial center in Vietnam, while Vietnam's rapid and dynamic growth would also bring significant benefits to the US companies.
During the open discussion session, Deputy Governor Canh emphasized that the SBV has been actively improving the legal frameworks and investing in the infrastructure to promote the cashless payments and the digital transformation in the banking sector. Additionally, the SBV has focused on the system’s security, fraud prevention, financial literacy, and building trust in the digital payments. Beside that, the SBV has been promoting the use of the credit ratings in the banking system to enhance transparency, compliance with the international standards, risk management, and overall financial system security.
Speaking at the meeting, on behalf of the US-ABC Mission, Mr. Ted Osius expressed his gratitude to the SBV Deputy Governor for taking the time to meet the US-ABC Mission and congratulated the SBV on its successes in the monetary policy management, which has contributed to the macroeconomic stability. The US-ABC President & CEO reaffirmed the Council’s support for the development of a regional and international financial center in Vietnam, and expressed his confidence in the US companies' ability to attract global investment and provide high-quality financial services.
In conclusion, Deputy Governor Nguyen Ngoc Canh highly appreciated the recommendations and proposals made by the US-ABC Mission for Vietnam in general and the SBV in particular. He expressed his hope that both sides would continue to maintain a close and deepened cooperative relationship, strengthening the information exchanges to support each other in implementing the relevant policies and activities.
HM