Hanoi, November 2, 2026 – At the headquarters of the State Bank of Vietnam (SBV), Deputy Governor Nguyen Ngoc Canh held a meeting with the Banking Working Group (BWG) to discuss developments in the banking sector and orientations for future cooperation.
Deputy Governor Nguyen Ngoc Canh and the BWG delegation pose for a group photo
The meeting was attended by representatives of SBV units, Mr. Victor Ngo, Chairman of the BWG and Chief Executive Officer of UOB Vietnam, and representatives of foreign banks operating in Vietnam.
Speaking at the meeting, Deputy Governor Nguyen Ngoc Canh noted that, amid unpredictable global economic and financial developments, the SBV had implemented a coordinated range of monetary policy measures in close coordination with fiscal policy and other macroeconomic policies to control inflation, maintain macroeconomic stability, and support economic growth.
Deputy Governor Nguyen Ngoc Canh speaks at the meeting
The SBV has flexibly conducted open market operations and directed credit institutions to implement measures to reduce lending interest rates, thereby improving businesses’ and individuals’ access to credit. It has also proactively managed the exchange rate in line with market conditions, ensuring the full and timely satisfaction of the economy’s legitimate foreign currency needs. In addition, the SBV has directed credit flows towards production and business activities, priority sectors, and key drivers of economic growth. As of October 21, 2026, total outstanding credit across the banking system had reached VND 20.7 quadrillion, up 11.7% compared with the end of 2025.
Regarding cooperation with the BWG, Deputy Governor Nguyen Ngoc Canh highly appreciated the Group’s active engagement and practical contributions to the development and refinement of legal documents, as well as its constructive coordination in discussing and addressing issues of mutual interest. He called on the BWG to continue working closely with relevant SBV units to implement agreed cooperation activities, strengthen the exchange of international experience and professional expertise, and support capacity building in such areas as digital transformation, cashless payments, and the development of financial and banking products and services.
Mr. Victor Ngo, Chairman of the BWG and CEO of UOB Vietnam, speaks at the meeting
On behalf of the BWG, Mr. Victor Ngo highly appreciated the SBV’s support in addressing issues arising from practical banking operations. In 2025 and the first half of 2026, the SBV had addressed 21 of the 39 issues raised by the BWG, while relevant SBV units had provided feedback and proposed solutions for the remaining issues.
The BWG representative reaffirmed the Group’s commitment to continuing its cooperation with the SBV in refining the legal framework, enhancing the effectiveness of policy implementation, and contributing to a safe, stable, and efficient banking system. The BWG also shared international experience and put forward recommendations on governance, licensing mechanisms, and the scope of operations of the Vietnam International Financial Centres (VIFCs).
At the meeting, representatives of SBV units and the BWG exchanged views on the macroeconomic situation, monetary policy management, and orientations for banking sector operations. Discussions also covered the improvement of the legal framework for anti-money laundering, the strengthening of operational safety in the banking sector, and the development of the VIFCs.
An overview of the meeting
In his concluding remarks, Deputy Governor Nguyen Ngoc Canh acknowledged the cooperation outcomes achieved by the two sides in 2026 and highly valued the practical insights shared by the BWG. Both sides also discussed and agreed on priority areas and directions for coordination under the 2027 Cooperation Plan.
The Deputy Governor called on SBV units and the BWG to further strengthen exchanges and coordination in implementing the Plan, while enhancing their role in connecting with other working groups under the Vietnam Business Forum (VBF), consolidating recommendations from the banking community, and sharing market information and international experience. These efforts are expected to support the SBV in further refining the legal and policy framework in line with practical requirements and international practices.
Minh Khang