VIETNAM SBV Governor meets with WB Vice - President

SBV Governor meets with WB Vice - President

Governor Nguyen Van Binh of the State Bank of Vietnam (SBV) had a meeting with Ms. Pamela Cox, Vice – President of the World Bank (WB), in Hanoi on July 25. The meeting was attended by Ms. Victoria Kwakwa, Country Director of the WB in Vietnam, WB specialists and directors of several SBV departments.

Governor Nguyen Van Binh welcomed the working visit of the WB Vice – President and expressed his belief that the visit of the WB delegation would make an important contribution to taking the comprehensive cooperation between Vietnam and the WB to the next level. The SBV Governor stressed that over the past years, WB has played a particularly important role in helping developing countries in sustainable development and poverty reduction. With WB’s support, he said, Vietnam has gained encouraging successes in moving from a low-income to a middle-income country. He added that the Government of Vietnam in general and SBV in particular, appreciate the effectiveness of WB’s programs, projects and policy advice for Vietnam.

Governor Nguyen Van Binh also appreciated the leading role of WB in the mobilization and aid disbursement to Vietnam. He expressed his hope that WB would continue to strengthen and diversify the assistance forms, programs and projects for Vietnam in general and the SBV in particular. In the new development stage, he said, Vietnam committed to efficiently use capital resources and closely cooperate with the WB to make the WB assistance become more effective in helping Vietnam meet the objectives set out in the Economic Development Strategy for 10 years (2011- 2020)

For her part, WB Vice-President Pamela Cox congratulated Vietnam’s achievements in socio - economic development, especially poverty reduction. In addition, she highly appreciated the effectiveness of the policies pursued by the Government and the SBV in order to control inflation, stabilize macro-economy and secure social protection. However, the WB Vice President said, Vietnam needs to continue to make radical reforms, of which the financial system reform plays an important role for the sustainable development. She also said that the WB could share with Vietnam lessons from other middle-income countries which have successfully overcome similar challenges. Ms. Pamela Cox affirmed that WB would always be with Vietnam in the socio-economic development; committed to cooperate with and support Vietnam in meeting the objectives of sustainable development, poverty reduction, dealing with the negative effects of climate change, policy consultancy, and sharing experiences in the development process for Vietnam to avoid middle-income traps.

The two sides exchanged their views on such issues as: (i) the WB's Country Partnership Strategy with Vietnam (CPS) from 2012 to 2016 with the aim of supporting three breakthrough fields in Vietnam such as human resource improvement, institutional strengthening and infrastructure development; (ii) improving the efficiency of ODA disbursement; (iii) Investment in infrastructure development; (iv ) measures of coping with the negative effects of climate change ... For the financial and banking sector, Governor Nguyen Van Binh and Vice President Pamela Cox discussed issues related to the SBV monetary policy management; confirmed the effectiveness and the importance of the Financial Sector Assessment Program (FSAP) initiated by the WB and the IMF, being implemented in Vietnam in order to provide an overview of monitoring tools and comprehensive assessment of macro economy.
DH

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