World Bank invites Vietnam to share economic growth story at 2019 Spring Meetings

26-Feb-2019 Intellasia | Hanoi Times | 6:00 AM Print This Post

Vietnam is entering a middle-income group with good economic characteristics in terms of income distribution.

World Bank vice President Makhtar Diop has invited Vietnam to join the highest-level talks in the upcoming annual 2019 Spring Meetings to share the story of Vietnam and the way which Vietnam has gone through to reach this stage of development, stated the State Bank of Vietnam (SBV), the country’s central bank.

Vietnam is entering a middle-income group with good economic characteristics in terms of income distribution, Diop said in a meeting with deputy Governor of the SBV Nguyen Thi Hong on February 20.

Regarding fintech, Diop stated that the World Bank is willing to send experts to work specifically with the SBV to provide appropriate advice and support in order to effectively develop this field.

He said that Vietnam needs to carry out more reforms to promote investment, attract more private sector participation to reduce logistics costs and ensure better logistics services. In this area, the World Bank is always willing to support both in terms of finance and policy advice if Vietnam requests.

At the meeting, Hong informed the World Bank’s vice president about the orientations and objectives of the monetary policy management of the SBV, emphasising that the SBV’s management of the monetary policy has been to ensure inflation control and macroeconomic stability and performing the state management role for the activities of the credit institutions.

Additionally, the SBV also gives priority to improving and strengthening the non-cash payment system, helping credit institutions to diversify their banking products/services provided to the different sectors of the economy.

The deputy governor shared that the SBV has taken steps to invest into financial infrastructure to approach and apply international standards in the new context. Currently, the Vietnamese government has assigned the SBV to develop and finalise a national strategy for financial Inclusion, with the goal that all people, especially disadvantaged people, can access financial services.

On behalf of the SBV, Hong thanked the World Bank for its positive support over the past time in the process of developing this strategy.

The Spring Meetings, co-hosted by the World Bank and the International Monetary Fund (IMF) in Washington from April 1214, will bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.


Category: Economy, Vietnam

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