On July 27, 2026, at the headquarters of the State Bank of Vietnam (SBV), Governor Pham Duc An met with Mr. Jochen Schmittmann, IMF Regional Resident Representative for Vietnam, Lao PDR and Cambodia, and Mr. Fazurin Jamaludin, who will assume the position of IMF Resident Representative for Vietnam and Lao PDR on August 23, 2026.
Overview of the meeting
Discussing cooperation between Vietnam and the International Monetary Fund (IMF), Governor Pham Duc An highly appreciated the IMF's macroeconomic surveillance framework, policy recommendations, and the effectiveness of its regular policy dialogue with member countries.
Regarding capacity development and training, the Governor noted that this has been one of the highlights of cooperation between the SBV and the IMF in recent years. He expressed his hope that the IMF would continue supporting the SBV in key areas, including macroeconomic forecasting, early warning systems, macroprudential supervision, stress testing, monetary and financial statistics, and digital transformation in the banking sector.
Governor Pham Duc An speaks at the meeting
Governor Pham Duc An affirmed that the SBV stands ready to continue serving as a bridge between the IMF and the Government of Vietnam, as well as relevant ministries and agencies, while maintaining regular, substantive and timely policy dialogue.
Sharing the SBV's policy orientations for the coming period, the Governor stated that the SBV would continue to conduct monetary policy in a proactive and flexible manner, in close coordination with a reasonably expansionary and well-targeted fiscal policy. The SBV will continue to maintain exchange rate stability, manage liquidity flexibly through a range of monetary policy instruments, and direct credit toward production and business activities, priority sectors, and new growth drivers.
Over the medium and long term, the SBV will continue modernizing its monetary policy framework in line with international standards and best practices, thereby enhancing policy effectiveness and strengthening the economy’s resilience to both domestic and external shocks.
Mr. Jochen Schmittmann (third from left), IMF Regional Resident Representative for Vietnam, Lao PDR and Cambodia, speaks at the meeting
Commenting on Vietnam's economic performance during the first half of 2026, Mr. Jochen Schmittmann noted that Vietnam remains one of the world’s fastest-growing economies despite continued global uncertainties. He emphasized that economic policies should continue to be implemented prudently and flexibly in response to evolving global developments, particularly uncertainties surrounding international trade and tariff policies. Mr. Schmittmann also observed that Vietnam still has room to further promote economic growth through well-balanced coordination between fiscal and monetary policies while maintaining macroeconomic stability.
Mr. Fazurin Jamaludin (in the middle), Incoming IMF Regional Resident Representative for Vietnam, Lao PDR and Cambodia, speaks at the meeting
Speaking at the meeting, Mr. Fazurin Jamaludin stated that Vietnam is entering a new stage of development with promising prospects. He reaffirmed the IMF's commitment to continuing its partnership with Vietnam in achieving its development objectives and expressed his determination to build upon the positive outcomes of IMF-Vietnam cooperation during his tenure.
Concluding the meeting, Governor Pham Duc An once again thanked Mr. Jochen Schmittmann for his valuable contributions to strengthening the partnership between Vietnam and the IMF, and wished him and his family good health, happiness, and continued success in his new position.
The Governor also wished Mr. Fazurin Jamaludin every success in his new assignment in Vietnam and Lao PDR, expressing his confidence that cooperation between Vietnam and the IMF will continue to deepen and deliver increasingly substantive and effective outcomes in the years ahead.