On 7–8 October 2025, the meeting of the Financial Stability Board’s Regional Consultative Group (RCG) for Asia was held in Sydney, Australia, co-chaired by Ms. Michele Bullock, Governor of the Reserve Bank of Australia (RBA), and Mr. Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam (SBV).
RBA Governor Michele Bullock and SBV Deputy Governor Pham Thanh Ha
co-chairs the meeting
The RCG meeting is a regular event of practical significance, aimed at reviewing and updating developments in global and regional macroeconomic and financial stability conditions. It also helps guide the work of international regulatory and supervisory bodies and provides recommendations on the global financial system. This marks the first time the SBV has assumed the role of co-chair of an RCG meeting, underscoring Vietnam’s growing credibility and standing in the region.
Participants at the meeting included representatives from financial and monetary authorities of Australia, Vietnam, Brunei, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Singapore, and Thailand. Also in attendance were representatives from the FSB, the International Monetary Fund (IMF), and the World Bank Group.
Delegates attending the meeting take a commemorative photo
The meeting discussed major issues related to financial system stability, focusing on vulnerabilities in the global and regional financial systems, crisis preparedness, digital assets, operational and liquidity risks, and other financial risks. During the sessions, delegates engaged in candid and constructive discussions on identifying and addressing risks, and proposed solutions to enhance financial stability across the region.
On the sidelines of the RCG meeting, Deputy Governor Pham Thanh Ha met with Mr. Brad Jones, Assistant Governor of the RBA. Deputy Governor Pham Thanh Ha expressed appreciation for the RBA’s practical and effective support to the SBV over the years and reaffirmed confidence in the deepening cooperation between the two institutions. Building on the existing bilateral Memorandum of Understanding, the two sides agreed to continue joint activities in information exchange and experience sharing to strengthen data management capacity, thereby contributing to the financial and banking system stability of both countries.
HM