On October 4th, 2017, in Hanoi, Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with delegation from the ASEAN +3 Macroeconomic Research Office (AMRO) led by Chief Economist - Mr. Khor Hoe Ee.
At the meeting, Deputy Governor Nguyen Thi Hong warmly welcomed the working visit of ASEAN +3 Macroeconomic Research Office (AMRO). Deputy Governor Nguyen Thi Hong highly appreciated the important role of AMRO in monitoring and assessing the macroeconomic situation of Vietnam in particular and the ASEAN +3 countries in general; as well as providing policy recommendations to help stabilize the regional financial system. In addition, the Deputy Governor also stressed that SBV always attaches great importance to risk analysis and forecasting in the context of the world economy has many changes as today. SBV hopes to continue receive supports from AMRO in various forms to further enhance the analytic and forecasting capability.
SBV Deputy Governor Nguyen Thi Hong with the delegation from AMRO Annual Consultative Group
Regarding the recent macroeconomic developments, the Deputy Governor thanked AMRO for its positive assessment of the macroeconomic achievements of the Government of Vietnam and SBV's monetary policy. For AMRO's concern about credit, Deputy Governor Nguyen Thi Hong also shared information so that AMRO would able to take a closer look at the direction of the credit policy of Vietnamese Government. Accordingly, SBV determined that credit expansion should be coupled with efficiency, supporting economic growth by creating favorable conditions for businesses and people to access bank credit capital, especially, to serve production and business activities, and to control credit in potentially risky areas.
AMRO was established on May 4th, 2011 as a regional macroeconomic supervisory authority and supports the implementation of the Chiang Mai Initiative Multilateralisation (CMIM). The purpose of AMRO is to monitor and analyze regional economies and to contribute to the early detection of risks, to implement quickly and effectively the corrective actions and decisions in CMIM. AMRO was officially transformed into an international organization on February 9th, 2016 under the Treaty establishing AMRO.
VA