Deputy Governor Nguyen Thi Hong of the State Bank of Vietnam (SBV) had a meeting with Mr. James Nugent, Director General of Southeast Asia Department of the Asian Development Bank (ADB), and Mr. Eric Sidgwick, new ADB Country Director in Vietnam, in Hanoi on August 11.
At the meeting, Deputy Governor Nguyen Thi Hong expressed her pleasure at cooperative relation between Vietnam and the ADB. She said that the support and assistance of the ADB in terms of financial resources, technical assistance and policy consultancy has helped Vietnam to successfully and efficiently implement objectives of socio-economic development. Deputy Governor Nguyen Thi Hong also highly appreciated the ADB’s approval of funded program for Vietnam for 2016- 2018 period, accordingly, the ADB will annually finance USD 1.2 billion for priority projects of Vietnamese Government. She asserted that Vietnamese Government commits to effectively utilize ADB funding, while ensuring sustainable management.
On this occasion, Deputy Governor Nguyen Thi Hong congratulated Mr. Eric Sidgwick on being appointed as new ADB Country Director in Vietnam and expressed her belief that, with experience in working for WB, IMF, ADB, especially experience in the field of stabilizing macro-economic and restructuring the economy, Mr. Eric Sidgwick will contribute to further strengthening cooperative relation between Vietnam and ADB, especially in consulting Vietnamese Government and the SBV in planning and implementation of sustainable development policies. Deputy Governor Nguyen Thi Hong affirmed that the SBV will facilitate and support Mr. Eric Sidgwick for his successful term in Vietnam.
Deputy Governor Nguyen Thi Hong also also briefed the guest of the results of macroeconomic and monetary policy management of Vietnam, of which she emphasized the objectives of curbing inflation, stabilizing the macro economy, focusing on key tasks of restructuring the economy and renovating the growth model towards improving the efficiency, competitiveness, and the quality of human resources, accelerating the application of science and technology. She said that sharing the enormous efforts to restructure the overall economy by the Government, the SBV has been successful restructuring the banking sector and resolving NPLs in order to develop a modern and prudent system of credit institutions and well implement financial intermediate function for the economy.
For his part, Mr. James Nugent expressed his impression on encouraging results Vietnam has obtained in the process of socio-economic development over the past time; and concurred with the policies by the Government and the SBV have conducted to achieve the objectives of controlling inflation, stabilizing macro economy and ensure social protection. Especially, Mr. James Nugent spoke highly of the fact that the SBV is one of leading ministries implementing the restructuring of the economy by restructuring the banking system through consistent and cautious measures, thereby obtaining initially encouraging results of restructuring the system of credit institutions and resolving NPLs. He also confirmed that the ADB will always accompany with Vietnam in the development process and further support for Vietnam to effectively implement socio-economic objectives.
In addition, Mr. Eric Sidgwick expressed his honor to be appointed as the new ADB Country Director in Vietnam and affirmed to develop his capacity, wisdom, and experience to enhance the bilateral relation and provide policy consultancy to Vietnam and the SBV in the coming time.
DH