SBV and foreign banking community enhance bilateral cooperation

The meeting was attended by leaders of various SBV departments, Mr. Victor Ngo—Chairman of the BWG and General Director of UOB Vietnam—alongside representatives from foreign banks operating in Vietnam.

Speaking at the meeting, Deputy Governor Nguyen Ngoc Canh stated that amid volatile and unpredictable global economic and financial developments, the SBV has implemented a synchronized suite of monetary policy solutions. The central bank has closely coordinated monetary policy with fiscal and other macroeconomic policies to control inflation, stabilize the macroeconomy, and support economic growth.

The SBV has flexibly managed open market operations (OMO) and instructed credit institutions to implement measures to reduce overall interest rate levels, thereby enhancing capital access for businesses and individuals. It has also proactively managed foreign exchange rates in line with market conditions to fully and promptly meet the economy's legitimate foreign currency demands. Furthermore, the SBV has channeled credit flows into production, business sectors, prioritized areas, and key growth drivers of the economy. As of October 21, 2026, total outstanding credit across the entire banking system reached VND 20.7 quadrillion, representing an 11.7% increase compared to the end of 2025.

Regarding cooperation with the BWG, the Deputy Governor highly commended the Group’s active participation and practical contributions to drafting and refining legal normative documents, as well as its close coordination in addressing issues of mutual concern. Looking ahead, he requested that the BWG continue working alongside relevant SBV units to execute agreed-upon cooperation initiatives, step up the exchange of international experience, share professional knowledge, and support capacity-building in areas such as digital transformation, non-cash payments, and the development of banking and financial products and services.

Representing the BWG, Mr. Victor Ngo expressed appreciation for the SBV’s close coordination and support in addressing practical operational challenges faced by foreign banks. Throughout 2025 and the first half of 2026, the SBV resolved 21 out of 39 issues raised by the BWG; for the remaining matters, relevant units provided feedback and proposed resolutions. The BWG representative reaffirmed the Group’s commitment to continuing collaboration with the SBV to refine the legal framework, improve policy implementation efficiency, and contribute to ensuring a safe, stable, and efficient banking system. Additionally, the BWG shared international insights and recommendations regarding governance mechanisms, licensing, and the scope of activities within Vietnam's International Financial Center (IFC).

During the session, representatives from SBV departments and BWG members exchanged views on macroeconomic conditions, monetary policy management, and strategic orientations for the banking sector. The two sides also discussed refining the regulatory framework for anti-money laundering (AML), ensuring banking operational safety, and establishing the International Financial Center in Vietnam.

In his concluding remarks, Deputy Governor Nguyen Ngoc Canh acknowledged the positive outcomes of bilateral cooperation in 2026 and commended the practical insights shared by the BWG. Both sides agreed on priority areas and collaborative orientations for the 2027 Cooperation Plan. The Deputy Governor requested SBV departments and the BWG to further strengthen communication and coordination in executing the Plan, leverage the BWG's connective role with other working groups under the Vietnam Business Forum (VBF), consolidate recommendations from the banking community, and share market intelligence and international best practices—thereby supporting the SBV in perfecting a legal and policy framework aligned with both practical market needs and international standards.

by VNBA News