In his opening remarks, Deputy Governor of the State Bank of Vietnam Pham Thanh Ha stated that the macroeconomic situation in 2022 and the early months of 2023 witnessed rapid changes that exceeded all previous expectations.
He noted that the global economy quickly moved from deep recession during the COVID-19 pandemic to rampant inflation, prompting many countries to tighten their monetary policy.
Amid a complicated and unpredictable international environment, a small and highly open economy like Vietnam had to face many difficulties in harmonising contradictory goals, emphasised Ha.
He specified that the challenges were supporting economic recovery while keeping inflation in check, reducing the depreciation of the local currency while keeping interest rates stable, and ensuring the safety of the banking system while providing adequate credit for the economy.
The central bank’s deputy governor added that the task was very challenging but the banking sector managed to adopt a quick and flexible approach to help the business community and people overcome difficulties and fulfil the set targets.
At the forum, experts analysed the monetary picture, banking operations and the lessons drawn from monetary policy implementation in 2022, as well as identified the difficulties in 2023 and proposed policy recommendations to realise the goal of rapid and sustainable economic growth in 2023 and subsequent years.
According to experts, as the global economy is facing many uncertainties while the domestic economy is riddled with numerous problems, collaboration between ministries, agencies and localities is needed to work out common solutions that can enhance the connectivity between policies and the effectiveness of monetary policy in particular.
