On the afternoon of September 22, Deputy Prime Minister Le Minh Khai received Mr. Agustin Carstens, General Director of the Bank for International Settlements (BIS).
BIS is a long-standing international financial organization that plays an important role in building and maintaining infrastructure as well as issuing standards on payments and banking supervision.
Appreciating the BIS's activities in implementing innovation activities through the establishment of Innovation Centers with a series of meaningful and effective projects, Deputy Prime Minister Le Minh Khai said that the State Bank of Vietnam has been actively participating in the projects of the BIS Innovation Center. The Vietnamese Government strongly supports the State Bank of Vietnam in participating in these activities to improve the effectiveness of state management and supervision of high-tech financial and banking operations, ensuring national and international monetary and financial stability.
The Deputy Prime Minister highly appreciated the BIS's coordination with the State Bank of Vietnam in organizing the High-level Conference on Reserve Management with the participation of delegates and leading experts in the world , attracting the attention of the financial community, marking the first presence of the BIS in Vietnam. Together with the visit and work of General Director Agustin Carstens, this event is of great significance in strengthening the relationship between the BIS and Vietnamese management agencies.
According to the Deputy Prime Minister, in the current volatile world situation, Vietnam hopes that BIS will pay attention and continue to implement forums and initiatives in Vietnam to further strengthen bilateral relations and help Vietnam improve the efficiency of banking system management.
Director General Agustin Carstens said that BIS is an international financial and monetary organization, considered the “bank of central banks”, currently with 63 members. BIS’s invitation to the State Bank of Vietnam to become an official member affirms that BIS highly appreciates Vietnam’s position. Because BIS’s admission of members is selective, coming from countries that have the ability to make important contributions to the global financial and economic system.
He shared about the pillars of the Bank's operations; emphasized the promotion of dialogue and cooperation among members to increase trust, thereby making quicker decisions related to finance and banking. Considering that Vietnam is a new member, participation in these activities is important, he hoped that the State Bank of Vietnam will participate more actively in BIS activities.
According to the BIS Director General, since 2020, the fluctuations have shown the important role of central banks, especially in responding to high inflation. This is the first time that high inflation has occurred simultaneously in all countries. Central banks have taken "collective actions" to respond.
He highly appreciated the actions of the Government, ministries, sectors and the State Bank of Vietnam in the “fight against inflation”, as well as the “health” of the Vietnamese economy, affirming that this is an important basis for the Vietnamese economy to soon return to a high growth trajectory. He said that the cooperation between the BIS and the State Bank of Vietnam in providing banking services is very good, including foreign exchange reserves. Vietnam's practice shows that foreign exchange reserves are very positive.
Informing that BIS has established an Innovation Center and implemented many projects, including a payment linkage project being implemented in Asia, General Director Agustin Carstens expressed his hope that Vietnam will participate in BIS's project to connect regional payment systems. As a country with the advantage of a young population and quick to access new technology, BIS looks forward to Vietnam's success and will provide maximum support to Vietnam in the field of innovation.
Thanking the BIS General Director for his appreciation of the State Bank of Vietnam, Deputy Prime Minister Le Minh Khai affirmed that as a member, Vietnam will be responsible for the organization and perform its role well. The Deputy Prime Minister hopes that BIS will continue to support the State Bank of Vietnam.
The Deputy Prime Minister discussed with the BIS General Director issues related to digital transformation, innovation in the field of finance and currency; and international payments./.
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