Banking industry proactively integrates and raises its position in the new period

Over the past decade, the international integration process of the Vietnamese banking industry has been strong, continuous and achieved many important results, creating a foundation for the banking system to affirm its position on the international financial and monetary map. Before the Politburo issued Resolution 59-NQ/TW on "International integration in the new situation" (Resolution 59), the banking industry clearly demonstrated its proactive and positive role in participating in regional and global cooperation mechanisms; at the same time, effectively attracting international resources to serve socio-economic development. This is an important fulcrum to enter the new integration phase, where Resolution 59 plays the role of an institutional push to continue to raise the country's position.

Banking industry affirms its position in the integration process

In the context of complex global economic and geopolitical fluctuations, Vietnam's integration requirements are increasingly higher, deeper and more strategic. Resolution 59 establishes a new mindset on international integration, emphasizing the proactiveness, selectivity and adaptability of key sectors, in which the banking sector is identified as one of the leading pillars. This shows the importance of the banking system to the economy and reflects great expectations in enhancing Vietnam's financial and monetary position in the international arena.

Currently, the banking industry has made significant progress in the integration process, clearly demonstrated by its growing international reputation and ability to deeply participate in global financial institutions. One of the typical evidences is that Governor of the State Bank of Vietnam Nguyen Thi Hong was ranked A+ by Global Finance Magazine in September 2025, along with Chairman of the US Federal Reserve Jerome Powell and Governor of the Central Bank of Denmark. This is the highest rating for the head of a central bank, reflecting international recognition of the capacity to conduct monetary policy, financial stability and the ability to effectively respond to global fluctuations.

In terms of foreign affairs, the SBV has played an active role in the cooperation mechanisms of ASEAN, ASEAN+3, SEACEN, APEC and WTO; and has also successfully completed its tasks at international financial and monetary organizations such as the IMF, WB, ADB, AIIB and BIS. Notably, Vietnam officially joined BIS in October 2022 - one of the most important financial institutions in the world. From October 2024, Vietnam was invited to join the Basel Advisory Committee (BCG), a senior advisory body under the Basel Committee, which shapes international financial safety standards. The SBV also holds the positions of Chairman of the Asian Advisory Council (ACC) and Co-Chairman of the Asia Regional Consultative Group (RCG) from 2025 to 2027. This role shows that Vietnam not only participates but also has a significant voice in planning global financial trends and standards.

In addition to its management reputation, the banking sector’s ability to mobilize international resources also demonstrates the trust of international partners in Vietnam. To date, Vietnam has mobilized 26.1 billion USD through 203 programs and projects of the World Bank; 176 programs worth 16 billion USD from the ADB; and hundreds of technical assistance programs from IFC, AFD, SECO and many other international organizations. These capital sources have contributed significantly to infrastructure development, digital transformation, green finance, financial inclusion and enhancing the competitiveness of the private sector.

In the field of international cooperation, the banking sector continues to expand the scope and depth of bilateral and multilateral cooperation. The State Bank has signed nearly 100 cooperation documents with the central banks of Laos, Cambodia, Russia, and China, and expanded cooperation to new regions such as the Middle East - Africa. Connecting cross-border payments using QR codes with Thailand, Laos, Cambodia and expanding to Korea, China, Japan, and India will contribute to promoting trade and investment, reducing dependence on hard currencies and increasing the autonomy of the financial system.

In addition, the banking industry is also one of the pioneering sectors participating in implementing financial service commitments in 16 free trade agreements (FTAs), including new generation FTAs ​​such as CPTPP, EVFTA, RCEP and IPEF. This is a testament to the adaptability and compliance with high standards of the Vietnamese banking system. These foundations show that the banking industry is ready to enter a new integration phase with a higher position, more proactive and more influential.

Resolution 59 - Institutional driving force to expand integration and raise national status

In the context of Vietnam's need to expand its development space and enhance its resilience to global fluctuations, the Politburo's issuance of Resolution 59-NQ/TW dated January 24, 2025 is of strategic significance, creating a foundation for all sectors, in which the banking sector plays a particularly important role, to improve the quality of international integration. Deputy Governor of the State Bank of Vietnam Nguyen Ngoc Canh emphasized at the first meeting of the Inter-sectoral Steering Committee for International Economic Integration that integration "is an inevitable trend and at the same time an important driving force to promote innovation and enhance the competitiveness of the economy". It is the foundation of positive integration over many years that has created momentum for the banking sector to enter a new phase with great strides in international cooperation, institutional modernization and enhancing national prestige.

The issuance of Resolution 59 by the Politburo creates a policy framework, creating momentum for the entire sector to promote comprehensive integration. The State Bank of Vietnam has issued Decision 2971/QD-NHNN on the plan to implement Resolution 59 and Resolution 153/NQ-CP of the Government. This plan focuses on priority directions such as perfecting institutions in accordance with international standards; improving research, forecasting and negotiation capacity; increasing the quality of foreign affairs coordination; proactively participating in regional and global cooperation mechanisms; promoting cross-border payments; and ensuring monetary security in the context of deep integration. These are tasks that not only meet the requirements of the Resolution but also support businesses to improve their competitiveness, contributing to creating new advantages for the economy in the integration process.

Deputy Governor Nguyen Ngoc Canh also said that the SBV has coordinated with the Ministry of Foreign Affairs to draft a National Assembly Resolution on special mechanisms and policies to improve the effectiveness of international integration; At the same time, the sector actively participates in the Inter-sectoral Steering Committee for International Economic Integration, flexibly applying it in FTA negotiations, and handling the issue of market opening in the direction of ensuring maximum national interests.

The need to improve the level of integration also means that the banking industry must continue to move closer to international standards. Mr. Le Hoai An, a banking strategy research expert, said that Resolution 59 is a "strategic turning point" that helps strengthen Vietnam's position in the global value chain and requires the banking industry to strongly adapt to Basel III, IFRS, and ESG standards. These are also trends being promoted by the State Bank of Vietnam, through requiring credit institutions to build an environmental and social risk assessment system (E&S) and periodic green credit reports. The State Bank of Vietnam also issued new legal documents, such as Circular 14/2025/TT-NHNN regulating capital adequacy ratios for commercial banks and foreign bank branches to guide credit institutions in implementing and complying with Basel III standards.

With a strong integration foundation built over many years and a strategic boost from Resolution 59, the banking industry has entered a new phase with the goal of further enhancing the country's position in the global financial and monetary system. In the coming time, the State Bank will continue to closely coordinate with ministries and branches to effectively implement Resolution 59-NQ/TW, ensuring that the integration process is promoted proactively, focused and in line with national interests. Along with continuing to improve institutions, strengthen monetary security, promote multilateral cooperation and improve the quality of human resources, the banking industry will have a solid foundation to contribute to stabilizing the macro economy and affirming its pioneering role in the new integration period.

International integration in the new period not only expands development space but also enhances national prestige and position, creating an important foundation for the banking industry to continue to grow in the spirit of Resolution 59-NQ/TW, actively contributing to macroeconomic stability and sustainable development.

Source: https://thoibaonganhang.vn/nganh-ngan-hang-chu-dong-hoi-nhap-nang-tam-vi-the-trong-giai-doan-moi-174683.html