SBV Governor meets with senior leader of China Bank of Communications

Governor Nguyen Van Giau of the State bank of Vietnam (SBV) had a meeting on May 25 with Mr. Peng Chun, Executive Director-cum- Vice President of the Bank of Communications of China.

The meeting aimed at extending cooperation between the Vietnamese banking sector and the Bank of Communications. It is an opportunity for the Bank of Communications to learn about Vietnam’s economy in general and Vietnamese laws on monetary and banking operations in particular in order to prepare for launching its operations in Vietnam.

Governor Nguyen van Giau stated that in the context of complex developments of the global economy, every nation has taken measures to support its own economy. He added, since November 2008, the Vietnamese Government has focused on proactively preventing economic decline, stabilizing macro- economy, maintaining proper economic growth and securing social protection. Thanks to decisive and consistent policies and measures of the Government, Vietnam’s economy has gradually overcome difficulties and obtained initial results in coping with adverse impacts of the global financial crisis. He cited the data provided by the Vietnam Chamber of Commerce and Industry (VCCI) that up to now 91% of foreign and domestic enterprises are maintaining or expanding their production.

In his reply, Mr. Peng Chun expressed his confidence in Vietnam’s economic development and affirmed that the Bank of Communications will comply with Vietnamese law once permitted to operate in Vietnam.

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