Laos Deputy PM works with SBV

A high ranking Lao delegation led by its Deputy Prime Minister Somsavad Lengsavath held a working session with the State Bank of Vietnam (SBV) in Hanoi on January 9.

SBV Governor Nguyen Van Binh briefed his guest on its responsibilities for oversight of banking activities and implementation of monetary policy in Vietnam.

He explained a variety of tools and policies the SBV utilises to obtain the targets it sets to maintain macroeconomic, financial and monetary stability.

He pointed out key monetary policy targets for 2014 that, if attained, will provide the Vietnamese economy much needed support for sustainable economic growth while containing inflation and stabilising the macro economy to ensure social welfare.

Binh emphasised that stabilising the foreign exchange rates and foreign currency market requires a comprehensively coordinated approach that factors exchange rate policy, foreign currency management and monetary policy mindful of the need to prevent dollarization and goldenisation.

In addition, strict controls should be imposed on monetary, fiscal and trade policies, he said.

For his part, Deputy PM Somsavad emphasised that experiences in overcoming economic difficulties to ensure sustainable economic development especially in recent years are helpful to Laos’ socio-economic development.

He said he hopes that Vietnam will continue to share economic management expertise with his nation and help it fine-tune institutions.