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Central Bank Governor of Vietnam compliments improvement of Economy of SL

by malinga
September 20, 2023 1:08 am 0 comment

The Governor of the Central Bank of Vietnam, (SBV), Nguyen Thi Hong, expressed optimism and encouraging sentiments of the improvement of the economy of Sri Lanka, during the last 12 months, when the Ambassador of Sri Lanka to Vietnam, Prof A. Saj U. Mendis, met her at the Head Office of the SBV.

Governor Hong noted that Sri Lanka succeeded in reducing the inflation from 65% to 5% within a space of 12 months as well as marked reduction of interest rates, increase of official foreign reserves and stabilization of the national currency of Sri Lanka. The Governor and Envoy discussed, in detail, micro and macro-economic issues and policies as well as monetary and fiscal policies implemented and executed by Viet Nam, thus Viet Nam attained unprecedented economic growth during the last couple of decades.

Governor Hong, was one of the three Governors of Central Banks who were chosen by the prestigious “Global Financial Magazine” as the most effective and competent Central Bankers in the world. Governor Hong conveyed the best wishes to the Governor of the Central Bank, Dr. P Nandalal Weerasinghe, who was also being selected by Global Financial Magazine as one of the best and competent Central Bankers in the world. Mendis further added that a Central Bank of any nation, be it developed or developing, plays an influential and seminal role in navigating and steering the economy.

That said, Vietnam, which had a GDP per capita of only USD 90 in 1990s, today has risen to USD 4,450 as well as bilateral trade exceeding USD 730 billion including exports of over USD 370 billion in 2022. Prof Mendis also stated that the SBV was pivotal and decisive in creating a milieu for foreign investors, corporates and FDI to flow into the country since Viet Nam received FDI in excess of USD 20 billion in 2022 and envisaged FDI of around USD 30 billion in 2023.

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